July 2019 Edition

 
 

Closing a Loan Electronically

As we have written here many times, more and more states continue to pass laws that support electronic notarizations that the industry now relies on to perform electronic loan closings. Learn More

 
 
 
 

Compliance Term of the Month

Chattel (chat*tel)

An item of personal property which is movable, as opposed to real property (land and attachments).  A chattel mortgage refers to a loan secured by movable personal property, such as a mobile home which is not permanently affixed to land. A cooperative is also chattel property as an owner receives shares in a corporation and not ownership of real property.   

 
 

Form Updates

Revised URLA Delayed

On June 12, 2019, Fannie Mae and Freddie Mac (GSEs) announced, at the direction of the Federal Housing Finance Agency (FHFA), that the optional...  Read More

 

Complimentary

New Form: Adjustable Rate Mortgage Disclosure Possible Discontinuation of LIBOR

The Mortgage Bankers Association (MBA) has created a sample disclosure for lenders to share with consumers applying for an adjustable-rate mortgage. Read More

 

Complimentary

New/Revised Documents - June 2019

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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URLA Webinar

Be prepared for the 2020 URLA!

Watch our Webinar where our Compliance Department covers the intricacies of the new forms layout and requirements.

 
 
 

System Updates