Document Update: MT Acknowledgment that Real Property is Not Exempt From Execution (Cx1412)
May 16, 2022
For a purchase transaction that involves both a first lien loan and a simultaneous subordinate lien loan; purchase-related amounts such as Sale Price of Property, Sale Price of Any Personal Property Included in Sale, and Deposit are only reflected in the first lien Cash to Close amounts disclosed on the Loan Estimate and Closing Disclosure. Several standard value mappings are in place to support this TRID 2.0 change (effective October 10, 2017, mandatory October 1, 2018). Since all TRID loans must now follow the TRID 2.0 requirements, the TRID 2.0 conditions have been removed from several global standard value mappings.
The TRID 2.0 (Field 118689) set to “Yes” condition has been removed from the global standard field value mappings on the following three fields:
- Section K Amount 1 (Sale Price of Property) (Field 93360) to remove any value
- Section M Amount 1 (Sale Price of Property) (Field 95581) to remove any value
- Section K Amount 2 (Sale Price of Any Personal Property Included in Sale) (Field 93363) to remove any value
These mappings will be applied to empty out these fields whenever Loan is a Simultaneous Second/Subordinate Lien (Field 29952) is set to “Yes”. The TRID 2.0 indicator will no longer be considered.
The TRID 2.0 not set to “Yes” condition has been removed from the global standard value field mappings on the following four fields:
- Section K Amount 2 (Sale Price of Any Personal Property Included in Sale) (Field 93363) to set it to 102: Personal Property Amount (Field 889) [This mapping on Section K Amount 2 will continue to only be applied when Section K Amount 2 (Sale Price of Any Personal Property Included in Sale) is empty.]
- Section L Amount 1 (Deposit) (Field 95514) to set it to 201: Earnest money deposited (Field 928)
- Section K Amount 1 (Sale Price of Property) (Field 93360) to set it to Sales Price (Field 1790)
- Section M Amount 1 (Sale Price of Property) (Field 95581) to set it to Sales Price (Field 1790)
These mappings will be applied whenever Loan is a Simultaneous Second/Subordinate Lien is not set to “Yes”. The TRID 2.0 indicator will no longer be considered.
These changes are currently available for testing on ConformX Stage 1 and Stage 2 and will take effect on Production servers on May 21, 2022. Please note these global mapping updates will not modify mappings in place for specific clients or Loan Origination Systems. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
T3S-180
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.