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Compliance Calendar for June 2022

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Arizona Electronic Notarizations and Remote Online Notarizations

Effective: June 1, 2022
Industry: Consumer Lending, Mortgage Lending, Mortgage Servicing
Source: Arizona   Arizona Senate Bill 1115 →
Tags: Arizona, Notary
Details

Arizona Senate Bill 1115 repeals the Uniform Recognition of Acknowledgments Act (Ariz. Rev. Stat. Ann. §§ 33-501 through 33-508) and Articles 3 and 4 of Chapter 2, Title 41 of Arizona’s Revised Statutes (Electronic Notarizations and Remote Online Notarizations, respectively), and incorporating similar provisions into other parts of Title 41.

These amendments take effect on June 30, 2022 though the Arizona Secretary of State is authorized to implement rules for some aspects of these amendments prior to such date.

Fannie Mae Selling Guide Announcement (SEL-2022-05)

Effective: June 1, 2022
Industry: Mortgage Lending
Source: Fannie Mae   SEL-2022-05 →
Tags: Refinance, Underwriting, Adjustable Rate Mortgage (ARM), Closing
Details

In Sel-2022-05, Fannie Mae updates its Selling Guide, including construction cost overruns in refinances, group homes, calculating the fully indexed rate for ARM loans, and miscellaneous updates related to references to outdated Form 1003.

Selling Updates

Effective: June 1, 2022
Industry: Mortgage Lending
Source: Freddie Mac   Bulletin 2022-11 →
Tags: Property - Appraisal, Underwriting, Income, MIP-PMI
Details

In this bulletin, Freddie Mac announces Selling Guide updates, including mortgages secured by properties with an ADU, Asset and income modeler (AIM), Condominium and Cooperative Projects, Desktop appraisal exclusions, Attorney opinion of title letter, 2022 Area Median Income limits, Certificates of Incumbency and wire and automated clearing house (ACH) instructions and few miscellaneous updates.

Maryland House Bill 663- Modified Provisions for Remote Notarial Acts

Effective: June 1, 2022
Industry: Consumer Lending, Mortgage Lending, Mortgage Servicing
Source: Maryland   Maryland House Bill 663 →
Tags: Maryland, Notary, Fees
Details

The state of Maryland modified its provisions relating to notarial acts that include fees and the use of communication technology effective immediately.

Single Family Housing Guaranteed Loan Program Updated Income Limits for 2022

Effective: June 8, 2022
Industry: Mortgage Lending
Source: USDA   USDA Special PN Changes to HB-1-3555, June 08, 2022 →
Tags: Income, Underwriting
Details

The 2022 income limits for the Single-Family Housing Guaranteed Loan Program have been published in Appendix 9 and Appendix 5 and the income eligibility calculator on the Eligibility Website as well as GUS have been updated with the new income limits.

COVID-19 Frequently Asked Questions - Selling

Effective: June 14, 2022
Industry: Mortgage Lending
Source: Fannie Mae   FAQs June 14, 2022 →
Tags: Underwriting, Closing, Income, Title
Details

Fannie Mae published an updated COVID-19 Frequently Asked Questions – Selling, which pertains to COVID-19 Flexibilities until their expiration dates per Lender Letter LL-2021-03.

VA Pest Inspection Fees and Repair Costs

Effective: June 15, 2022
Industry:
Source: VA   VA Circular 26-22-11 →
Tags: VA, Property Inspection, Assets, Closing
Details

Effective immediately, VA is authorizing in advance, as a local variance, that Veterans may be charged wood destroying pest inspection fees, where required by the NOV. Veterans may also pay for any repairs required to ensure compliance with MPRs. Veterans are encouraged to negotiate the cost of the wood destroying pest inspection and repairs with the seller.

An itemized invoice identifying the Veteran and the property is required to verify the cost on the Closing Disclosure Statement (CD). Lenders should include the invoice(s) to support the cost of the inspection and any repairs in the loan file if the loan is selected for Full File Loan Review (FFLR).

Freddie Mac MultiFamily Guide Bulletin M2022-3

Effective: June 16, 2022
Industry: Mortgage Lending, Mortgage Servicing
Source: Freddie Mac   Freddie Mac MultiFamily Seller/Servicer Guide Bulletin M2022-03 →
Tags: General Servicing, Property - Appraisal, Underwriting
Details

The Guide Bulletin, issued and effective June 16, 2022, updates the MultiFamily Seller/Servicer Guide to address fair lending, SBL Borrowers, Preferred Equity, and other miscellaneous updates and housekeeping items.

New York Enacts Provisions Regarding Electronic Notarization

Effective: June 20, 2022
Industry: Mortgage Lending
Source: New York   New York Senate Bill 1780: Electronic Notarization →
Tags: New York, Notary
Details

The state of New York has amended provisions regarding electronic notarization with an effective date of June 20, 2022, authorizing the use of video and audio conference technology in identifying individuals for electronic notarization.

FHA Extends Temporary Partial Waivers to its Home Equity Conversion Mortgage Policy for Senior Borrowers Impacted by COVID-19

Effective: June 23, 2022
Industry: Mortgage Servicing
Source: FHA   INFO 2022-64 →
Tags: COVID-19, Loss Mitigation, FHA
Details

The Federal Housing Administration (FHA) announced a temporary partial waiver to its Home Equity Conversion Mortgage (HECM) policies to provide mortgagees with expanded flexibility to help senior homeowners with HECMs who continue to experience significant financial difficulties because of the COVID-19 pandemic.

Fannie Mae Equifax Coding Issue

Effective: June 24, 2022
Industry: Mortgage Lending
Source: Fannie Mae   Fannie Mae Lender Letter LL-2022-02 – Equifax Coding Issue →
Tags: Credit - Liabilities, Underwriting, Certification, Endorsement, and Delivery
Details

This lender letter advises that lenders are not required to obtain an updated credit report and re-underwrite/resubmit a loan based solely on this issue in most cases and provides requirements when a corrected credit score must be obtained.

Freddie Mac Equifax Coding Issue

Effective: June 24, 2022
Industry: Mortgage Lending
Source: Freddie Mac   Freddie Mac Bulletin 2022-14 →
Tags: Credit - Liabilities, Underwriting, Certification, Endorsement, and Delivery
Details

This bulletin advises that lenders are not required to obtain an updated credit report and re-underwrite/resubmit a loan based solely on this issue in most cases and provides requirements when a corrected credit score must be obtained.

Freddie Mac Servicing Updates

Effective: June 27, 2022
Industry: Mortgage Servicing
Source: Freddie Mac   Freddie Mac Servicing Bulletin 2022-12 →
Tags: Servicing, Adjustable Rate Mortgage (ARM), Bankruptcy, Fees, Property Inspection, Foreclosure
Details

This Freddie Mac bulletin announces updates to Resolve, LIBOR note review, temporary adjustment to property preservation costs, reimbursement of attorney fees, BPO clarification and more.

This Guide Bulletin announces:

  • An update to Resolve® and the retirement of Workout Prospector®
  • A requirement to perform a non-standard note review on legacy London Interbank Offered Rate (LIBOR) loans
  • An increase in the reimbursement of attorney fees for bankruptcy legal services – June 27, 2022
  • Temporary adjustments to the reimbursement of property preservation costs – June 27, 2022
  • A clarification related to BPO for unseasoned loans
  • A clarification related to Freddie Mac approvals for foreclosure activity suspension
  • Further updates as described in the Additional Guide updates section of this Bulletin

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