Per Minn. Stat. Ann. § 47.206(2):
“A lender offering borrowers the opportunity to enter into an agreement in advance of closing shall disclose, in writing, to the borrowers at the time the offer is made: . . .the steps required to process, approve, and close the loan, including the actions required of the borrower and lender . . .”
Previously, Cx18228 contained fields for “Processing” and “Approval”. With this update, Cx18288 will now contain a field for “Closing” as well, Field 49783 “Conditions Required Prior to Closing,” that can be used if necessary.
This document change will be in effect on October 4, 2018. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.