On February 14, 2019 the Department of Veteran’s Affairs
published VA Circ. 26-19-5 (available at: https://www.benefits.va.gov/homeloans/resources_circulars.asp)
which provides further details and clarifications on how to comply with the
Department’s new net tangible benefit regulations (which we discuss here: https://compliance.docutech.com/2019/01/17/document-updates-va-refinance-loan-comparison-cx14501/)….
N.J. Admin. Code § 3:1-16.8 requires the following:
“Before accepting any trust funds, each lender shall disclose in writing to the party or parties depositing such funds the purpose for which the fund is established, the amount of the trust fund,…
As discussed in our previous announcement on the topic, the VA have posted new regulations applicable to all non-IRRRL refinance loans beginning on February 15, 2019. As part of the changes implemented, we created a new Data Integrity Warning regarding net tangible benefits that triggers when all of the following are true:
This logic for this Warning checks to see whether any of the net tangible benefit fields are set to Yes….
In their “Change 6” to VA Manual 26-7 (available at: https://www.benefits.va.gov/WARMS/pam26_7.asp
under “Changes” as the second “6” [the one after “22”]), the VA announced a
full revision to Chapter 1 of the VA Lender’s Handbook and further announced
the following:
Chapters 1-9 of the Lenders Handbook cover [sic] Loan Processing topics….
Due to increased demand, we have expanded the enumerations for our field “Broker Is Doing Business As” (Field 50908). Previously, the business types supported were:
We have expanded these enumerations to also include the following business types:
While not all of these types will be needed by all clients,…
FNMA has announced the following:
“We currently offer several adjustable-rate mortgage (ARM) plans that use the monthly weighted-average cost of funds index (COFI) as computed each month by the Federal Home Loan Bank of San Francisco. Due to the retirement of this index scheduled to occur in January 2020,…
We are expanding the scope of our support for loans secured by a borrower’s ownership shares and lease in a cooperative unit (“cooperative loans”) to include home equity lines of credit (“HELOCs”) when the cooperative unit is located in New York….
205 ILCS 635/5-8 prohibits a licensee from making, providing, or arranging a mortgage loan with a prepayment penalty unless the licensee first offers a loan without a prepayment penalty, the offer is in writing, and the borrower initials the offer to indicate that the they have declined….
We have modified the language and format of our standard California Request for Fair Lending Information, Cx18014, to more closely mirror the requirements of Cal. Code Regs. tit. 21, § 7114.1. The changes include the removal of the Ethnicity section,…
Under 12 CFR § 1026.38(j)(1)(v) and 12 CFR Pt. 1026, Supp. I, Paragraph 38(j)(1)(v) – 2, “payoff[s] of other secured or unsecured debt” must be disclosed in the area subsequent to Line K.03 (“Closing Costs Paid at Closing (J)”) of the CD,…
