Virginia legislature has recently enacted H.B. No. 123, which amends VA. ST. § 6.2-406 by removing the requirement for the lender to provide a written statement that “all the loan terms not legally locked in are subject to change until settlement, which shall be initialed by the loan applicant and lend or broker.” All the other requirements under VA St § 6.2-406 are still in force.
Consequently, Docutech is amending the VA Notification to Mortgage Loan Applicants (Cx5111) to remove the language: “BY INITIALING BELOW, EACH APPLICANT AND LENDER AGREE THAT ALL LOAN TERMS NOT LEGALLY LOCKED IN ARE SUBJECT TO CHANGE UNTIL SETTLEMENT.” BY INITIALING BELOW, EACH APPLICANT AND LENDER AGREE THAT ALL LOAN TERMS NOT LEGALLY LOCKED IN ARE SUBJECT TO CHANGE UNTIL SETTLEMENT.” In addition, the initial lines for the applicant(s) and lender/broker representative are being removed.
These changes will be in effect on July 1, 2016. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
DR 201563