Pursuant to a disclosure review, we will be making three changes to our California Loan Commitment (Cx16083) to bring it more in line with the other Loan Commitment disclosures in our document library. First, the Loan Terms section of Cx16083 will be expanded to include: 1) an indication of whether the loan is a fixed rate or adjustable rate loan; 2) the initial monthly amount owed for principal, interest, and any mortgage insurance; 3) an indication of whether the rate is subject to increase before the loan closes; 4) a disclosure of the maximum prepayment penalty, if a prepayment penalty exists; 5) a disclosure of the balloon payment if a balloon payment exists; and 6) an optional field (Field Index 40188) to disclose any special terms that may apply. Second, the Estimated Payment Amount table is being removed, since it is not required. Third, the format of the citation will be modified to conform the citation to Blue Book standards.
These changes will be in effect on February 24, 2016. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 193156