Under Me. Rev. Stat. Ann. tit. 33, §507, if a processor or underwriter of a loan “engages in the business of private mortgage insurance,” a supervised lender or a loan broker is required to disclose to a loan applicant this fact.
DocuTech has created a new “Maine Private Mortgage Insurance Disclosure” (Cx16590) for clients to comply with this requirement, if it is applicable to their business. Due to the specialized nature of the requirement, this document will not print generically, but is available upon a client’s request. If requested, the document will print in initial disclosure packages and for circumstances in which a client is acting either as a broker or a lender.
This document is now available. If you have any questions or concerns about these changes, or would like to have this Disclosure added, please contact Client Support at 1.800.497.3584.
October 25, 2012