In early March, the White House announced a pilot program to waive the requirement for lender’s title insurance on certain refinance loans. The program was described as a way to reduce closing costs and allow more homeowners to refinance as mortgage rates decrease.

In 2023, North Dakota enacted Senate Bill 2090 (“SB 2090”) which added Chapter 13-12  Residential Mortgage Lenders to the North Dakota Century Code and established a new licensing requirement for “residential mortgage lending.” As noted in our previous article, the definition of residential mortgage lending encompasses both mortgage lenders and brokers involved in the “act of arranging or pro

Wisconsin Senate Bill 773 (2023 Wisconsin Act 128), published on March 22, 2024, includes the repeal of statutes related to state disclosure requirements for adverse action notices, transfer of servicing notices, and variable rate loans.  The Act was effective the day after publication, on March 23, 2024, with the exception of certain administrative rules which are generally effective on the first day of the month following publication.

In the context of mortgage lending this refers to discount points that actually result in a reduction of the interest rate, and may be excludable under certain points and fees definitions for high-cost testing.

The South Dakota legislature passed a new Remote Online Notarization (“RON”) law in March 2024, that has been signed by the governor and will be effective as of July 1, 2024.  This law, passed as Senate Bill 211, will bring remote online notarizations to the state for the first time, replacing rules that previously only allowed for what is called a remote ink notarization that required the two remote parties to still ink sign any notarized document. 

Join DocMagic at the Horizon User Conference hosted by Dark Matter, taking place in Miami April 24-25! Don’t miss this opportunity to discover our latest innovations in mortgage technology and explore our integrated compliance and document generation. Contact us to set up a conference meeting and elevate your digital strategy using both DocMagic and Dark Matter solutions. 

DocMagic previously announced the availability of the revised Uniform Underwriting and Transmittal Summary (Fannie Mae Form 1008 / Freddie Mac Form 1077) (Form ID: UUATS.MSC) in October 2023. When DocMagic programmed the UUATS.MSC, the section titled “All Other Monthly Payments” was programmed to include all liability and proposed housing expense payments. This provided a “Total of All Payments” amount that previously enjoyed its own line item on the previous version of the form. 

Added more space for borrower signature lines. (Date of Release to Production: 03/21/24)

Added more space for borrower signature lines. (Date of Release to Production: 03/21/24)

New HUD form (Vietnamese version of form 9886A.HUD). (Date of Release to Production: 03/21/24)