Pursuant to a review by our Legal team, Docutech is updating the print configuration of the North Carolina Notice of Information, (our Cx1271). Currently, Cx1271 prints only in the Initial Disclosure package, however, we are modifying the print configuration for Cx1271 to now print in both the Initial Disclosure and Closing packages….
As previously announced (see https://compliance.docutech.com/2018/02/08/compliance-news-resurrection-california-department-real-estate/), the California Bureau of Real Estate will (again) be officially called the “Department of Real Estate” beginning July 1, 2018.
Consequently, we are modifying the following generic documents by changing all “Bureau of Real Estate” references to the “Department of Real Estate”:
- CA Fair Lending Notice (Cx991)
- CA Mortgage Loan Disclosure Statement (Cx2798)
- CA Mortgage Loan Disclosure Statement/Good Faith Estimate (Cx12922)
- CA Fair Lending Notice (Cx16170)
- CA REL Supplemental Disclosure (Cx19898)
While we are making an effort to modify all customizations on our generic documents pursuant to this name change,…
In a webinar dated April 1, 2016, the BCFP (aka CFPB) provided the following guidance (quoted in relevant part):
“Q. One question we’ve received relates to amounts paid by the consumer before closing. . . . if the consumer pays for a service before closing and the service ends up costing less than the amount collected by the creditor,…
California per Diem interest law provides that “interest may accrue on the business day immediately preceding the day of disbursement if the borrower affirmatively requests, and the lender agrees, that the disbursement will occur on Monday, or a day immediately following a bank holiday.”…
New Data Integrity Errors and Warnings and Document Update: VA IRRRL 36-Month Recoupment, Net Tangible Benefits, and Loan Comparison (Cx14501)
As announced previously, a lender certification has been added to the VA IRRRL Loan Comparison (Cx14501) to verify the borrower will recoup the closing costs within 36 months of closing. In addition, a new VA IRRRL Net Tangible Benefit Form (Cx22343) prints to verify the IRRRL meets certain net tangible benefit requirements….
Cx22 is a duplicate of IRS Form W-9 (available directly at: https://www.irs.gov/pub/irs-pdf/fw9.pdf?). The instructions to Line 5 of this form state the following:
“Enter your address (number, street, and apartment or suite number). This is where the requester of this Form W-9 will mail your information returns….
By Timothy A. Raty, Sr. Regulatory Compliance Specialist
On May 24th, President Donald J. Trump (R) and a Republican Congress (with a fair number of Democratic and independent support), passed into law the “Economic Growth, Regulatory Relief, and Consumer Protection Act” (“EGRRCPA”),…
Pursuant to a review by our Legal team, we will be updating the print configuration of the Rhode Island Tangible Net Benefit Disclosure (Cx11242) to more accurately reflect the requirement for producing this disclosure when refinancing an existing home loan that was consummated within the prior sixty (60) months per R….
After a recent review of our document library, we have updated the logic for Cx20336 to better reflect all options made available for occupancy status, Question 25, which requests that the undersigned Borrower(s) certify information, of the HUD/VA Addendum to Uniform Residential Loan Application,…
Section I “BORROWER’S AGREEMENT ABOUT OBLIGATIONS UNDER THE NOTES AND MORTGAGES” of our copy of FNMA Form 3172, NY Consolidation, Extension and Modification Agreement (Cx1583) contains the statement:
“The total unpaid principal balance of the Notes is U.S….