California recently passed Assembly Bill 2424 (“AB 2424”), which amends certain sections of the CA Civil Code related to real property and adds new Section 2932.2. AB 2424, which is also called the “Protecting Homeowners During Foreclosure” bill, adds new notice requirements at specified times in the loan and foreclosure process.

On November 9, 2024, the Pennsylvania Department of Banking and Securities published the annual adjustment to the definition of “base figure” in the Pennsylvania Loan Interest and Protection Law. 

Effective January 1, 2025, the base figure definition, adjusted for inflation using the Consumer Price Index, will increase from the current base figure amount of $312,159 to $319,777 for the 2025 calendar year.

On November 13, 2024, Fannie Mae and Freddie Mac (collectively, the “GSEs”) published updated versions of the instructions for the Uniform Residential Loan Application (“URLA”) and the Supplemental Consumer Information Form (“SCIF”). 

Updates to the URLA Instructions include:

• Note added to Section 2b. Other Assets and Credits You Can Have: “Gifts are not entered in this section but in Section 4d.” 

Industry Loan Application Dataset. A MISMO dataset that includes data points specific to the Uniform Residential Loan Application (URLA) and the GSEs Automated Underwriting System interfaces. 

In observance of the holidays, we would like to inform you that DocMagic’s offices will be closed on the following dates:

Tuesday, December 24^th – Wednesday, December 25^th

The Federal Housing Finance Agency (“FHFA”) has announced a 5.2% increase in baseline conforming loan limits and high-cost area loan limits for 2025 to reflect the rise in average U.S. home prices. These maximum loan limits will apply to single-family conventional loans purchased by Fannie Mae and Freddie Mac in 2025.  Loans above these limits are known as jumbo loans.

The Finance Commission of Texas, on behalf of the Texas Department of Savings and Mortgage Lending (“SML”), published final changes to existing rules and added new rules to the Texas Administration Code governing residential mortgage loan companies, mortgage bankers, individual residential mortgage loan originators, mortgage servicers, and wrap mortgage loans.

The Consumer Financial Protection Bureau (“CFPB”) is required to calculate annually the dollar amounts for several provisions in Regulation Z, which implements the Truth in Lending Act (“TILA”). The CFPB has issued a final rule revising the dollar amount thresholds under the Home Ownership and Equity Protection Act (“HOEPA”) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The adjustments are based on the annual percentage change in the Consumer Price Index (“CPI-U”) as of June 1, 2024.

Corrected bullet characters. (Date of Release to Production: 11/21/24)

New (cover page for 8821.MSC). (Date of Release to Production: 11/21/24)