Investors are beginning to only accept the version of the homeownership counseling disclosure (Cx17874) with the actual list of ten homeownership counseling organizations located closest to the applicant instead of the interim notice, which only provides a website where the borrower may obtain the list themselves.
These investors have communicated the following dates after which they will no longer accept the interim version of the notice:
- Franklin American – Applications dated on or after July 1, 2014.
- US Bank – Applications dated on or after July 10, 2014.
- Wells Fargo – Applications dated on or after September 1, 2014.
ConformX can generate homeownership counseling organization information for clients with an LOS that does not send this data. If 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”:
“One or more Homeownership Counseling Organizations are empty. To populate this data from ConformX, please contact Client Support at 1.800.497.3584. A list can also be generated by entering the applicant’s zip code at: http://www.consumerfinance.gov/find-a-housing-counselor/”
This change will take effect on July 1, 2014. If you have any questions or concerns about this change please contact Client Support at 1.800.497.3584.
June 25, 2014