Document Updates: Vermont High Rate/High Point Notices (Cx3708) Suspension Lifted

Due to high interest rates, the Vermont Commissioner of Financial Regulation signed an order to suspend the disclosure requirements pursuant to Regulation B-98-2 (Vt. Admin Code 4-2-6) and Vt. Stat. Ann. Tit. 9 §104.  Please see our announcement here.

According to a letter sent out by the Commissioner to all Vermont Licensed Mortgage Lenders, the suspension for the notice requirements for High Rate/High Point loans has been lifted effective January 1, 2024.  The declared rate for 2024 is 8% meaning that borrowers that are being charged an interest rate in excess of 11% will be required to receive this notice again beginning January 1, 2024.

We will be setting Cx3708(VT High Rate/High Point Notices), to print by default when:

            Lien Position = First Lien

            State Code = Vermont

            Document Package = Initial

            HCL – State = True

Any client custom configurations, including “Do No Print” settings, that existed prior to the suspension will be in effect when the document resumes printing in packages.  We are providing a shortened testing period for this change because it is immediately effective, will rarely print, and is a resumption of a prior requirement.

These changes are available for a testing period on Stage & Stage 2 servers and will take effect on Saturday, January 6, 2024. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.

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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.