The industry has been aware for some time now that the London Interbank Offered Rate (“LIBOR”) is due to be phased out of the United States, Britain and other markets byLearn More
On May 17, 2019, Fannie Mae and Freddie Mac announced changes to ARM eligibility requirements that are effective immediately. The changes are due to the anticipateRead More
On May 1, 2019, the Consumer Financial Protection Bureau (CFPB) released a factsheet discussing how the TILA-RESPA Integrated Disclosure Rule (TRID) applies to assumptioRead More
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Compliance Term of the Month
Consummation
Regulation Z defines Consummation as the time a consumer becomes contractually obligated on a transaction, but leaves when that contractual obligation occurs to state law. Other federal laws are generally silent as to when consummation occurs. Applicable state laws can vary on the term. For example, many states define consummation as occurring when the consumer executes the promissory note and mortgage. (N.Y. Banking Law § 2(30)). However, some escrow states, such as …, define the legal obligation to not occur until the funding date.
After performing a routine inspection of DocMagic’s FHA forms, the Compliance Department is updating the selection logic for the Borrower’s Identity-Of-Interest Certification form (Form I Read More
DocMagic currently includes the Borrower Certification and Authorization (Form ID: TDC.LSR) in all FHA initial and closing document packages. That form allows the lender to obtain p 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
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Upcoming Event
Watch Our URLA Webinar
Be prepared for the 2020 URLA!
Watch our Webinar where our Chief Compliance Officer coves the intricacies of the new forms layout and requirements.
