Under Vt. Stat. Ann. tit 32, § 3108 (establishment of interest rates), the Vermont Commissioner of Taxes is required to set interest rates no later than December 15th of each year with rates that become effective on January 1st of the following year and apply to interest that accrues in that calendar year. On November 1, 2021, the Vermont Commissioner of Taxes issued a memorandum on interest rates for 2022.
Continuing their efforts to support the financial industry’s move away from LIBOR, the Consumer Financial Protection Bureau (“CFPB”) published a final rule that modifies Regulation Z. The rule amends Regulation Z to add “comparable indexes” that lenders may use as a replacement index, contemplated by existing financial contracts based on LIBOR, and also updates sample notification forms in Appendix H to Regulation Z.
A participant of the IRS's Income Verification Express Service program that allows a third-party, such as a mortgage lender, to confirm the income of a borrower reported to the IRS.
On November 30, 2021, the Consumer Financial Protection Bureau, together with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, posted a notice to the Federal Register and its website regarding the annual adjustment to appraisal re
The Ohio Department of Commerce has published its annual adjustment to the loan amount limits for prepayment penalties. Ohio Rev. Code § 1343.011(C)(2)(b) requires the loan amount limit to be adjusted annually on January 1 by the annual percentage change in the Consumer Price Index (CPI). For 2022, the loan amount limit increased from $93,119 for 2021 to $98,619.
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The New York legislature recently passed, and the governor approved, a new law that authorizes use of remote notarization technology in the state. Senate Bill 1780 was passed and signed by the governor on December 22, 2021. The law will be effective 180 days later, expected to be June 20, 2022.
The Federal Housing Administration (“FHA”) recently announced 2022 loan limits applicable to FHA-insured Single Family Title II Forward Mortgages in Mortgagee Letter 2021-28.
The Internal Revenue Service (“IRS”) has announced an extension of the deadline to submit a form 4506-C form that conforms with the requirements for new Optical Character Recognition (“OCR”) software. To provide IVES partners more time to make updates, the mandatory date has been moved from January 1, 2022 to March 1, 2022.
