The OK Mortgage Broker/Borrower Agreement (Cx3322) has been provided to clients to help them comply with the provisions of Okla. Stat. Ann. tit. 59, §2095.15(D)(3), which requires that a broker must disclose any administrative fee before collecting it.
However, Ibid. §2095.15(B) states the following (in relevant part):
“Compliance with the disclosure requirements mandated by RESPA and HUD’s Regulation X constitutes compliance with this act [Okla. Stat. Ann. tit. 59, §§2095 et seq.].”
Because use of the disclosures required under RESPA (12 USCA §§2601 et seq.) and Regulation X (12 CFR §§1024 et seq.) complies with the provisions of §2095.15(D)(3), it is not necessary to provide Cx3322 in addition to these disclosures. In order to streamline both document packages and work processes, DocuTech has decided to retire this document from use, effective January 6, 2012.
January 4, 2012