New “State” Disclosure Matrix (3rd Generation)

Docutech is pleased to announce the publication of a draft of its new 3^rd generation State Disclosure Matrix (now entitled “Disclosure” Matrix). Improvements over the previous 2^nd generation State Disclosure Matrix are as follows:

• The Disclosure Matrix is now in Excel format, rather than PDF, which will allow users to filter and sort columns to more readily find or organize relevant information.

• Several new columns have been added:

• • A “Document Type” column, with content which arbitrarily labels documents based on their purpose and function. This will allow users to quickly identify certain categories of documents by using Excel’s filter function (e.g., users who wish to make a list of lock-in agreements can select only “Rate Lock Agreement” in the filter and the result will be a list of our standard State-level lock-in agreements).

• • New “Exempt” columns, which list which licensee, loan, and property types are exempt from each disclosure requirement. Corresponding with these columns is a new “State Disclosures – Exemptions” sheet which contains longer lists of exemptions which do not fit into Excel cells.

• • New “Signature” columns, which incorporate most of the information currently displayed in our Signature Matrix.

• • A new “Special Print Conditions” column, which lists special print conditions for certain documents (g., printing documents on red or gold paper, including return envelopes if the document is mailed to a borrower, etc.).

• The licensee, loan, and property types that a disclosure should be provided for have been “split-out” from single cells into multiple cells, allowing such listings to correspond directly with specific legal requirements.

For example, on the 2^nd Generation Matrix, three license types, five loan types, and three property types are listed for Cx12922 (“CA Mortgage Loan Disclosure Statement/Good Faith Estimate), along with seven regulations. It is not clear, from the format, which types correspond with which of these regulations. Under the new Disclosure Matrix, each of these seven regulations are listed in separate rows, allowing each type to correspond with the appropriate regulation.

Please note that this new Disclosure Matrix is currently in draft form and is a work in progress. We are still incorporating information into it and are still working on its format. One of the drawbacks in changing the format from PDF into Excel and having all information categorized with specific regulations is that multiple entries had to be made for some documents. For example, because there are seven different regulations for Cx12922, seven different entries appear for Cx12922 in the Disclosure Matrix. Users must remain cognizant of the fact that each disclosure may have more than one entry and should review all of a disclosure’s entries when conducting research. 

The following table provides a summary of each column and the information found therein:

This document is now available on our Matrix webpage as the new Disclosure Matrix.