Compliance Calendar

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.

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group homes, calculating the fully indexed rate for ARM loans, and miscellaneous updates related to references to outdated Form 1003.

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.

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

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.

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.

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).

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.

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.

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.

The Veterans Benefits Administration (VA) announced in this circular an update to the funding fee status on Certificates of Eligibility (COE) where the lender has submitted VA Form 26-8937, Verification of VA Benefits, for an active-duty Service member who indicates they have a predischarge disability claim pending with VA.

The Veterans Benefits Administration (VA) announced enhancements to the Certificate of Eligibility (COE), including the United States Space Force (USSF) as a branch of service.

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.

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.

The Final Rule implementing South Carolina's Electronic Notary Public Act was published in the South Carolina Register on June 24, 2022, effective immediately.

This Procedural Notice updates to HB-1-3555, Chapter 1 to incorporate the recommendations identified in the Property Appraisal and Valuation Equity (PAVE) Task Force Final Action Report, as well as to make minor grammatical and formatting edits.

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

Rhode Island amended provisions with House Bill 7363 on Notarial Acts to allow for remote notarizations.