Pursuant to a review by our Legal team, Docutech is updating the print configuration of the North Carolina Notice of Information, (our Cx1271). Currently, Cx1271 prints only in the Initial Disclosure package, however, we are modifying the print configuration for Cx1271 to now print in both the Initial Disclosure and Closing packages.
Per N. C. Gen. Stat. § 24-1.1A(a1)(1), the Notice of Information is required to be disclosed for home loans (other than open-end credit) for loan amounts less than $300,000. The timing requirement for this notice is within three business days after the lender receives the consumer’s loan application or the date of loan closing, whichever is earlier.
In the event that a loan amount is disclosed in the Loan Estimate as $300,000 or greater, but the loan amount is subsequently reduced and is disclosed in the Closing Disclosure as less than $300,000, Cx1271 will now print in Closing packages to be compliant with N. C. Gen. Stat. § 24-1.1A(a1)(1).
This change change will be in effect on June 26, 2018. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.