We have made slight logic adjustments to a certain provision in Cx1327 New York HELOC Mortgage. In the premises paragraph we are updating the language to match up with the checkboxes that are part of the BORROWER’S STATEMENT REGARDING THE PROPERTY. …
Typically, loan guarantors can be defined as a party to the loan that do not sign the security instrument or the note, but do sign a guaranty agreement indicating that they will be personally liable for repayment of the loan in event of a borrower default….
Kansas has made updates to the Kansas Uniform Consumer Credit Code (UCCC). Among the updates is a new definition for “covered transaction” to include any loan with a loan-to-value ratio of 100% with the exception of any loan guaranteed by a federal government agency….
On December 13, 2024, New York Governor Kathy Hochul signed Assembly Bill A9686 which enacts NY Banking Law § 35 which contains a new requirement for mortgage lenders and other banking organizations offering residential mortgage services to provide a “What Mortgage Applicants Need to Know” pamphlet to applicants….
On December 13, 2024, New York Governor Kathy Hochul signed Assembly Bill A5073A which immediately enacted NY Real Property Law § 283 which contains a new requirement for lenders/brokers to provide the following notice to borrowers, if applicable:
“Please note that the flood insurance we are requiring you to purchase will only protect your creditor or lender’s interest in your property….
On November 23, 2024, Texas Department of Savings and Mortgage Lending adopted various new rules. See blog posts here and here. One of the new requirements from these rules is for the name, NMLS and website of the Mortgage Company or Mortgage Broker to be included in all correspondence with the borrower….
ConformX supports the Puerto Rico Uniform Instruments posted by FNMA/FHLMC. Several updates have been made to these documents.
Puerto Rico FNMA/FHLMC Security Instrument and Riders
The Puerto Rico security instrument and riders have been updated to use Spanish/English labeling in special borrower signature lines:
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Our California Consumer Caution and Home Ownership Counseling Notice (Cx2797) is given pursuant to Cal. Fin. Code §4973(k) which requires a “Consumer Caution and home ownership counseling notice” to be given to covered loans. California Assembly Bill number 3108 was passed September 24,…
Texas has updated its document requirements for various disclosures to require at least 12 point font starting January 1, 2025. See 7 TAC § 55.3, 7 TAC § 56.3, 7 TAC § 57.3, 7 TAC § 58.3 and 7 TAC § 59.3….
Global standard value field mappings are used within ConformX to set State Funding Type (FI 23043) as either a “Wet” or “Dry” funding state. Essentially, a “Wet” funding state is one that allows a loan to be funded on the same day the closing documents are signed,…
