Pursuant to DocuTech’s annual state-specific disclosure audit, the following changes will be made to various Ohio-specific disclosures:
1. OH Homebuyers’ Protection Act (Cx11195). This disclosure is required by Ohio Rev. Code Ann. §1345.05(A)(4) & (G) and Ohio Admin Code §109:4-3-29 and must be given to consumers when they apply for a mortgage loan. The official version of this disclosure is published by the Office of the Ohio Attorney General on its website (http://www.ohioattorneygeneral.gov/services/business/required-mortgage-loan-disclosures%20), of which Cx11195 is a duplicate.
Cx11195 will be updated to match the latest revision of the official form.
2. OH Escrow Account Disclosure (Cx11197). This disclosure is required by Ohio Rev. Code Ann. §1321.592(A) to be given to a borrower not earlier than three business days before closing (but no later than 24 hours before closing) in connection with a non-brokered loan secured by a lien on real property. A model version of this disclosure is published by the Ohio Department of Commerce on its website (http://www.com.ohio.gov/fiin/forms.aspx; Notice of Escrow of Taxes/Insurance and Regular Monthly Payment), of which Cx11197 is a duplicate.
Cx11197 will be updated to match the latest revision of the model form. In addition, it will be configured to print in all Initial Disclosure packages for loans secured by property located in Ohio, if such loans are not brokered (there is a similar disclosure, Cx11205, which is provided for brokered loans, pursuant to Ibid. §1322.063).
3. OH Acknowledgement of Receipt of Home Mortgage Loan Informational Document (Cx12447). This disclosure is required by Ohio Rev. Code Ann. §1345.05(G) and Ohio Admin. Code §109:4-3-29 under the same circumstances as Cx11195 and an official version is also provided in Ibid. 109:4-3-29, App. and published by the Office of the Ohio Attorney General on its website (see link above). Cx12447 is a duplicate of this official form and will be updated to match the latest revisions.
4. OH Mortgage Loan Origination Disclosure (Cx3472). This disclosure currently combines the infamous “MLODS” document required by Ohio Rev. Code Ann. §1322.062(A) and Ohio Admin. Code §1301:8-7-15(A) with the loan-to-value (LTV) notice required by Supra §§1321.592(B) & 1322.062(A)(1)(j). An official and model version of these forms (respectively) are published by the Ohio Department of Commerce on its website (see link above; the documents are entitled “MLODS” and “High Loan to Value”), which Cx3472 duplicates. There are two versions of the High LTV notice, one which is given in connection with primary-lien loans and the other for junior-lien loans.
Updates will be made to Cx3472 so that it matches the latest revisions of the MLODS form. The High LTV notice, however, will be “split out” into its own document, as described in Item #5.
5. OH High Loan To Value Disclosure (Cx11198). As mentioned in Item #4, this disclosure is required under Ohio law to be given in connection with a loan, the principal amount of which exceeds 90% of the value of the home being secured thereby. After the effective date of these edits, this document will comprise both model form versions published on the Ohio Department of Commerce’s website, with one copy printing if the loan is a primary-lien and the other when the loan is a junior-lien, if the LTV of the loan exceeds 90%.
6. OH Notice of Change in Mortgage Terms (Cx12463). This disclosure is required under Ohio Rev. Code Ann. §§1322.062(B) & 1322.064 to be given to a borrower when there is a material change in their loan’s terms. Similar to the other listed disclosures, two model forms are published by the Ohio Department of Commerce on its website (see link above; the document is entitled “Notice of Change in Mortgage Terms”), one for brokered loans and one for non-brokered loans.
Cx12463 will be updated to match the latest revisions to these forms. In addition, the appropriate version of these forms will dynamically print depending on whether a client is acting as a lender or a broker in connection with the loan.
These changes will take effect on August 2, 2012. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
July 26, 2012
DR 121096, 115702, 115701