The Department of Veterans Affairs (“VA”) recently issued VA Circular 26-24-9 to announce the availability of new Form 26-10291, Assumption Entitlement Acknowledgment.  The form is written to provide information to a veteran that is acting as a seller whose loan is being assumed by a new purchaser. 

A type of deceptive act or practice that can steer a consumer’s decisions in financial products such as through misleading interface designs that make terms materially less accessible or clear.

To learn more about the CFPB's enforcement updates, click here.

DocMagic will be attending the MISMO Spring Summit, June 3-6 in San Francisco, CA.

MISMO Summits allow you to network and collaborate with industry colleagues while learning the latest updates on mortgage industry standards. Your participation helps make the digital future possible.  Join us at this year’s MISMO Summit and learn what’s hot in the mortgage standards.

On May 1, 2024, the Federal Housing Administration (“FHA”) and the Federal Housing Finance Agency (“FHFA”) both published new policies regarding Reconsideration of Value (“ROV”).  The new requirements outline how lenders must disclose the ROV process to consumers and sets standards to improve current policies for appraisal reviews, including requests for reconsideration of value and second appraisals.

On May 30, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a Request for Information (“RFI”) to ask for comments related to closing costs charged for mortgage loans and related settlement services. The purpose of the RFI is to ask for responses to questions about rising closing costs and the use of fees, which may be used later by the CFPB as a basis for further rulemaking on closing costs.

The Federal Housing Administration (“FHA”) published

by Richard Horn

Reproduced with permission from GarrisHorn.com

Georgia Gov. Brian Kemp recently signed Georgia House Bill 876 (“HB 876”) into law.  The bill includes amendments to Title 7 of the Official Code of Georgia Annotated (“O.C.G.A.”) related to entities regulated by the Georgia Department of Banking and Finance, including banks, credit unions, installment lenders and mortgage lenders. 

HB 876 makes changes across several sections of the Georgia banking law including:

Updated footer logo to most recent version and applied dynamic signature lines. (Date of Release to Production: 05/23/24)

Updated footer logo to most recent version and applied dynamic signature lines. (Date of Release to Production: 05/23/24)