Document Updates: ARM and Balloon PMI Disclosures (Cx862, Cx4668, Cx14293, and Cx14294)

Jul 17, 2020

Topics: Document Updates

Pursuant to an internal review, Docutech is adjusting the language on our ARM and Balloon PMI disclosures to more closely mirror the language of the Homeowner Protection Act (12 USCA § 4901 et seq.) The disclosures will now include a statement that the “servicer will notify the mortgagor when the cancellation date is reached.”  Accordingly, the above adjustment will be made to the following documents:

    • PMI Disclosure – ARM (Cx862)
    • PMI Disclosure – Balloon (Cx4668)
    • Borrower Paid Single Premium PMI Disclosure – ARM (Cx14293)
    • Borrower Paid Single Premium PMI Disclosure – Balloon (Cx14294)

This change will be in effect on July 23, 2020. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.

DR 323086
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.