On July 19, 2022, the Federal Reserve Board (the “Fed”) issued a notice of proposed rulemaking that would implement provisions of the federal “LIBOR Act”, which is formally known as the “Adjustable Interest Rate (LIBOR) Act”. The LIBOR Act was passed and enacted into law this past March (2022) as part of a group of bills, together called the Consolidated Appropriations Act, 2022. The purpose of the Act is
On Wednesday, the United States House passed the “Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2022”, also called the “SECURE Notarization Act”, by a vote of 336 in favor to 90 against. The SECURE Notarization Act would immediately grant remote notarization abilities to all commissioned notaries in the United States, subject to additional state requirements where those exist.
DocMagic will be updating the FHA and VA notes and security instruments later this year. As noted in several prior articles, Fannie Mae and Freddie Mac published new versions of their Uniform Instruments in July 2021, with a required use date as of January 1, 2023. DocMagic plans to update our standard conventional documents to these new versions as of August 12, 2022. In addition to those changes, DocMagic will also be making updates to the notes and security instruments used for FHA and VA loan types.
On July 8, as posted in the Texas Register, the Finance Commission of Texas and the Texas Credit Union Commissioner (the “Commissions”) adopted new definitions for business day for Texas Home Equity loans. These changes were proposed earlier this year in March, as previously published here.
As a reminder, DocMagic delayed the release of the new conventional Uniform Instruments to August 12, 2022. After this date, DocMagic will automatically return the new 07/2021 versions of the Fannie Mae and Freddie Mac Uniform Instruments which have a required use date of January 1, 2023. No action is required from any of our clients, this change will happen automatically.
The Veterans Affairs Administration published Circular 26-22-10 on June 23, 2022 announcing enhancements to accept the United States Space Force as a military branch of service for use in connection with the Veterans Certificate of Eligibility. As a result, lenders should now use Space Force as the identified branch of military service in connection with requests for certificates of eligibility.
DocMagic has added new forms to our document library for use with ARM programs that include a conversion option. The ARM disclosures include language that describe the convertible option provided in the accompanying note.
The new forms have been added to the DSI standard plans as of July 21, 2022. The form ID for these forms are ARMCO.DSC, ARMCO2.DSC and ARMCO3.DSC.
Vermont House Bill 512 became effective July 1, 2022, legalizing remote notarizations in the state by commissioned notaries who obtain approval from the Office of Professional Regulation. The bill, with its relevant provisions becoming effective July 1, finally allows remote notarizations in a state which had previously passed a remote notary law that was not able to take full effect.
Thursday, August 18, 20222:00 p.m. ET / 11:00 a.m. PT
Please join us as we discuss the benefits and myths around eNotes to gain actionable guidance to advance your company’s digital mortgage origination strategy.
"LEP" stands for "Limited English Proficiency" or "Limited English Proficient" regarding a borrower's ability to negotiate a mortgage loan in English.
