On March 29, 2022, the Department of Veterans Affairs (“VA”) published Circular 26-22-04 to announce that VA Form 26-1805, Request for Determination of Reasonable Value, has been revised. Circular 26-22-04 states that the change was made as part of an effort to enhance automation for appraisers and increase transparency around appraisals.
On April 1, 2022, the Department of Housing and Urban Development (“HUD”) published a proposed rule in the Federal Register seeking comments on a proposal to extend the maximum modification loan term limit from 360 to 480 months.
Electronic recording of an electronic record such as an eNotarized security instrument or a scanned document.
On March 25, 2022, in the Texas Register, the Finance Commission of Texas and the Texas Credit Union Commission (“Commissions”) proposed a new definition of “business day” in the Commissions’ interpretations of laws governing Home Equity Lending.
The CFPB published an updated Examination Manual for Unfair, Deceptive, or Abusive Acts or Practices that expands its focus on acts or practices which amount to discrimination. In announcing the revised examination manual, the CFPB stated it notes, “that discrimination may meet the criteria for ‘unfairness’ by causing substantial harm to consumers that they cannot reasonably avoid, where that harm is not outweighed by countervailing
On February 25, 2022, New York Gov. Kathy Hochul signed Senate Bill 7780 into law. The new law amends Senate Bill 1780C, which was signed into law in December 2021, and authorized use of remote online notarization (“RON”) technology in the state. To read more about the prior RON bill, which added a new section for Electronic Notarization to New York executive law, click here.
On July 7, 2021, Fannie Mae and Freddie Mac (the “GSEs”) announced changes to all Uniform Instruments, except those being retired - including notes, riders, security instruments, addenda, and special-purpose documents. The new Uniform Instruments, which include a footer date of 07/2021, are posted to the GSEs’ websites.
Fannie Mae Selling Guide Announcement (SEL-2022-01) provides changes to the requirements for HomeStyle Renovation mortgage loans. Specifically, the update states that renovation work must be completed within 15 months from the date the loan is closed. Also, extensions to the 15-month timeframe will only be permitted due to extenuating circumstances beyond the borrower’s control.
State of Florida Uniform Commercial Code Financing Statement Form
FLUCC1.MSC
New FL form. (Date of Release to Production: 03/24/22)
