New Hampshire recently made a substantial amendment to its Consumer Credit Law in H.B. 594-FN (N.H. 2013). This change affects when the GFE, in its entirety, must be completed. Previously, New Hampshire required the GFE tradeoff table (page three of the GFE) to be completed “where a yield spread premium is to be paid in connection with a mortgage transaction.” With the amendment, a completed tradeoff table will now be required “when the originating company is not funding the loan.” N.H. Rev. Stat. Ann. § 397-A:15, IX(a) (2013).
To ensure compliance, DocuTech Corporation has changed the conditions under which a warning will be displayed. This will notify clients of the need to complete, per New Hampshire law, the GFE tradeoff table. For all Initial Packages printing a GFE, if the lender is acting as a broker, and the relevant GFE tradeoff fields are not filled in, the warning will trigger as follows:
“New Hampshire Rev. Stat. Ann. §397-A:15(IX) requires the Tradeoff Table on page three of the Good Faith Estimate to be filled out. Please enter any of the following fields that are currently empty: “Interest Rate with Lower Settlement Charges”, “Interest Rate with Lower Interest Rate”, “Estimated Settlement Charges with Lower Settlement Charges”, and “Estimated Settlement Charges with Lower Interest Rate”.”
This change will take effect on September 22, 2013. If you have any questions or concerns about this change please contact Client Support at 1.800.497.3584.
September 5, 2013