A new Wisconsin Loan Commitment document (cx15918) has been created to meet the requirements of Wis. Admin. Code, DFI-BKG §§40.01(5) – (6) & 43.02(12) – (13) and will print in Wisconsin Initial Disclosure packages when a Commitment Fee is entered on the loan.
Several new related fields will be prompted for:
Loan Amount Can Change
Loan Term Can Change
Loan Type Can Change
Points Can Change
Rate Expiration Date Can Change
Terms That Cannot Change
Terms That CAN Change
GFE Fees That Can’t Change
Wisconsin requires each of these items to be disclosed in the Loan Commitment when a Commitment Fee is charged on the loan. The Commitment Fee amount and refundability conditions will also print on the document along with basic loan information and the Commitment Expiration Date.
The new document will be available July 29, 2011.
July 27, 2011