GSEs to Modify ARM Note Language in Preparation for Discontinuance of LIBOR
On November 15, 2019, the Alternative Reference Rates Committee (“ARRC”) released "recommended contractual fallback language" for closed-end, residential adjustable-rate mortgage (ARMs). Learn More
On October 31, 2019, the CFPB, together with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, posted a notice to the Federal Register... Read More
The Federal Housing Finance Agency (“FHFA”) has announced an increase to maximum conforming loan limits. Read More
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Compliance Term of the Month
Escrow Account Computation Year
The 12-month period beginning with a loan’s first payment date, and recurring each 12-month period thereafter, used for performing an escrow account yearly analysis.
As part of the Taxpayer First Act that was passed into law earlier this year on July 1, 2019, a lender who obtains a borrower’s tax transcript during the origination process must obtain the borrower's consent to share... Read More
The Washington Department of Financial Institutions has adopted amended rules under the Consumer Loan Act (WAC 208-620) as authorized by Wash. Rev. Code... Read More
On November 1, 2019, the Texas Finance Commission published amendments adopted for the Texas Administration Code rules 7 TAC §§80.201 and 81.201 in the Texas Register... 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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Introducing LoanMagic® for Borrowers
LoanMagic® for Borrowers is an application for smartphone or tablet that dramatically reduces the time it takes to process mortgage loans...
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