Pursuant to this year’s state-specific disclosure audit, as well as client requests, the following edits are being made to several disclosures that are provided for loan transactions secured by property in Maryland:
1. A new “MD Written Acknowledgement of Delivery of the Note” (cx16099) will be provided in closing document packages pursuant to the “safe-harbor” provisions of Md. Code Ann., Com. Law §12-1013.2(c). This document is not required to be given under Maryland law, but it can be used as conclusive proof that the borrower received a copy of the note (or any other document evidencing the loan), which is required.
2. Pursuant to the technical language of Md. Regs. Code tit. 09, §03.10.03(b)(4), the text of cx13900 – cx13903 will be combined, with the appropriate language of each of the forms printing on the new version of the document, according to the terms of the loan. The updated title is “MD Department of Labor, Licensing, and Regulation Disclosure”.
3. Text edits to the “MD First Time Home Buyer Affidavit” (cx3539), required under Md. Code Ann., Tax-Prop §§12-103(b)(3), 13-203(b)(4) & (5), and 13-409, will be made for aesthetic purposes, as well as to make all legal citations conform with “Blue Book” standards.
These changes will take effect on November 8, 2011.
November 4, 2011