Cx14279 is required under Nev. Rev. Stat. §645B.305 to be provided by mortgage brokers when acting in such capacity in a loan transaction. The following changes will be made to this document in order to make it more compatible with the loan origination compensation rules set forth in 12 CFR §1026.36(d)(2):
1. The first line in the table which discloses fees will automatically pull the broker’s compensation amount, print “Broker Compensation” in the “Description” column, and the name of either the borrower, lender, or seller (depending on what information is inputted or transferred into ConformX). The remaining two lines of the table will continue to populate “other” fees, as they currently do now.
2. The phrases “all or a portion of” and the sentence “This payment to us typically is called a yield spread premium” in the second to last paragraph will be removed.
3. The phrase “a yield spread premium” in the second to last sentence in the second to last paragraph will be replaced with “to have the lender pay our broker fees.”
This change will take effect on April 23, 2012. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
April 20, 2012