Removed "Trustor" and "Trustee" references in first paragraph on page 1. (Date of Release to Production: 06/16/22)

Removed "Trustor" and "Trustee" references in first paragraph on page 1. (Date of Release to Production: 06/16/22)

Updated legal citation in footer and address on page 2. (Date of Release to Production: 06/16/22)

Updated legal citation in footer and address on page 2. (Date of Release to Production: 06/16/22)

The State of California passed into law the Fair Appraisal Act (the “Act”), along with over 30 other bills on September 28, 2021, as part of state efforts to promote affordable housing  and fair housing principles. Specifically, the Act addresses discrimination during the appraisal process of a residential real estate transaction.  See our prior article discussing this change here.

On May 3, 2022, the Federal Housing Finance Agency (“FHFA”) announced that the Supplemental Consumer Information Form (“SCIF”) will once again be required for loans sold to Fannie Mae and Freddie Mac (the “GSEs”) with application dates on or after March 1, 2023.  

The Consumer Finance Protection Bureau (“CFPB”) recently published Spanish translations of Regulation B sample forms.

DocMagic is releasing an update on June 13, 2022, to the DocMagic eSign platform that will create an automatic paper fulfillment process for Closing Disclosure and Pre-Closing packages for rescindable loans.    

New California form. Effective date: 07/01/22. (Date of Release to Production: 06/30/22)

Removed the phrase "shown above" in the paragraph following Name/Address/Phone Number in Part II. (Date of Release to Production: 06/02/22)