As previously announced, the “New Jersey Residential Mortgage Lending Act” (N.J. Stat. Ann. §§ 17:11C-51 et seq.) was recently amended, with new definitions of “commitment fee”, “lock-in agreement”, and “lock-in fee” being promulgated under Ibid.…
Cx22 is a duplicate of IRS Form W-9 (available directly at: https://www.irs.gov/pub/irs-pdf/fw9.pdf). The newly posted October 2018 version of IRS Form W-9 shows an updated percentage of 24% (reduced from 28%) in the Backup Withholding section found on page 2 in the righthand column….
Freddie Mac previously restricted the eligibility of Texas Equity Section 50(a)(6) Mortgages to fixed-rate loans, but certain ARMs are now allowed per Freddie Mac Selling Guide Section 4301.7:
“A Texas Equity Section 50(a)(6) Mortgage must be a conventional First Lien Mortgage that is a:
Document Updates: Updates to Generic Inter Vivos Revocable Trust Documents for MT and WA (Cx21130, Cx21131, and Cx21132)
In an effort to update our signature lines for Inter Vivos Revocable Trusts we are modifying our signature language for Montana and Washington state. Previously, the law in Montana (MCA 72-33-202) used the term “Trustor”. Consequently, we placed the term “Trustor” in the signature lines instead of the term used in the FNMA model language (“Settlor”)….
On November 3, 2018 the Pennsylvania Department of Banking and Securities published a bulletin updating the amount of the “base figure” defined in 41 P.S. § 101 from $250,324 to $256,023 for the year 2019 (see https://www.pabulletin.com/secure/data/vol48/48-44/1703.html)….
Cx3583 is provided pursuant to Del. Code Ann. tit. 5, § 2113 and 5 Del. Admin. Code §§ 2102-1.2.7, 2103-2.0 & 6.0, 2104, & 2203-6.0. Under Ibid. § 2104-2.11, a mortgage broker agreement must contain “a statement that the applicant may be entitled to the refund of certain funds paid to the licensee upon exercise of the right to rescind the transaction under the Federal Truth-In-Lending Act,…
This past month, the Rhode Island Department Business Regulation finalized amendments to its regulations, repealing the current administrative laws (R.I. Code R. 11-2-3) implementing the “Home Loan Protection Act” (R.I. Gen. Laws §§ 34-25.2-1 et seq.) and re-implementing them with technical,…
System Setting Updates: Total Monthly Payment Amounts on the Integrated Disclosures for Construction-to-Permanent Loans
TRID 2.0 provides the following guidance for cases where the first column of the “Projected Payments Table” (“PPT”) reflects the amounts payable during both the construction- and permanent-phases of a construction-to-permanent loan:
“If the creditor elects to disclose the construction and permanent phases as a single transaction,…
On June 23, 2017 we announced the creation of Cx21542, made due to the following example provided by the VA:
“Example 1 (see Exhibit A). The fees and charges shown in this example clearly exceed the allowable one percent flat fee for charges related to the cost of loan origination….
Cx15312 is a duplicate of the Model B-3/H-3 Form provided by the Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau pursuant to the provisions of 15 USCA § 1681m(h) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1), and 16 CFR § 640.5(d)(1)….