Updated refinance paragraph on page 1. Effective: 07/01/21. (Date of Release to Production: 06/30/21)

Updated refinance paragraph on page 1. Effective: 07/01/21. (Date of Release to Production: 06/30/21)

Updated refinance paragraph on page 1. Effective: 07/01/21. (Date of Release to Production: 06/30/21)

Converted to letter size. (Date of Release to Production: 06/10/21)

Updated legal citation in footer. (Date of Release to Production: 06/17/21)

Updated legal citation in footer. (Date of Release to Production: 06/10/21)

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On May 24, 2021, Texas Senate Bill (SB) 43  was  signed into law.  The bill enacts Chapter 159 of the Texas Finance Code, creating rules for purchase loans using wrap mortgage loan financing. A “wrap around” transaction leaves an unreleased lien on the property being purchased. The borrower obtains a “wrap mortgage loan” that finances the purchase of the residential real estate and secures the prior unreleased lien.  

Under Federal Housing Finance Agency (“FHFA”) guidance, Fannie Mae and Freddie Mac (the “GSEs”) have provided further clarification regarding the discontinuance of the purchase of Adjustable-Rate Mortgage (“ARM”) loans with a Constant Maturity Treasury (“CMT”) Index.

Fannie Mae recently announced a change to the instructions for the Virginia Deed of Trust Form 3047 that includes the deletion of authorized change #13 and an update to language permitted for eligible refinance transactions in authorized change #15.