As we previously wrote, the CFPB proposed a revision to Regulation B last November. On April 22nd, the CFPB published a final version of that rule as proposed. The final rule will be effective July 21, 2026. Learn More
The Office of the Comptroller of the Currency, Department of Treasury (OCC) finalized two rules May 15th, with notices in the Federal Register. The rules are a two-prong approach by the OCC to confirm the flexibility of nationally chartered banks and federal savings associations in establishing and maintaining escrow accounts and to make business judgments regarding their terms. Read More
In 2024, Colorado passed a law to regulate the use of Artificial Intelligence (AI) by requiring a comprehensive governance framework on developers and users of AI in certain high-risk areas. That bill, Senate Bill 205 (SB 24-205), also called “Consumer Protections for Artificial Intelligence” was due to become effective later this month, June 30th, 2026. Read More
The U.S. House of Representatives Financial Services Committee, along with the House Energy and Commerce Committee, recently introduced two draft bills that would have a significant impact on the mortgage industry if enacted. Read More
Complimentary
Compliance Term of the Month
Preemption
In the context of legal analysis, when a higher authority of law overrides the law of a lower authority. In US law, this mainly arises when a federal law preempts a state law, leaving only the federal law applicable, which is due to the Supremacy Clause of the U.S. Constitution.
On February 20, 2026, the Nebraska Legislature passed a bill, Legislative Bill 717 (LB 717), that adds a new requirement for lenders to complete and provide to the borrower a tangible net benefit form for all refinances of mortgage loans. Read More
The Mississippi Department of Banking and Consumer Finance amended the state’s S.A.F.E. Mortgage Act with a notice filed April 23, 2026, that adds a new requirement for a dual capacity disclosure. Read More
Last year, the Connecticut General Assembly passed a new requirement in Senate Bill No. 9 for a flood notice for all “mortgage loans”, then this February 2026 session passed Raised Bill No. 5317 to update the definition of mortgage loan. 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 May 2026.To view all New/Revised Documents, click here. Read More
Complimentary
Upcoming Event
See us at the IMN Non-QM Forum!
Don’t miss DocMagic’s Investor Compliance Specialist, Lisa Rose, and Senior Account Executive, Tom Rice at IMN’s Non‑QM Forum, June 15–16, at the
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