The Federal Housing Administration (“FHA”) recently issued Mortgagee Letter 2022-07 to announce updates to the COVID-19 Recovery Loss Mitigation Options (“COVID-19 Recovery Options”) that include a 40-year loan modification.

On April 7, 2022, the Department of Veterans Affairs (“VA”) published Circular 26-22-05 to inform lenders that the VA is making system enhancements to move towards a more automated process.  Beginning in April, lenders have the option of uploading the Uniform Closing Dataset (“UCD”) and Uniform Loan Application Dataset (“ULAD”) for any loan selected by VA for a full-file loan review.

To provide additional support for the U.S. Department of Housing and Urban Development (“HUD”) Section 184A Native Hawaiian Housing Loan Guarantee Program (“ Section 184A”), DocMagic has made additional forms related to Section 184A loans available to select from forms inventory.

Virginia recently passed VA House Bill 1153 (“HB 1153”), which amends the dual capacity disclosure requirements for mortgage brokers licensed under the Mortgage Lender and Broker Act. 

The method by which it would be evident if an electronically signed document has been modified after the signature.

Publication of 24 of the 35 London Interbank Offered Rate (“LIBOR”) settings ceased as of January 1, 2022.  Five U.S. dollar LIBOR settings (overnight, 1-month, 3-month, 6-month, and 12-month) will continue until the end of 2023. 

During the first year of the Pandemic, the bipartisan Securing and Enabling Commerce Using Remote and Electronic Notarization Act  (“Secure Notarization Act”) was introduced in the U.S.

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 new Uniform Instruments, which include a footer date of 07/2021, are posted to the GSEs’ websites.

Join DocMagic on May 3rd 11:00 AM CT, for HousingWire's Mortgage Tech Virtual Demo Day!

Updated to 5/2018 (rev. 02/22) version. Effective date: 05/01/22. (Date of Release to Production: 04/29/22)