We are modifying our Maryland Department of Labor, Licensing, and Regulation Disclosures (Cx13900, Cx13901, and Cx13902), pursuant to COMAR 09.03.10.03, to ensure that clients do not get multiple disclosures about balloon payments or payment of taxes/insurance. COMAR 09.03.10.03 reflects that when a loan includes a balloon payment,…
New York State Assembly Bill A9493A adds a new disclosure requirement for VA loan counseling. This act takes effect April 15, 2023.
The New York banking law is amended by adding a new section 6-p to read as follows:
“§ 6-p….
Pursuant to our monthly audit of Federal Agency forms and to match the model forms made available through https://www.va.gov/find-forms/, we will be making the following changes to Cx14056 and Cx3953:
Cx14056, VA Form 26-1817, VA Request for Determination of Loan Guaranty Eligibility….
Our NY Balloon Payment Disclosure (Cx4168) is provided for certain loans with balloon payments in New York. 3 NYCCR § 80.4 requires a balloon disclosure to be given in junior lien situations where the loan amount is not more than $250,000. …
We have received several inquires from clients regarding changes to the VA funding fee as published in Circular 26-23-06. VA published Circular 26-23-06 to announce changes to VA funding fee rates for loans closed on or after April 7, 2023. …
Cx1570 is provided pursuant to Me. Rev. Stat. Ann. tit. 36, § 5250-A(2). The law states:
Every buyer of real property located in Maine must withhold a withholding tax equal to 2 1/2% of the consideration. The withholding required by this section must be transmitted to the State Tax Assessor within 30 days of the date of transfer of the property unless the State Tax Assessor authorizes the buyer to release the amount withheld,…
As announced previously, the FHA Annual Mortgage Insurance Premium (MIP) rates were lowered for most mortgages by 0.30% as outlined in ML 2023-05. The Base Loan Amount threshold used to establish MIP rates was also updated to the conforming loan limit….
Fannie Mae recently updated the Instructions to Form 3044.1 – 07/2021 Texas Home Equity Security Instrument (Our Cx25323) by adding Paragraph 9 which reads:
“Lenders MAY delete the word “Witnesses” and the two accompanying lines for witness signatures that appear to the left of the Borrower signature lines on the last page,…
As announced earlier, the new clean version of the 4506-C standard forms are available for eSign use in ConformX Production servers. The eSignature Behavior of the 4506-C Clean Version now has several layers and considerations. This PDF was created to help explain the different options:
The core behavior of our eSign functionality is the same behavior as the previous version of the form….
On February 1, 2023, Fannie Mae announced that the Model Form for the Virginia Deed of Trust (Form 3047) has been revised to remove the consideration amount and property value information above the “Definitions” section of the security instrument….
