CFPB Issues Statement on Financial Institutions Serving LEP Consumers
On January 13, 2021, the Consumer Financial Protection Bureau (CFPB) issued a "Statement Regarding the Provisions of Financial Products and Services to Consumers with Limited English Proficiency (LEP)." Learn More
On January 19th the CFPB and other financial regulators issued a new final rule codifying the prior issued statement on the role of supervisory guidance. Read More
On January 19th, the CFPB released a final rule that exempts certain depository institutions and credit unions from some requirements for establishing an escrow account on Higher-Priced Mortgage Loans ("HPML"). Read More
On the first day in office, President Biden’s Chief of Staff Ron Klain issued a memorandum to all "Heads of Executive Departments and Agencies" requiring a delay in rules...Read More
As a result of feedback received from the CFPB through clients, DocMagic is making an update to the display of payoff items disclosed in the Payoffs and Payments table on the Alternate CD, when generated through an integration. Read More
The Texas Finance Commission, on behalf of the Department of Savings and Mortgage Lending, published amendments to the Texas Administrative Code rules at Title 7, Part 4, Chapters 80 and 81...Read More
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Digital Certificate
Identifies the identity of a notary affixing an electronic signature and seal, and makes a document “tamper-evident.”
The Social Security Administration (SSA) has published a revised version of Form SSA-89 (12-2020), Authorization for the Social Security Administration (SSA) to Release Social Security Number (SSN) Verification. Read More
As previously announced, the U.S. Department of Agriculture - Rural Development (USDA) will be implementing a new Guaranteed Underwriting System (new GUS) on March 1, 2021. Read More
Recent updates to FHA Single-Family Housing Policy Handbook 4000.1, effective February 16, 2021, include a revision to previous requirements regarding existing properties located in Runway Clear Zones...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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Paradigm Shift: 4 Key Mortgage Industry Changes Over the Last Year
What a difference a year makes! A year ago, many lenders in the mortgage industry were still inching their way towards an electronic closing.
