GSEs Announce Plans to Limit Purchases to Loans Meeting Revised General QM Rule
On April 27, 2021, the CFPB formally announced the delay of the mandatory compliance date of the General Qualified Mortgage (QM) Final Rule from July 1, 2021 to October 1, 2022. On April 8, 2021, Fannie Mae issued Lender Letter 2021-09 and Freddie Mac issued Bulletin 2021-13 to announce that loans originated under the prior General QM definition (Appendix Q) will no longer be eligible for purchase. Learn More
The maximum late fee dollar amount allowed under Okla. Stat. tit. 14a § 3-203 is subject to an annual adjustment on July 1 of each year pursuant to Section 1-106 of the Oklahoma Consumer Credit Code. Read More
On April 27, 2021, the CFPB announced it was publishing a final rule that will delay the mandatory compliance date of the new General QM definition to October 1, 2022. The CFPB proposed this change with a Notice of Proposed Rulemaking on March 3rd and accepted comment until April 5th.Read More
The Federal Housing Administration (FHA) has issued a temporary partial waiver to the Single Family Housing Policy Handbook 4000.1 requirement in Section II.D.4.c.iii.(F)(2) that an appraiser must include, analyze, and report a minimum of two active listings or pending sales on the appraisal grid, in addition to including three recently completed sales.Read More
The CFPB recently rescinded certain policy statements it had published last year during the COVID-19 Pandemic that allowed for flexibility in complying with some regulatory requirements. The rescinded policy statements were all published between March 26 and June 3, 2020. The rescission of seven such policy statements was effective April 1, 2021. Read More
Complimentary
Compliance Term of the Month
Attribution
The process of associating the identity of a signer with their signature. Maintaining sufficient evidence to establish that an electronic signature may be attributed to the individual purported to have signed.
On January 21, 2021, the USDA announced several changes to the lender’s handbook (HB-1-3555), and to Form RD 3555-21, the “Request for Single Family Housing Loan Guarantee” to be required in May. The revised version of the form was recently implemented in the Guaranteed Underwriting System (GUS). Read More
In the month of May, DocMagic plans to release a redesigned version of our Loan Detail Report (“LDR”). The LDR returns in several packages by default, but it is a lender-focused document that can be used by a lender to document the loan’s compliance with various compliance rules... Read More
The Mortgage Bankers Association (“MBA”) recently published additional templates to assist lenders in advising borrowers of the transition away from LIBOR as an index for adjustable-rate mortgages. The MBA previously published templates lenders could use to advise new borrowers considering a LIBOR-based ARM loan of the transition. Read More
In order to keep DocMagic software users better apprised of document changes and additions as they occur, DocMagic posts listings of all newly created and revised documents. Read More
Complimentary
Upcoming Event
The 5 Key Hurdles to eClosings - and How to Overcome Them
If your organization is ready to conduct eClosings, you’ll need to know the 5 elements that can make or break your digital implementation strategy.
You received this email because you are subscribed to .
DocMagic, Inc. sends a variety of emails to our clients | View our privacy policy. If you prefer not to receive certain types of communications, you canclick here to update your email preferences.Please consider the environment before printing this email.
month_year
SOLUTIONS THAT WORK. TECHNOLOGY TO STAY COMPLIANT.
