A reduction in assessed annual property taxes as a result of lowered property value after reassessment by a taxing authority.

In August, the CFPB published an advisory opinion and research report on the contract-for-deed market, highlighting consumer harms that have occurred and how federal laws are already in place to help protect consumers from these non-traditional transactions.   Specifically, the CFPB highlighted how such tr

Fannie Mae and Freddie Mac (the “GSEs”) recently announced revisions to the security instruments for the states of Connecticut and Kentucky.

Connecticut (Form 3007)

Under Executive Order 2020-01, the Idaho Department of Finance (the “Department”) is required to conduct a cost and benefit review of existing rules every five years with the purpose of reducing regulatory burden by removing outdated requirements. As part of this review process, the Department published a notice of proposed rulemaking (“NORP”) to amend certain rules under the Idaho Residential Mortgage Practices Act in the Idaho Administrative Bulletin Vol.

On August 15, 2024, DocMagic began providing a new Reconsideration of Value Disclosure (Form ID: ROVD.MSC) in application, appraisal, and initial disclosure packages for all FHA-guaranteed and conventional loans. In addition, a separate Reconsideration of Value Request Form (Form ID: ROVRF.MSC) was made available for customers to add upon request.

On July 9, 2024, the Federal Housing Administration (“FHA”) published Mortgagee Letter (ML) 2024-13, Revisions to the 203(k) Rehabilitation Mortgage Insurance Program including updates to the 203(k) Consultant Requirements and Fees. As previously discussed here, ML 2024-13 announc

On June 3, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule to create the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders. As previously discussed here, the final rule adds registration and reporting requirements for certain nonbank financial companies when they become subject to certain federal, state, and local agency orders, court orders, or judgments for violations of consumer protection laws.

The Department of Veterans Affairs (“VA”) issued VA Circular 26-24-14 on June 11, 2024, and more recently, VA Circular 26-24-14 Change 1 on August 5, 2024.  Circular 26-24-14 announced a temporary local variance for charges related to real estate broker or agent (“buyer-broker”) compensation. Although VA’s regulations specify that a veteran cannot pay for real estate brokerage charges, under 38 C.F.R.

On September 19, 2024, DocMagic will be participating in a moderated panel discussion exploring the expanding landscape of digital closings in the mortgage lending industry. The session will provide a comprehensive overview of transformative eMortgage technologies, their implementation, and their impact on the mortgage industry. Key topics include:

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