ConformX DC Mortgage Disclosure Form (Cx13354) is being provided in DC Initial Disclosure packages for ARM loans with a loan term of 30 years, as required by D.C. Code Ann. § 26-1113(a-1). Although the text of the form does not intuitively apply to HELOCs, open-ended loans are not specifically exempted from the definition of non-conventional mortgage loans under this regulation.
These sections of Cx13354 have been modified for HELOCs to populate as follows:
- “Your beginning interest rate is________%”
- Discounted APR at Opening (Field 792) if the field has a value, otherwise
- APR (Field 806)
- “This rate is good for________ months.”
- ARM Fixed Period (Field 18204) if the field has a value, otherwise
- Print the value “1”
- “This rate and your payment can increase, starting on ________and may continue to increase, depending on the terms of your mortgage.”
- First Rate Change Date (Field 15) if the field has a value, otherwise
- Closing Date Plus 1 Day (Field 134794)
- “Beginning on ________, you will be charged at the fully indexed rate…”
- Discounted APR Effective Through (date) (Field 791) if the field has a value, otherwise
- First Rate Change Date if the field has a value, otherwise
- Closing Date Plus 1 Day
- “…your monthly payment at the fully indexed rate would be $________.”
- HELOC Full Draw IO Payment Based on Undiscounted APR (Field 134797)
- “At that [maximum possible interest] rate, your monthly payment would be $________.”
- HELOC Full Draw Repayment Payment Based on Maximum APR (Field 134800)
- “$________/month = Your principal + beginning interest + property tax and insurance.”
- Home Equity Payment Amount Plus Proposed Costs (Field 134802) if Initial Advance (Field 6573) and Initial APR (Field 798) have a value, otherwise
- HELOC Full Draw IO Payment Discounted APR Plus Proposed Costs (Field 134798) if Discounted APR at Opening has a value, otherwise
- HELOC Full Draw IO Payment Undiscounted APR Plus Proposed Costs (Field 134799)
- “$________/month = Your principal + estimated fully indexed interest (i.e., what you pay after the beginning rate ends) + property tax and insurance.”
- HELOC Full Draw IO Payment Undiscounted APR Plus Proposed Costs
- “$________/month = Your principal + maximum possible interest + property tax and insurance.
- HELOC Full Draw Repayment Payment Max APR Plus Proposed Costs (Field 134801)
The new fields added to Cx13345 for HELOCs are calculated using existing data points. These document changes will be in effect on August 15, 2019. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
DR 296766
TW 268445