Compliance News Alert: Nebraska Net Tangible Benefits Disclosure
Dec 29, 2020
On December 22, 2020, HUD announced the publication of a revised Form HUD-92900-A, HUD Addendum to Uniform Residential Loan Application in Mortgagee Letter 2020-49. The letter also announces the renewal of the following FHA Insured Mortgage Application Forms with new application dates where applicable:
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- HUD-92900-B, Important Notice to Homebuyers;
- HUD-92900-LT, FHA Loan Underwriting and Transmittal Summary;
- HUD-92561, Borrower’s Contract with Respect to Hotel and Transient Use of Property;
- HUD-92544, Warranty of Completion of Construction
- Model Notice for Informed Consumer Choice Disclosure;
- Model Pre-Insurance Review/Checklist;
- Settlement Certification (previously known as Addendum to HUD-1)
Mortgagees may use the revised and renewed forms immediately and must use them for case numbers assigned on or after March 22, 2021.
Mortgagee Letter 2020-49 may be reviewed at the link below for more detail:
https://www.hud.gov/sites/dfiles/OCHCO/documents/2020-49hsgml.pdf
We are currently reviewing this announcement to determine the best way to implement these changes to our document library and/or systems. Our implementation plan will be announced on our website.
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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.