Document Updates: “Non-Permanent Resident Alien” Selection on 1003 Uniform Residential Loan Application 1/2021 (Cx20667 and Cx20668)
Nov 8, 2024
The DE Second Mortgage (Cx475) and the LA Second Mortgage (Cx485) both allow the lender to disclose attorney fees as a percentage of the principal and interest. See 5 Del. C. § 2223 & La. R.S. § 6:1097. The amount of the percentage is determined by the lender, however there are occasions when the lender does not send the percentage value from the LOS. In these circumstances it is unclear whether the document should populate the attorney fees percentage as “0” or “N/A” in Section 17.
Our research found that FNMA and FHLMC, as well as the relevant statutes in Delaware and Louisiana do not provide guidance on how Section 17 of the mortgage should be completed if the lender does not indicate a percentage for attorney fees. To accurately reflect the data submitted to the system, and to ensure consistency across our forms, we have decided to print “N/A” in the attorney fees space if no information is provided.
These changes are available for testing on Stage & Stage 2 servers and will take effect on November 15, 2024. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR-162363
COM-5386
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.