06.03.15   •   Document Updates

Print Configuration Changes: Maryland Department of Labor, Licensing, and Regulation Disclosure (Cx13900, Cx139001, and Cx13902)

The Maryland Department of Labor, Licensing, Regulation Disclosure is required to be provided pursuant to Md. Regs. Code. 09.03.10.03(C) as follows:

“C. Timing.
(1) A regulated person shall deliver to a borrower the disclosures required by this regulation within 10 business days after the application for the mortgage loan is completed, and not less than 72 hours before the time of settlement agreed to by the parties.
(2) An application for a mortgage loan is completed at the time of initial application.
(3) If any change to the terms of a mortgage loan requires additional or modified disclosures pursuant to this regulation, the regulated person shall deliver to the borrower a final set of disclosures at least 72 hours before the time of settlement agreed to by the parties.”

We previously interpreted this code to mean that the Maryland DLLR Disclosures were to be provided both 10 days after application and again 72 hours before settlement. Upon further review of the provision set forth in (C)(3), we now take the position that the disclosures should be provided within 10 days of application and again 72 hours before settlement ONLY if there are modifications to the loan terms that would prompt a redisclosure.

Due to this interpretation we will be modifying the print configuration on this doc from printing in Initials and Closing packages to printing in Initials and Redisclosure packages.

These changes will take effect on June 10, 2015. If you have any questions or concerns about these changes please contact Client Support at 1.800.497.3584.

 

June 3, 2015
DR 171219