The following changes will be made to DocuTech’s CA Rate Lock Agreement, which is provided pursuant to Cal. Fin. Code §50203(a)(3)(A) & (B):
1. The Agreement currently only prints when a client has set the “California License Type” field to “CA Residential Mortgage Lending Act” in ConformX, since it is only required to be provided by CRMLA licensees. To be conservative and ensure that all licensees are providing this document, it will also print when the “California License Type” field is not set to any licensing type.
2. A new clause disclosing the term of the loan will be added between the “Loan Amount” and “Loan Program” clauses.
3. A new phrase will be added to the second sentence in the first paragraph, so that this entire sentence shall state the following: “In consideration for this interest rate lock, you agree to pay a rate-lock fee, due and payable upon your signing this Agreement.”
4. A new phrase will be added to the first sentence in the “Refund of Lock-in Fee” section, so that this sentence will now state the following: “Your lock-in fee [checkbox] is [checkbox] is not refundable, unless applicable law provides otherwise.”
These changes will take effect on June 2, 2012. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
May 25, 2012