After a recent review of our document library, we will be making configuration changes to Cx1023 to better align with the statutes listed below:
Wisconsin statute 138.052(5m)(b)1 provides that:
“if an escrow is required to assure the payment of property taxes, a bank, credit union, savings bank, savings and loan association or mortgage banker which originates a loan on or after July 1, 1988, shall, before the loan closing, provide the borrower with a written notice clearly stating that the borrower may require the escrow agent to make payments in any manner specified in subd. 3. from the amount escrowed to pay property taxes and the responsibilities of the borrower and escrow agent as provided in subds. 4. and 5.”
Section (8) lists several exceptions to the disclosure requirement, namely FHA, VA, and USDA loans. The language of the statute reads:
“This section does not apply to a loan insured, or committed to be insured, or secured by mortgage or trust deed insured by the U.S. secretary of housing and urban development, insured, guaranteed or committed to be insured or guaranteed under 38 USC 3701 to 3727 or insured or committed to be insured under 7 USC 1921 to 1995.”
As a result, we have updated our generic configuration for Cx1023 to not print when the loan type is FHA, VA, or USDA.
This change will be in effect on February 2, 2018. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.