Cx3883 is required under both Tex. Fin. Code Ann. §156.004 and 7 Tex. Admin. Code §80.9, the
latter of which provides the document that is required to be used, which is
also published on the website of the Texas Department of Savings and Mortgage
Lending
(http://www.sml.texas.gov/ResidentialMortgageLoanOriginator/rmlo_mb_forms.html;
Mortgage Company – Required Disclosure Form).
This document was recently updated and Cx3883 will be updated as well to match
these changes. In addition to this change, the content of the “fees section”
(located near the top of the second page of the document) will also be changed
in the following ways:
1. The amount disclosed in the “we are receiving $X.XX in fees” part will be
the combined total of all other fees disclosed in this section, including
application, appraisal, credit report, and any other fees specified by a client
(previously, only amounts retained by the broker were disclosed); and
2. This amount will also be used as a default amount for the “Of this amount,
$X.XX is not refundable” part, if no refundable amount is specified by a
client.
These changes shall take effect April 06, 2012. If you have any questions or
concerns about this change, please contact Client Support at 1.800.497.3584.
April 04, 2012
DR 122239