Added permanent witness and address lines below signature block to comply with new recording requirements. (Date of Release to Production: 12/28/23)

The Illinois Mortgage Escrow Act (the “Act”) was recently amended under Illinois House Bill 2717, which updated language in Sections 5 and Section 7.  DocMagic is updating its version of the Illinois Mortgage Escrow Act disclosure (DocMagic Form ID: ILMEA.MSC) to include the revised language. 

The disclosure is required for purchase loans of single-family owner occupied residences, See 765 ILCS 910/1-910/15; 38 IL ADC 1050.1110(f). 

A series of guidelines published by the Web Accessibility Initiative (WAI) which recommend ways to make web content more accessible.  Guidelines follow four principles - websites must be perceivable, operable, understandable, and robust.

A 100% paperless workflow that seamlessly integrates every component of the closing process.

 READ MORE!

In April 2023, Massachusetts Governor Maura Healey signed into law a supplemental budget bill that included new laws allowing for use of remote online notarizations.  The bill, entitled “Chapter 2 of the Acts of 2023”, contains several sections which modify existing laws on notarial acts and create a new ability to satisfy personal appearance of a signer using remote communication technology. 

The Federal Housing Administration (“FHA”) recently issued a proposal for enhancements for the 203(k) Rehabilitation Mortgage Insurance Program.  The proposed changes incorporate industry feedback from a February 2023 Request for Information published in the

The Department of Veterans Affairs (“VA”) recently issued an advance notice of proposed rulemaking for minimum property requirements (“MPRs”) applicable to VA-guaranteed and direct loans. The VA is seeking comments in advance of implementing regulatory amendments to MPRs as required under the Improving Access to the VA Home Loan Benefit Act of 2022 (the “Act”). 

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). During the reporting period of Jun 1, 2022 to June 1, 2023, the CPI increased by 2.4%, resulting in a loan amount limit increase from $107,633 to $110,223 for 2024.

Freddie Mac issued Selling Guide Bulletin 2023-24 on December 6,  2023, to announce recent changes to Selling Guide requirements, which include the following:

Conforming Loan Limits Increase for 2024

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, 2023, the Vermont Commissioner of Taxes issued a memorandum on interest rates for 2024.