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,…
Document Updates: California, Connecticut, and Washington PMI Disclosures (Cx999, Cx1029, and Cx18541) – FNMA PMI Cancellation Updates
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….
Yesterday, FNMA SEL-2018-09 announced the following:
“. . . we have updated the Uniform Underwriting and Transmittal Summary (Form 1008). We worked jointly with Freddie Mac to update this form. As a reminder, it is only required for manually underwritten loans….
Document Updates: Loan Estimate (Cx18565) and Closing Disclosure (Cx18566) Step Rate Decrease, IO Life of Loan ARMs, and Balloon ARMs
Step Rate Decrease
Non-ARM loans with more than one rate that increases over time are labeled as “Step Rate” in the “Product” description on the Loan Estimate (LE) and Closing Disclosure (CD) per 12 CFR § 1026.37 (a)(10)(i)(B):
Docutech is updating the formats of LA Mortgage (Cx327), LA Mortgage Second (Cx485), and FHA LA Mortgage (Cx19376) to reflect the current Louisiana – Single Family – Fannie Mae/Freddie Mac Uniform Instrument (Form 3019) model found at https://www.fanniemae.com/singlefamily/security-instruments#….