The Texas Finance Commission and the Texas Credit Union Commission (collectively, the Commissions”) recently adopted amendments to the home equity lending provisions  in Title 7, Chapter 153 of the Texas Administrative Code (“Chapter 153”), as published in the Texas Register (46 TexReg 9240). The amendments went into effect on January 6, 2022.

The Office of the Louisiana Secretary of State recently adopted a rule under Louisiana Administrative Code Title 46: Part XLVI, which authorizes remote online notarizations and sets the standards for performing the notarizations within the state.  The rule, which went into effect on January 20, 2022, is authorized under Legislative Act No. 254, which enacted Remote Online Notarization statutes in Louisiana and was signed into law on June 11, 2020.

Fannie Mae and Freddie Mac (the “GSEs”) recently released additional information regarding the implementation of desktop appraisals for specific types of loan transactions.

A property valuation completed by an appraiser using tax records and public information without a physical inspection of a property.

New York recently passed new legislation to add Section 129-a to New York Banking Law.  Applicable only to New York state chartered banks and trust companies, the new law requires a written notice to be provided to borrowers prior to establishing an alternate payment schedule (NY Banking Law §129-a).  The law does not apply to other New York state chartered financial institutions or to federally chartered institutions.

The mortgage industry is undergoing unprecedented change, and lenders are weighing the move to eClosings-because in the current environment, it's no longer a question of if, but when. Gavin Ales, DocMagic's Chief Compliance Officer, shares his insights about the compliance issues these lenders are facing.

Read More!

On January 6, 2022, the Department of Veterans Affairs (“VA”) published Circular 26-22-02 announcing an update to VA Form 26-0592, Counseling Checklist for Military Homebuyers (Form ID: 260592.VA). Per the Circular, VA Form 26-0592, which must be provided to all active-duty service members applying for a VA-guaranteed home loan, has been updated to include information regarding recent VA home loan policy changes.

Illinois recently passed SB 1779, which adds an amendment to the Illinois Consumer Fraud and Deceptive Business Practices Act (the “Act”).  The amendment adds new section 815 ILCS 505/2WWW, which provides that a lender, or an agent of a lending company, when offering terms for the purchase of a manufactured home that is not deemed to be real property as defined under the Mobile Home Park Act, must provide a disclosure that includes the following:

The New Jersey Department of Banking and Insurance recently published Bulletin 22-02 regarding the annual review of the definition of a “high-cost home loan” under the New Jersey Home Ownership Act of 2002 (the “Act”).  A residential mortgage loan is not subject to the triggering provisions of the Act as a “high-cost home loan” if the principal loan amount exceeds a maximum threshold amount, which is adjusted annually (N.J.S.A. 45:10B-22 to -35).

Updated to December 2021 version. (Date of Release to Production: 01/20/22)