DocMagic now supports the use of electronic Home Equity Line of Credit (eHELOC) agreements.   Similar to an electronic note, an eHELOC is a home equity line of credit agreement that is evidenced by an electronic record and signed using an electronic signature. 

The U.S. Department of Agriculture - Rural Development (“USDA”) has announced updates to several chapters of the Single Family Housing Guaranteed Loan Program Technical Handbook (“HB-1-3555”). The recently published Procedural Notice 640 outlines changes to Chapters 2, 6, 12, and 13, that became effective on May 5, 2025. The notable updates in each Chapter are indicated below as excerpted from the USDA announcement:

Owner of record and party in control of an eHELOC agreement on an eRegistry who is entitled to receive payments under the agreement.

Sections of the Oklahoma Uniform Consumer Credit Code allow for an annual adjustment to dollar amounts based on figures from the Consumer Price Index for Urban Wage Earners and Clerical Workers (“CPI-W”).  The allowable adjustments include the maximum late fee that can be charged for both installment and revolving loans under Okla. Stat. Ann. Title 14, §3-203(1)(b) & (5).

On May 7, 2025, Fannie Mae recently issued Selling Guide Announcement SEL-2025-03 to announce changes to their Selling Guide regarding seller concessions, interested party contributions, and lender incentives, which are effective immediately. 

Fannie Mae included the following updates:

Interested Party Contributions and Lender Incentives

New York passed Assembly Bill A9686 to create a new requirement for mortgage lenders and banking organizations to provide a pamphlet entitled, “What Mortgage Applicants Need to Know,”, to residential mortgage applicants.

On May 6, 2025, Iowa Governor Kim Reynolds signed Senate File 398 (“SB 398”) into law, which amended closing cost requirements for consumer loans secured by land. 

On May 12, 2025, the Consumer Financial Protection Bureau (“CFPB”) announced it is withdrawing 67 guidance documents, including interpretive rules, policy statements, advisory opinions, circulars, and bulletins. This action is part of a broader review initiated in April 2025 to evaluate current CFPB-issued guidance and its practical impact.

Where can you find us this month? Check out DocMagic's June event lineup:

Updated to add space in last row of table on page 1 and replace table on dynamic page 2 with similar one from NHAD.MSC. (Date of Release to Production: 05/22/25)