Evidencing intent to subscribe one’s self to the contents of a document typically by placing their signature at the bottom or end of that document.

 Fannie Mae issued Selling Guide Announcement SEL-2023-06 on July 5, 2023, to announce recent change to Selling Guide requirements, which include the following:

Limited Cash-Out Refinances

On July 26, 2023, the Consumer Financial Protection Bureau (“CFPB”) published its  Summer 2023 Supervisory Highlights (“Supervisory Highlights”).  This latest edition focuses on unfair, deceptive, or abusive acts or practices (“UDAAP”) identified by the agency during supervisory examinations completed from July 2022 to March 2023.

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Maine passed its version of the Revised Uniform Law on Notarial Acts as House Paper no. 1503 in April 2022, to allow both electronic and remote notarizations, which became effective July 1, 2023.  Additionally, the Maine Secretary of State published emergency rules, implementing the new law, that were effective July 5, 2023. 

The U.S. Department of Agriculture (“USDA”) has issued a Special Procedure Notice to announce increased 2023 income limits for the Rural Development Single Family Guaranteed Loan Program. The new income limits apply to loans submitted on or after July 13, 2023.

The State Bar of Georgia recently revised their Title Standard related to the Waiver of Borrower Rights that is typically included with a Georgia Security Deed.  The revision to the Title Standard notes that the absence of a Waiver of Borrower Rights “shall not invalidate the security deed nor prevent the exercise of an otherwise proper power of sale.”

As previously discussed here,  New York passed State Assembly Bill 9433 (AB-9493) this year, which contains amendments to New York’s banking law, executive law, and veterans’ services law.  The bill added new section 6-p to the New York Banking Law, which includes a disclosure requirement for mortgage lending institutions and mortgage bankers that originate residential loans guaranteed under the Servicemen’s Readj

Earlier this year, North Dakota enacted Senate Bill 2090 (“SB 2090”) which added Chapter 13-12  Residential Mortgage Lenders to the North Dakota Century Code. Beginning on August 1, 2023, residential mortgage lenders will be regulated under Chapter 13-12 and be required to hold a residential mortgage lender license instead of being regulated under the North Dakota Money Broker Act. 

New ND form. (Date of Release to Production: 07/31/23)