Following a standard review, Docutech is making a change to our Virginia Mortgage Loan Commitment Agreement (Cx14686). Currently, the Private Mortgage Insurance line in section 8 reads:
- 8. Private Mortgage Insurance [ ] is required [x] is not required, provided the appraised value of the property results in a Loan to Value of 80% or less.
Since only conventional loan types require private mortgage insurance, Cx14686 is being modified so that when the Loan Base Type is sent as either FHA, VA, or RD, the qualifying statement under section 8, “provided the appraised value of the property results in a Loan to Value of 80% or less”, will be deleted. The resulting section will appear as follows:
- 8. Private Mortgage Insurance [ ] is required [x] is not required.
When the Loan Base Type is sent as Conventional, the LTV logic already associated with the document will populate the appropriate box.
This document change will take effect on December 7, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.