12 CFR § 1024.20 requires the lender or mortgage broker to provide the loan applicant a list of homeownership counseling organizations located closest to the applicant within three business days after receipt of application. List of Homeownership Counseling Organizations (Cx17874) was created in ConformX to fill this requirement.
In order to help clients document the particular zip code used to produce the list of homeownership organizations as well as the date the information was last updated, two phrases will be added to the List of Homeownership Counseling Organizations:
1) “10 LOCATIONS CLOSEST TO ZIP CODE [Zip Code to Generate Homeownership Counseling List (Field 74201)]” will print above the list of counseling agencies if the zip code is entered.
2) “LIST UPDATED [Date Homeownership Counseling List Pulled from HUD (Field 74107)]” will print below the list of counseling agencies if the date is entered.
In an effort to support generation of the counseling agency information for clients with an LOS that does not send this data to ConformX, functionality to set the applicable counseling agency information will be available in the 4.5.8 version of ConformX to be released April 11, 2014.
Zip Code to Generate Homeownership Counseling List (Field 74201) will be used by ConformX to determine the 10 closest counseling agencies and set all the applicable counseling agency fields for the loan. If ConformX is used to set the information, and Zip Code to Generate Homeownership Counseling List is empty, but Borrower 1 Present Address: Zip (Field 27241) has a value, Borrower 1 Present Address: Zip will be used by ConformX to set the counseling agency fields and will print on Cx17874 for the new “10 LOCATIONS CLOSEST TO ZIP CODE” phrase noted above.
Once available, Zip Code to Generate Homeownership Counseling List will appear as an optional field prompt in ConformX Initial Disclosure packages if new ConformX System Default Homeownership Counseling Data Source (Field 80017) is set to “ConformX” instead of “Import”, and both Zip Code to Generate Homeownership Counseling List and Borrower 1 Present Address: Zip are empty.
These document changes will take effect on April 5, 2014. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
March 31, 2014
DR 150559
UPDATE:
Previously this announcement made reference to a new data integrity check in ConformX for missing homeownership counseling agency names on US Bank loans effective April 10, 2014. Per US Bank Bulletin 2014-25, the deadline to provide the actual list of homeownership counselors has been extended. They will allow the temporary Homeownership Counseling Disclosure outlined by the CFPB to be provided until further notice.
April 7, 2014