Mortgage Electronic Registration Systems, Inc. (“MERS”) recently published MERS Systems Procedures Manual Release 22.2, with an effective date of November 6, 2022.  The manual includes a change to the MERS address under state-specific requirements for Indiana, Mississippi, New York, and Pennsylvania.

Earlier this year, the District of Columbia Council enacted legislation that would enable the district to adopt rules to allow remote online notarizations.  Bill B24-0457 was passed by the DC Council in July but did not become effective until recently at the end of September after the expiration of the required congressional review period.

As previously announced, the Internal Revenue Service (“IRS”) has released a final draft of Form 4506-C, IVES Request for Transcript of Tax Return, as part of a broader modernization effort.  The new form includes changes to make it better suited for use with optical character recognition (“OCR”).

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, 2022, the Vermont Commissioner of Taxes issued a memorandum on interest rates for 2023.

DocMagic will be attending the New England Mortgage Expo at the Mohegan Sun Resort & Casino in 2023! This regional mortgage event brings together a growing group of industry peers for networking, product showcases, and educational sessions.

Updated to match model form. (Date of Release to Production: 11/17/22)

The Federal Housing Administration (“FHA”) recently announced 2023 loan limits applicable to FHA-insured Single Family Title II Forward Mortgages in Mortgagee Letter 2022-20.The FHA raised the maximum loan limits across all counties based on the median home price in each area.

The Federal Housing Finance Agency (“FHFA”) has announced a 12.21% increase in baseline conforming loan limits and high-cost area loan limits for 2023 to reflect the rise in average U.S. home prices. These maximum loan limits will apply to single-family conventional loans purchased by Fannie Mae and Freddie Mac in 2023.  Loans above these limits are known as jumbo loans.

A record that may be transferred to another party often as part of a sale of the underlying asset and typically must be a negotiable instrument under the Uniform Commercial Code

In a revision to Regulatory Bulletin 1.3-104, the Massachusetts Division of Banks recently modified the method used to determine if a loan is a Massachusetts Subprime Loan.  The revision makes two changes to the determination method: 1) use of the Average Prime Offer Rate rather than Treasury Security, and 2) use of the APOR in effect as of the date the interest rate is set rat