Pursuant to our yearly audit of state-specific disclosures, we will be making the following changes:
Cx12531 – Tangible Net Benefit Worksheet:
For the Ohio version of this document, a “Required Insurance” field has been added with corresponding checkboxes for “Mortgage Insurance”, “Hazard Insurance” and “Credit Insurance”. The “Required Insurance” field was added pursuant to Ohio Admin. Code § 109:4-3-26:
“(A) . . . a supplier shall not knowingly or intentionally engage in the act or practice of ‘flipping’ a residential mortgage loan . . . when the new loan does not have a reasonable, tangible net benefit to the consumer considering all of the circumstances, including the terms of both the new and refinanced loans . . .
(B) The phrase “terms of both the new and refinanced loan” includes, but shall not be limited to . . . any required insurance.”
Also added, under the “Loan Originator to Complete” section, is a benefit checkbox for “Complying with a court order”. This checkbox was included pursuant to Ohio Admin. Code § 109:4-3-26(D):
“(D) The phrase “all of the circumstances” may include . . . the necessity of the consumer to comply with a court order . . .”
Updates to model forms provided by the Ohio Attorney General:
- Cx11267 – OH Closing Disclosure
- Cx12447 – OH Acknowledgment of Receipt of Home Mortgage Loan Informational Document
Updates to model forms provided by the Ohio Department of Commerce:
- Cx12271 – OH Business Relationship Disclosure Notice
- Cx13488 – OH Verification of Prepurchase Counseling and Acknowledgment of Risk Disclosure
Minor textual and formatting changes to the following documents:
- Cx3472 – OH Mortgage Loan Origination Disclosure
- Cx11198 – OH High Loan To Value Disclosure
- Cx11204 – OH Mortgage Loan Origination Disclosure Statement Addendum
- Cx12463 – OH Notice of Change in Mortgage Terms
- Cx13536 – OH Statutory Authority Disclosure
- Cx13537 – OH ARM Disclosure
- Cx13605 – OH Conflict of Interest Disclosure
- Cx13606 – OH Insurance Notice to Applicant
In addition to minor textual changes, Cx13537 OH ARM Disclosure will now print for both first and second liens.
These changes will take effect on December 4, 2015. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
Update: For clarification, note that Cx12531 Tangible Net Benefit Worksheet does not print for Ohio by default. It can, however, be added upon request, so we continue updating the Ohio version as necessary.
More updates to Ohio document configurations are forthcoming.
Update 2: Per the previous update, these are the Ohio configuration changes being made:
Cx12463 – OH Notice of Change in Mortgage Terms
- This document will now print in TILA Redisclosure packages as well as Initials.
Cx12271 – OH Business Relationship Disclosure Notice
- This document will now be generic, and will print for all Ohio Initial packages when Lender is a Broker is set to Yes.
Cx13536 – OH Statutory Authority Disclosure
- We will now be printing this document for all lien positions, instead of only second liens. It will also now print in Initial packages as well as Closings.
Cx16236 – OH Optional Credit Insurance
- Rather than printing for all lien positions, this document will now only print for second liens, and will now print in Closings as well as Initials.
These configuration changes will take effect on December 16, 2015. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.