On March 1, 2023, the Federal Housing Administration (“FHA”) published a Final Rule in the Federal Register that replaces the London Interbank Offered Rate (“LIBOR”) index with the Secured Overnight Financing Rate (“SOFR”) index as a Secretary-approved index for adjustable rate mortgages (“ARMs").   

A legal requirement for notarizations, that has typically required the signer and the notary to be in the physical presence of one another, which is replaced with communication technology in a RON.

The United States Department of Agriculture – Rural Housing (“USDA”) allows for borrowers to finance the cost of repairs to improve an existing dwelling at the time of purchase.  The USDA Rehabilitation and Repair Loan allows borrowers to finance the cost of acquisition, the cost of repairs and the guarantee fee, if financed, in one fixed rate loan up to a maximum loan amount of the “as repaired” appraised value.  

On Monday, the United State House of Representatives passed a reintroduced SECURE Notarization Act as House Bill 1059.  Upon passage, the bill was sent to the Senate, where it has been referred to the Judiciary Committee.  The SECURE Notarization Act would immediately enable remote online notarizations, and electronic notarizations, in all of the United States, augmenting existing state laws and regulations to

As part of updates made to the Uniform Instruments, Fannie Mae announced on February 1, 2023, that the model form for the Virginia Deed of Trust (Form 3047) was revised to remove the consideration amount and property value information from the first paragraph of the form above the “Definitions” Section on page one.  The language was previously added to the updated 07/2021 version of the Virginia Deed of Trust.  Fannie Mae and Freddie Mac posted a statement that the language was

On February 22, 2023, the U.S. Department of Housing and Urban Development (“HUD”) published Mortgagee Letter 2023-05 to announce a reduction in the annual Mortgage Insurance Premiums (“MIP”) for Federal Housing Administration (“FHA”) insured loans.

The U.S. Department of Veterans Affairs (“VA”) recently issued Circular 26-23-06 to announce that funding fees have been reduced for VA guaranteed purchase, construction, and cash-out refinance loans closed on or after April 7, 2023, and prior to November 14, 2031.

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Updated to add form name and date in footer. (Date of Release to Production: 02/16/23)

New Notice to Borrower About Language Disclosures. (Date of Release to Production: 02/16/23)