DocuTech has been providing Cx1002, 3467, and 3481 in either Initial or Closing Disclosure packages generically, due to the requirements of Utah Code Ann. §7-17-4, in which a notice is required to be given by a lender to the borrower(s) of a loan, if the lender does not require the establishment and maintenance of a reserve account for the payment of insurance premiums, taxes, or other charges. The notice was intended to inform the borrower that they have the option of managing the payment of these items themselves or to have them paid through a reserve account serviced by the lender.
However, due to a recent audit of Utah’s state-specific disclosures, DocuTech has determined that these notices are no longer required due to the provisions of Utah Code Ann. §7-17-4(4). Beginning on the date set forth below, Cx1002, 3467, and 3481 will no longer print generically in either Initial or Closing Document packages. They will still be available, upon request, for any clients who would like to continue using them for their own business practices.
The removal of these documents from standard document packages will take effect on March 1, 2013. If you have any questions or concerns about this update or would like to continue using any of these notices, please contact Client Support at 1.800.497.3584.
February 20, 2013