Cx18566 is Docutech’s Closing Disclosure given pursuant to 12 CFR § 1026.38. With the regulation now in effect, document changes and enhancements that impact all clients should be announced prior to implementation. The purpose of this Announcement is to serve as a recurring bulletin, listing out the changes being made to the Closing Disclosure, and when such edits are expected to be completed.
October 16, 2015
DR 185359 – The “Calculating Cash to Close table on the Closing Disclosure has a subheading column labeled “Did this change?” per the requirements in § 1026.38(i). If the amounts in both the Loan Estimate and Final columns are the same, then a statement of that fact must be given, per § 1026.38(i)(1)(iii)(B), et al. Currently we comply with this requirement by printing a statement “These amounts are equal” after the “NO”. After further review, we will be removing this statement and relying on the “NO” to satisfy the statement of fact that the amounts did not change.
DR 185143 – 12 CFR § 1026.38(l)(7)(i)(B) requires, as part of the Escrow Account disclosure, “A statement of whether the consumer will not have an escrow account, the reason why an escrow account will not be established…” The two reasons an escrow account may not be established are because either the borrower declines it, or the creditor does not offer one. Currently we are using a combination of fields to check each box. Going forward we will use global mappings on new field 101187 “Escrow Absence Reason Type” to check these boxes. This enhancement will allow clients to directly send the appropriate reason to check the corresponding box.
These changes will be in production on October 20, 2015. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
November 6, 2015
DR 186418 – A thorough review has been done to the Integrated Disclosures to determine where the documents should be disclosing $0 instead of remaining blank. This review has resulted in a few minor changes to more closely align with the applicable regulations.
DR 186473 – In addition, we have made a slight modification to the format of a few locations on the Integrated Disclosures to disclose negative dollar amounts more consistently by ensuring that the negative sign is prior to the dollar sign.
DR 186289 – Paid Outside of Closing support has been added to the Summaries of Transactions section of the Closing Disclosure. If the corresponding POC indicator for the line is set to Yes, the description will print for that line even if there is no dollar amount entered. If necessary, functionality is available for Loan Origination Systems to send the pieces for the P.O.C. line separately instead of importing all of the P.O.C. components in one field.
These changes will be made available immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.