On July 7, 2021, Fannie Mae and Freddie Mac (the “GSEs”) announced changes to all uniform instruments, except those being retired - including notes, riders, security instruments, addenda, and special-purpose documents.

The Federal Housing Finance Agency (“FHFA”) has announced an 18% increase in conforming loan limits for 2022, marking the sixth consecutive year that conforming loan limits have increased to keep up with rising home prices. These maximum loan limits will apply to single-family conventional loans purchased by Fannie Mae and Freddie Mac in 2022. 

In October 2021, the Internal Revenue Service (“IRS”) began the process of updating the Income Verification Express Service (“IVES”) to a more modern system.  To move from a manual process to a more efficient automated process, the IRS began using optical character recognition (“OCR”) software.

As we look towards the start of an exciting new year, DocMagic is preparing to release a redesigned version of our Loan Detail Report (“LDR”). 

The Federal Housing Administration (“FHA”) recently issued Mortgagee Letter 2021-27 to announce upcoming changes to the Department of Housing and Urban Development (“HUD”) Single Family Housing Policy Handbook (Handbook 4000.1) regarding appraiser compliance with Fair Housing laws.

The State of New York recently enacted legislation that would apply the state’s Community Reinvestment Act to non-depository lenders.  Assembly Bill 6247 was passed by the NY legislature in June and signed by the governor November 1st.  The bill is effective one year later. 

A discriminatory practice of not offering products and services to residents of specific areas, which are usually predominantly minority.

On November 6, 2021, the Pennsylvania Department of Banking and Securities published the annual adjustment to the definition of “base figure” in the Pennsylvania Loan Interest and Protection Law.

Effective January 1, 2022, the base figure definition, adjusted for inflation using the Consumer Price Index, will increase from $263,975 to $278,204 for the 2022 calendar year.

Updated Credit Scores graph. (Date of Release to Production: 11/18/21)

Updated Credit Scores graph. (Date of Release to Production: 11/18/21)