Global mappings on Docutech’s field “State Funding Type” (Field 23043) is used within ConformX to determine whether a state is a “wet” or “dry” funding state. Essentially, a “wet” funding state is one that allows a loan to be funded on the same day the closing documents are signed, while a “dry” funding state requires that the signing of the closing documents and subsequent funds disbursement not occur on the same day. In ConformX, the “State Funding Type” field sets the “date of the transaction” as a blank line for “dry” states on the Right to Cancel forms, since the date of the transaction won’t be the Closing Date.
Due to recent legal research, we will be changing the funding status for Alaska and Hawaii as follows:
Alaska: Statute 34.80.040(b) prohibits escrow money from being disbursed on the same business day as funds that are required to be deposited in an escrow account, unless made in cash, by EFT, or in a form that permits conversion of the deposit to cash on the same day the deposit is made. Consequently, we will be changing this from a “wet” to a “dry” funding state.
Hawaii : The state does not specifically require “wet” or “dry” settlements. As such, to be conservative, we will change the global mapping to set Hawaii to a “dry” funding state.
This global mapping change will be in effect on June 30, 2018. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
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