Per US Bank Bulletin 2014-05, starting February 10, 2014, US Bank will only accept the version of the homeownership counseling disclosure (Cx17874) that lists the actual counseling agency information instead of alternate website text. Therefore, if a US Bank program is in use and any of the ten homeownership counseling organization names are not filled in, the following new warning message will fire in ConformX Initial Disclosures if “Application Taken On or After 01/10/2014” is set to “Yes” :
“Starting 02/10/14, US Bank requires Homeownership Counseling Organization information be provided to the borrower, not just the website address where the list can be obtained. One or more counseling organizations are empty. Please provide the list of Homeownership Counseling Organizations to the borrower. You can print the list by entering a zip code at: http://www.consumerfinance.gov/find-a-housing-counselor/”
This change will take effect on February 10, 2014. If you have any questions or concerns about this change please contact Client Support at 1.800.497.3584.
February 5, 2014
Task 88257
FIRST UPDATE:
In Bulletin 2014-013, US Bank agreed to extend the deadline to April 10, 2014. The data integrity check has been modified so it will no longer display until that date. The warning text has also been updated with “04/10/14”.
Per the Bulletin, on or after April 10, 2014, US Bank “will not accept application packages or fund or purchase loans which do not contain a fully compliant RESPA Homeownership Counsel Disclosure including the following:
- Evidence that the disclosure was provided within 3 business days of application.
- Evidence of the date the list of counselors was pulled or refreshed.
- List of 10 Homeownership counseling agencies based on the applicant’s current mailing address or zip code.”
February 10, 2014
SECOND UPDATE:
In Bulletin 2014-25, US Bank extended the deadline indefinitely. They will allow the temporary Homeownership Counseling Disclosure outlined by the CFPB to be provided until further notice. The data integrity check described above has been removed from ConformX.
April 7, 2014