Cx7276 is required to be given by lenders to mortgage loan applicants, pursuant to the Consumer Mortgage Protection Act (specifically Mich. Comp. Laws Ann. § 445.1637), which consists of a list of Department of Housing and Urban Development (HUD) approved housing counselors, as published on their website (http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?&webListAction=search&searchstate=MI).
We have had this document set to appear in the “Documents” screen in ConformX, but not automatically checked for inclusion in an Initial Disclosure package. In order to have it appear in such package, ConformX users have had to manually select it.
The document was set up this way due to the fact that it is a fairly large document (approximately five pages) and it has been common practice for our clients to print this list directly from HUD’s website, though we provided it as an option for those who preferred to generate the list through the ConformX system.
Due to demand, we will be changing this document’s settings so it is automatically selected for inclusion in Initial Disclosure packages for Michigan mortgage loans. It will print by default and the user will no longer have to manually select it.
Despite its common connotation, “mortgage loan” under the Consumer Mortgage Protection Act does not include purchase loans, reverse-mortgage transactions, open-end credit plans, or non-consumer loans (see Ibid. § 445.1632[d]). We will also be updating the print conditions for Cx7276 so that it will only print for non-purchase, non-HELOC loans that are secured by owner-occupied properties.
These changes will take effect on May 11, 2013. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
May 7, 2013