Law Letters

Read our views on the things that matter to you.

Juneteenth Impact Update

Juneteenth Impact Update Yesterday, we sent a Law Letter regarding the impact of the new Federal Holiday, Juneteenth National Independence Day.  This new Federal holiday is June 19 and will be celebrated in 2021, which will have an impact on Closing Disclosure review...

read more

Juneteenth Impact on TRID and Rescission

Today, President Biden signed the Juneteenth National Independence Day Act, S. 475, which amends 5 U.S.C. 6103(a) to add “Juneteenth National Independence Day, June 19”.  This creates a new federal holiday: Juneteenth National Independence Day.  This bill is effective...

read more

Fannie Mae Announces “Adverse Market Refinance Fee”

Fannie Mae, in Lender Letter (LL-2020-12), has announced that an "Adverse Market Refinance Fee" will be imposed on certain loans purchased on or after September 1, 2020.   The new fee comes as a loan-level price adjustment of 50 basis points (0.500%) applicable to all...

read more

Discontinuance of LIBOR Index

Regulators have signaled that financial institutions should transition away from using the London Interbank Offering Rate (“LIBOR”) lending benchmark as it will be phased out by the end of 2021. If your office offers adjustable rate mortgages and uses the LIBOR index,...

read more

2019 Legislative Update

The 2019 Texas Legislative Session was relatively quiet for Residential Mortgage Lending, in stark contrast to the 2017 Legislative Session where Texas lenders saw substantial changes to Home Equity Lending, Powers of Attorney, Remote Notarization and other...

read more

Update to Form 4506-T

In March, the Internal Revenue Service (IRS) issued a revised Form 4506-T, “Request for Transcript of Tax Return”. The new format protects tax payer data by partially masking personally identifiable information. Effective immediately, this revised Form must be used to...

read more