In the 24th edition of Supervisory Highlights the Consumer Financial Protection Bureau (CFPB) issued an opinion on the Georgia Waiver of Borrower Rights. The Examiners determined that the waiver was deceptive because the borrowers were waiving all of their rights to notice or to judicial hearing before the lender exercises its right to nonjudicially foreclose on the property….
According to 5 Del. Code § 2113, a licensee can only receive a fee for acting as a mortgage broker pursuant to a written agreement between the mortgage loan broker and borrower. This written agreement must specify to the amount and terms that the mortgage loan broker is to receive….
Currently the following fields print for the borrower address on mortgages, deeds of trusts, and assignments:
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Certain disclosures concerning the cancellation and termination of private mortgage insurance (“PMI”) premiums are required to be provided for a “residential mortgage transaction” under 12 USCA § 4903. A “residential mortgage transaction” is defined (in relevant part) as “a transaction ….
Some minor updates have been made to our forms Cx995 MI Principal Residence Exemption (PRE), Cx996 MI Property Transfer Affidavit, and Cx997 MI Request to Rescind Principal Residence Exemption (PRE).
These updates are made pursuant to published revisions to Tax forms 2368,…
The state of Minnesota has state specific laws that apply to the use of private mortgage insurance in addition to the federal provisions set forth in the Homeowners Protection Act (HPA). Due to these additional Minnesota provisions, Docutech provides a Minnesota specific private mortgage insurance disclosure (Cx2530) that contains both the Minnesota and the federally required disclosures….
Subsequent to a review, we are making a field change to FNMA form 1008, the Uniform Underwriting and Transmittal Summary (Cx22822). We reviewed the section on the form that discloses the amount of Subordinate Financing and have made adjustments to ensure we are including all of the subordinate loans….
We are retiring our HUD FHA-VA Addendum form Cx3981. This is an older version of the HUD/VA Addendum to URLA and shouldn’t be printed for any loan with Case Number Assignment Dates after August 1, 2016. Cx20336 is the updated version of the same document and should be used in its place….
Historical Background
Fannie Mae and Freddie Mac are two mortgage companies that we all know very well. These businesses were both created by acts of Congress and are known as GSEs (Government Sponsored Enterprises). Because they were created by a congressional charter,…
Our copies of the TX Notice Concerning Extension of Credit (Cx4549) and TX Notice Concerning Extensions of Credit – Spanish (Cx3640) are created to match the forms supplied by the Texas Finance Commission on their website (https://www.fc.texas.gov/home-equity/disclosures)….
