What is going on at the CFPB? Do rules no longer apply?
Since the beginning of the Trump administration there has been specific uncertainty around the future of the Consumer Financial Protection Bureau (the “CFPB”), the main federal regulator for mortgages in the United States. Learn More
New York has made significant amendments to its data breach notification laws by requiring businesses to take proactive measures in the event of a data breach incident. New York's data breach notification laws, found in New York General Business Law (GBL) § 899-aa, require residents to be notified of a data breach of personal information. Read More
On February 21, 2025, the Federal Housing Administration (“FHA”) published FHA Info 2025-10 to announce a temporary partial regulatory waiver, and related Single Family Housing Policy Handbook 4000.1 waiver to its minimum property standards (“MPS”) requirements regarding drainage and flood hazard. Read More
On February 5, 2025, Fannie Mae and Freddie Mac (collectively, the “GSEs”) announced updates to their selling guides to expand the permitted use of hybrid appraisals. Freddie Mac Bulletin 2025-01 announced that hybrid appraisals will be allowed for Loan Product Advisor submissions on or after April 7, 2025. Read More
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Compliance Term of the Month
Base Line Elevation (BLE)
The predicted elevation of surface water resulting from a flood that has a 1% chance of occurring in any given year.
The Vermont Secretary of State’s Office of Professional Regulation (“OPR”) recently adopted administrative rules for notaries public that are effective on February 26, 2025.The administrative rules, published by the OPR, create standards for special endorsements to notaries public to perform notarial acts in-person on electronic records and for remotely located individuals on electronic records. Read More
On February 14, 2025, New York State Governor Kathy Hochul signed Assembly Bill A2056 into law, amending recently enacted flood insurance requirements which were previously discussed here. The prior law, enacted in December 2024, as Assembly Bill A5073A, amended New York Real Property Law by adding a new Section 283, to prohibit any mortgagee from requiring mortgagors of improved real property to purchase flood insurance: (1) at a coverage amount that exceeds the outstanding principal mortgage balance as of the beginning of the year for which the policy shall be in effect, or (2) that includes coverage for contents of the property. Read More
The Mississippi House of Representatives recently passed House Bill 1154 (HB 1154) which addresses the use of remote online notarization (“RON”) in the state. On February 17, 2025, the bill was advanced to the Senate for consideration.HB 1154 establishes a legal framework for notaries public to perform remote notarizations by means of audio-video communication. 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 February 2025.To view all New/Revised Documents, click here. Read More
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