Law Letters

Read our views on the things that matter to you.

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

National Day of Mourning – December 5, 2018

The country will observe a National Day of Mourning on Wednesday, December 5, 2018, honoring the life of 41st President of the United States, George H.W. Bush. Question:  How will the National Day of Mourning impact the counting of "business days" for rescission and...

read more