The California Senate recently passed SB 696, which would authorize a notary public to perform online notary acts by means of audio-video communication.  The bill was advanced out of the Senate Appropriations Committee, meeting a crucial deadline needed to continue moving through the legislative process.  It has passed the Senate and is now with the Assembly.

DocMagic is making various updates for the selection of forms in redisclosure packages based on changes from prior disclosures to the loan’s rate type or loan type.   These changes will help clients ensure a loan receives all required disclosures that may not have been included in the initial disclosure package because the loan terms changed after the initial disclosure package was generated. 

Certificate issued to a notary public by a certificate issuing authority for use in performing an electronic notarial act.

On June 1, 2023, the Consumer Financial Protection Bureau (“CFPB”), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively, the “agencies”) published a joint notice of proposed rulemaking (“NPR”)  requesting public comment on rulemaking that would implement quality control standards for automated valuation models (“AVMs”).

On May 22, 2023, the Department of Veterans Affairs (“VA”) published Circular 26-23-10 to provide clarification on assumption procedures and to republish the stacking order for Assumptions with VA-Prior Approval, Assumptions without Substitution of Entitlement, Assumptions with Substitution of Entitlement, and Assumption Appeals.

The Federal Housing Finance Agency (“FHFA”) announced that it has rescinded the proposed debt-to-income (“DTI”) loan level price adjustments (“LLPAs”) that were set to be charged by Fannie Mae and Freddie Mac beginning on August 1, 2023.

The State Bar of Georgia recently revised their Title Standard related to the Waiver of Borrower Rights that is typically included with a Georgia Security Deed.  The revision to the Title Standard notes that the absence of a Waiver of Borrower Rights “shall not invalidate the security deed nor prevent the exercise of an otherwise proper power of sale.”

Last year, the Georgia legislature passed an update to the state’s recordation requirements statute with House Bill 974.  We previously wrote about House Bill 974 in May 2022 and April 2023.  The bill is effective July 1, 2023, and documents presented for recording in Georgia must comply on that date.

DocMagic will participate in the MISMO Spring Summit, June 5-8 in Portland, OR.

MISMO Summits allow you to network and collaborate with industry colleagues while learning the latest updates on mortgage industry standards. Your participation helps make the digital future possible. Join us at the upcoming MISMO Summit and learn what's hot in the mortgage standards.

Updated to match version found in statute. (Date of Release to Production: 05/18/23)