The following data integrity error message triggers for USDA/RD loans in ConformX if the loan term is more than 360 months, the loan is interest only or biweekly, there is a balloon payment, or the amortization type is set to ARM:
“Per 7 CFR § 3555.104(b),…
Pursuant to a periodic review, it came to our attention that 26-C DCMR § 1116.2(e) requires:
“The following additional information shall be included in, or attached to, a mortgage loan application if available at the time of the application:
[…]
(e) Disclosure as to whether the loan may result in a balloon payment…”…
Tennessee law TCA § 56-35-133(a) requires that:
“…the person conducting or handling the settlement…shall obtain from the purchaser a statement in writing that the purchaser has received a notice that owner’s title insurance may be available to the purchaser and that the purchaser does or does not desire to purchase the insurance coverage.”…
Back in 2017, the Financial Conduct Authority (FCA) announced that in 2021 it would phase out the London Interbank Offered Rate (LIBOR). The Federal Reserve Board (FRB) convened the Alternative Reference Rates Committee (ARRC) in 2014 to work on developing “alternative reference rates” and,…
As previously announced, FNMA updated their requirements regarding borrower-initiated cancellation of private mortgage insurance (PMI) this past July. Mandatory compliance with these changes begins September 1, 2019, but servicers may optionally begin complying with these changes starting on January 1,…
Under Nev. Rev. Stat. Ann. § 107.090(3)(b), a copy of a notice of default is required to be provided to “each . . . person with an interest whose interest or claimed interest is subordinate to the deed of trust.” Thus,…
District of Columbia
DC Code § 42.2303 gives a Credit Line Deed of Trust priority over other unrecorded instruments. The law also gives any future advances priority over such instruments. A “Credit Line Deed of Trust” is defined as:
“…any deed of trust in which title to real property located in the District of Columbia is conveyed,…
New York Lien Law § 22 requires that a building loan contract, in writing and duly acknowledged with a statement under oath, must show the consideration paid, all other expenses to be incurred in connection therewith, and the net sum available to the borrower….
Our Borrower and Non-Purchasing Entity Signature/Name Affidavits (Cx865 and Cx7965, respectively) are not required by law, but are provided as a way to prevent any future litigation arising over the identity of the borrowers. These documents are sworn statements, which,…
MGLA 183 § 6B requires that all documents to be recorded in Massachusetts shall, if applicable, set forth in the margin the street address of the property which is affected by the recorded document. Consequently, we are updating the MA Assignment of Mortgages to include the Property Address….
