This document is practically required under Tex. Const. art. 16, § 50(g), with additional guidance concerning it set forth in 7 Tex. Admin. Code § 153.51, to be given at least twelve days before a cash-out refinance loan (aka “Texas 50[a]” lien) is closed. The document gives a basic overview of the provisions and restrictions on these types of loans, as set forth in Subsection (a)(6).
Currently, Cx4549 contains a signature line for a lender’s representative to sign, which is not required by Texas law. Upon further review and pursuant to our policy of only including lender signature lines where necessitated by statute, regulation, or investor requirements, we will be removing such signature line from Cx4549. Clients who wish to preserve the lender representative signature may request to have it added back in as a custom change.
This change will take effect on June 18, 2013. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
June 11, 2013