Compliance Calendar

The General QM Final Rule takes effect 60 days after publication in the Federal Register, with an optional early compliance period starting on the effective date and a mandatory compliance date of July 1, 2021. (Effective date of 2/15/21 estimated, pending publication)

The CFPB issued a final rule amending the General QM loan definition in Regulation Z; among other things, the final rule removes the General QM loan definition’s 43 percent DTI limit and replaces it with price-based thresholds.

Maryland House Bill 962 amends the Personal Information Protect Act to require a business that maintains personal information of an individual residing in the State to implement and maintain reasonable security procedures and practices that are appropriate to the nature of the personal information maintained; and altering certain requirements related to notifications of breaches of the security of systems, including the circumstances under which the owner or licensee of certain computerized data is required to notify certain individuals of a breach.

This bill, recommended by the General Statutes Commission, would allow judicial sales and execution sales to be postponed up to 90 days, aligning the postponement authority for judicial and execution sales with that of sales under a contractual power of sale clause.

The Selling Guide has been updated to include changes to the following:

▪ Retention of asset verification reports: updating the requirements for retaining certain documentation in the loan origination file

▪ Social Security income: expanding documentation options

▪ Average median credit score for manually underwritten loans: using average median credit score for determining compliance with minimum credit score eligibility

▪ Miscellaneous updates:

• Power of attorney exceptions

• Appraiser selection

• Gross living area

Chapter 11 was updated to make minor grammatical and formatting changes, correct discrepancies, and provide clarification for easier understanding of guidance.

In the bulletin, Freddie Mac announces its Condo Project Advisor Project Assessment Request, an enhancement to Freddie Mac Condo Project Advisor, and updates to employment/income characteristics, property eligibility and appraisals, property insurance, Seller/Servicer financial eligibility Guide, and Seller/Servicer grant of security interest.

In this bulletin, Freddie Mac announced updates to Resolve and the retirement of Workout Prospector, custodial account reconciliation requirement update agreement, Acknowledgement Agreement Incorporated Provisions, and a few additional updates.

Kansas has adopted permanent legislation for notaries including remote online notary provisions effective October 28, 2022.

In this mortgagee letter, FHA guides lenders regarding the introduction of positive rental history for first-time homebuyers on forwarding purchase transactions in FHA’s Technology Open To Approved Lenders (TOTAL) Mortgage Scorecard.