FHFA and Treasury Amend Preferred Stock Purchase Agreements
The Federal Housing Finance Agency (“FHFA”) and the U.S. Department of the Treasury (“Treasury”) have announced amendments to the Preferred Stock Purchase Agreements (“PSPAs”) that govern the conservatorship of Fannie Mae and Freddie Mac (the “GSEs”). Learn More
The Ohio Department of Commerce has published its annual adjustment to the loan amount limits for prepayment penalties. Ohio Rev. Code § 1343.011(C)(2)(b) requires the loan amount limit to be adjusted annually on January 1 by the annual percentage change in the Consumer Price Index (CPI). Read More
The New Jersey Department of Banking and Insurance has released Bulletin 25-02 regarding the annual review of the definition of a “high-cost home loan” under the New Jersey Home Ownership Act of 2002 (the “Act”). Read More
The U.S. Department of Veteran Affairs (“VA”) recently published a proposed rule in the Federal Register to amend its regulations governing loan reporting requirements at 38 C.F.R. 36.4303, which would affect lenders that participate in the VA-guaranteed home loan program. Read More
On January 3, 2025, the U.S. Department of Agriculture (“USDA”) published a Final Rule implementing changes for the Single Family Housing Direct Loan Program and the Single Family Housing Guaranteed Loan Program. Read More
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Compliance Term of the Month
Controllable Payment Intangible
A non-physical asset, such as a right to receive payment, that is represented by a controllable electronic record. For example, an electronic HELOC that is not a negotiable instrument, would be a controllable payment intangible.
In March 2024, Kansas Governor Laura Kelly signed House Bill 2247 (“H.B. 2247”) into law. A significant aspect of the bill was the relocation of mortgage-related provision from the Kansas Uniform Consumer Credit Code (“KUCCC”) to the Kansas Mortgage Business Act (“KMBA”). Read More
The Federal Housing Administration (“FHA”) recently issued Title I Letter 489 (“TIL-489”) to announce the adoption of the Uniform Residential Loan Application (“URLA”) for Title I loan programs. 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. Here is the list of forms created or modified in January 2025.To view all New/Revised Documents, click here. Read More
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