The U.S. Senate voted on September 30, 2021, to confirm Rohit Chopra as the new Consumer Financial Protection Bureau (“CFPB”) Director.  Chopra’s nomination was approved in a close 50-48 party line vote before the full senate.  He is the third permanent director of the CFPB since it was created by the Dodd-Frank Act in 2010 and began operation in 2011.

DocMagic is combining two standard forms, the “Borrower Certification and Authorization” (Form ID: TDC.LSR) and “Borrower Consent to Use of Tax Return Information” (Form ID: BCUTRI.MSC), into one new form that will be called, “Borrower Certification, Authorization and Consent” (Form ID: BCAC.MSC).  DocMagic will replace TDC.LSR and BCUTRI.MSC in our standard packages with the new BCAC.MSC as of November 4, 2021.

The State of California recently passed into law the Fair Appraisal Act (the “Act”).  The Act was one of over 30 bills signed into law on September 28, 2021 as part of state efforts to promote affordable housing and fair housing principles. Specifically, the Act addresses discrimination during the appraisal process of a residential real estate transaction.

The Consumer Financial Protection Bureau (“CFPB”) recently published “Consumer complaints throughout the credit life cycle, by demographic characteristics,” an analysis that looks at various demographic and socio-economic characteristics of consumers that submitted complaints during the three-year time period of 2018 to 2020.

DocMagic is making updates to our maximum borrower fees test applicable to Texas A6 loans.  Currently DocMagic uses both an audit and a “high-cost test” to cover the 2% maximum a borrower may pay on a Texas Home Equity Loan.  We also utilize a specific DSI loan plan for coverage of a Texas A6 loan transaction. 

Legal process that grants temporary authority to an entity to control and oversee a private organization or corporation with the goal of creating financial health and stability.

The U.S.

As in previous years, the United States Department of Agriculture (“USDA”) has recently posted a bulletin announcing that under the Single-Family Housing Guaranteed Loan Program, there will be a short period of time during the new fiscal year – approximately two weeks – when funding is not available. USDA’s fiscal year 2022 begins on October 1, 2021 and ends on September 30, 2022.

Updated legal citation in footer. (Date of Release to Production: 09/23/21)

Added form name on top of page 2. (Date of Release to Production: 09/16/21)