Earlier this year, we announced revisions to Cx2778 when it is used for loans secured by property in either Colorado or Idaho. We are now making additional revisions to the Georgia-, Maryland-, Mississippi-, and North Carolina-versions of these forms.
Most of these changes consist of replacing references of “the lender” to an undefined person, since the anti-coercion provisions of Ga. Code Ann. § 33-6-4(b)(11), Md. Code Ann., Ins. § 27-214(a), Miss. Code Ann. § 83-5-35(h), and N.C. Gen. Stat. §§ 75-17 & 75-18 apply to more persons than just the lender. Thus, these documents will basically disclose that no person may require the borrower to obtain insurance from a particular insurer, rather than just referencing the lender.
These changes will take effect on April 13, 2021. Questions or concerns about these changes may be directed to Client Support at 1.800.497.3584.