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04.14.21

Document Updates: Addenda to Closing Disclosure (Cx18566) and Spanish Closing Disclosure (Cx18991)

When TRID 1.0 took effect, 12 C.F.R. § 1026.38(g)(1) required the creditor to, within Section E of the CD, disclose “an itemization of each amount that is expected to be paid to State and local governments for taxes and government fees” (see 78 FR 80123 [2013])….

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04.13.21

Document Updates: TN Lock-In Agreement (Cx14675)

One of the loan terms agreed to within Cx14675 (which is provided pursuant to Tenn. Comp. R. & Regs. 0180-17-.01, .04, & .05) is indicated by two checkboxes, one of which indicates that private mortgage insurance (“PMI”) is required in connection with the loan and the other indicating that PMI is not required,…

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04.12.21

Global Mapping Changes: 2021 Update to IRS Tax Return End Date Default Values

If the ConformX fields used to populate the “Year or period requested.” sections of IRS Forms 4506-C “IVES Request for Transcript of Tax Return” and 4506 “Request for Copy of Tax Return” are not set, the first two dates default to the last day of the previous two calendar years….

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04.09.21

FAQs: WA Interest Rate Lock Agreement (Cx2792) and Guarantees

Cx2792 is provided pursuant to the provisions of Wash. Rev. Code Ann. §§ 19.146.010(3) and 19.146.030(2)(c) & (3) and Wash. Admin. Code §§ 208-620-510(3) through (5), 208-620-555(3)(b)(iv), 208-660-006, and 208-660-430(3)(c) & (d). It is also a duplicate of the model “Interest Rate Lock Agreement” published by the Washington Department of Financial Institutions (see https://dfi.wa.gov/mortgage-brokers/forms or https://dfi.wa.gov/consumer-loan-companies/forms)….

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04.08.21

Required Field Prompt Update: Index Rate

The Secured Overnight Financing Rate (SOFR) has been steadily declining over the last few months.  The 30-Day Average SOFR was 0.01067 as of April 8, 2021.   The global required field prompt in ConformX for the current Index Rate (FI 16) has been modified to allow a value of 0.000% through in case the SOFR index decreases to that point. …

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04.07.21

Compliance News: New Mexico Enacts Revised Uniform Law on Notarial Acts

On April 5, 2021 Gov. Michelle Lujan Grisham (D) signed into law N.M. SB 12 (2021), which repeals the Notary Public Act (N.M. Stat. Ann. §§ 14-12A-1 et seq.) and Uniform Law on Notarial Acts (Ibid.…

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04.06.21

Document Updates: Anti-Coercion Insurance Disclosures (Cx2778)

Earlier this year, we announced revisions to Cx2778 when it is used for loans secured by property in either Colorado or Idaho. We are now making additional revisions to the Georgia-, Maryland-, Mississippi-, and North Carolina-versions of these forms….

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04.06.21

State Disclosure Audit (2021): Alabama

Pursuant to an internal audit of our Alabama-specific disclosures, we will be making the following changes.

New Documents

According to the provisions of Alabama’s “Mini-Code” (Ala. Stat. §§ 5-19-1 through 5-19-33), “no disclosures are required by this chapter to be made by a creditor with respect to any transaction other than disclosures required by regulations made by the [Superintendent of Banks of the State Banking Department] pursuant to Section 5-19-21 and disclosures required by [Ibid.…

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04.05.21

Document Updates: Explanation of Loan Terms (POA) (Cx23852) & Borrower’s Income Verification COVID-19 Declaration (Cx23858)

We will be making the following changes to two COVID-19 Pandemic related documents:

Explanation of Loan Terms (POA) (Cx23852)

Under FNMA’s and FHLMC’s temporary requirements imposed due to the COVID-19 Pandemic, in connection with certain transactions where an attorney-in-fact exists,…

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04.02.21

Document Updates: Power of Attorney on Compliance Agreement (Cx4) and Occupancy Statement (Cx15)

Although not a legally required document, we provide on a generic basis an “Errors and Omissions/Compliance Agreement”(our Cx4), in which the borrower generally agrees to correct, within 30 days of a written request, any clerical errors which they may have made on closing documents,…

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