Document Updates: “Non-Permanent Resident Alien” Selection on 1003 Uniform Residential Loan Application 1/2021 (Cx20667 and Cx20668)
Jul 12, 2024
According to Ga. Comp. R. & Regs. 80-11-1-.01(3) & (6), all disclosures required by federal law for Home Equity Lines of Credit (HELOCs) must be acknowledged in writing by the applicant, with one copy of that acknowledgment kept by the mortgage loan originator, and another copy of that acknowledgment given to the applicant.
As such, when Field 28859 – Heloc = Yes, the following language will now print in Cx19978:
- An “Important Terms of Our Home Equity Line of Credit” which outlines the terms of your loan, pursuant to Ga. Comp. R. & Regs. 80-11-1-.01(3).
This change is available for testing on Stage & Stage 2 servers and will take effect on July 19, 2024. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
LEG-2208
DR-151512
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.
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.