In their “Daily Digest Bulletin” dated July 10, 2018 the California Department of Business Oversight announced the following:
“The DBO has posted to its website translated mortgage disclosure forms in Spanish, Chinese, Tagalog, Vietnamese, and Korean. These forms can be used by a financial organization that negotiates primarily in any of the above languages the [sic] modification of any of the terms of a loan or extension of credit secured by residential real property.
The forms are available for download at DBO’s Master Forms page under Form # DBO-CRMLA 8019. The forms available are the CFPB Closing Disclosure Form, Fannie Mae Loan Modification Form (for fixed and variable rates), and the Fannie Mae Mortgage Modification, Re-amortization or Extension Form.
Pending legislation, SB 1201 by Senator Hannah-Beth Jackson, would require a supervised financial organization that negotiates the modification of a residential mortgage loan primarily in one of the above languages to give the borrower a written disclosure of the modified terms of the loan in the same language as the negotiation.”
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).