Déjà vu: CFPB Structure Again Found Unconstitutional
Once again, a federal court has found the CFPB’s structure to be unconstitutional. The Fifth Circuit U.S. Court of Appeals found the funding mechanism, whereby the CFPB is funded from appropriations from the Federal Reserve, violates the U.S. Constitution's required separation of powers. Learn More
On October 13, the CFPB, together with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, posted the annual adjustment to appraisal requirements for higher-priced mortgage loans. Read More
On October 18, 2022, the United States Department of Agriculture (“USDA”), Rural Development announced that funding for the Single-Family Housing Guaranteed Loan Program is available... Read More
On October 24, 2022, the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac will be making a change to approve use of two new credit scoring models Read More
The US Department of Housing and Urban Development (“HUD”), Office of Housing, recently published a Proposed Rule in the Federal Register that would establish a framework to transition away from LIBOR... Read More
Complimentary
Compliance Term of the Month
eVault
A software application used for securing, storing, and managing digital assets such as an eNote, eMortgage, or other mortgage loan documents.
As noted in previous 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 moved to the new versions of standard conventional documents... Read More
On October 31, 2022, the Internal Revenue Service (“IRS”) published a new version of Form 4506-C. Form 4506-C allows cleared and vetted Income Verification Express Service participants to request tax return information... Read More
In order to keep DocMagic software users better apprised of document changes and additions as they occur, DocMagic posts listings of all newly created and revised documents. Read More
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