For one-time close loans (Construction-to-Perm), some documents in our document library print the total loan term that includes the construction portion, but some only print the permanent phase of the loan term. To provide more consistent documents, we are modifying our standard documents as necessary to print the total loan term including the construction phase for Construction-to-Perm documents. In other words, if the permanent loan term (FI 1977 “Loan Term in Months”) is 354 months, and the construction portion of the loan term (FI 540 Construction Loan Term in Months) is 6 months, then “30 years” will print for the loan term. This will only be done for document locations that call for the total loan term.
To begin with, this change will be implemented for the following documents, with more to be pushed out as the change is completed:
- ARM Disclosure – Investor (Cx13457)
- ARM Disclosure – Lender (Cx14089)
- Closing Instructions (Cx19350)
- Closing Instructions 01-01-10 (Cx14225)
- HUD/VA Addendum to Uniform Residential Loan Application (Cx20336)
- 1008 Uniform Underwriting and Transmittal Summary – 12/2018 (Cx22822)
- Pre-Application Estimate (Cx19571)
- VA Loan Analysis (Cx5533)
- FHA Loan Underwriting and Transmittal Summary (Cx13513)
- TX Plain Language 2nd Home Improvement Note (Cx19174)
- TX Commitment Agreement (Cx19608)
The change for these enumerated documents will be in effect on October 2, 2021, with others to follow as they are completed. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
DRs 353978, 354542, and 354543