2012 Hawaii Laws Act 182 (H.B. 1875) recently amended Haw. Rev. Stat. § 667-41 (West 2012), which now requires that a “public information notice,” which explains the judicial and nonjudicial processes and procedures for foreclosing upon a mortgage, be provided to “the public, upon request, and to any applicant submitting a loan application where residential property is required to be used to secure the loan.” The notice must be provided to all loan applicants and owners of the property (if such owners are different from the applicants) within three business days after submitting a loan application. The content of the notice is prescribed by this section of law.
DocuTech will be providing this notice in all Initial Disclosure packages for all mortgage loans secured by property located in Hawaii, regardless of whether a client is acting as a broker or as a lender in connection with the loan. In addition to the actual text of the prescribed notice, there will also be an acknowledgment section, with signature lines not only for all borrowers, but also for all non-purchasing entities (“NPEs”), since most NPEs are spouses who may have a vested ownership interest in the subject property.
This document will begin printing in packages on November 1, 2012. If you have any questions or concerns about this new document, please contact Client Support at 1.800.497.3584.
October 31, 2012