To accommodate Texas Home Equity Line of Credit (HELOC) lending for second homes and investment properties, Docutech has included dynamic non-50(a)(6) language in Cx21376 “HELOC Deed of Trust – TX” and in the Texas version of Cx21652 “HELOC Agreement” when:
Field 29932 – “Is this a Texas Home Equity Section 50(a)(6) loan?”= No
The main changes are:
- Section 50(a)(6) and Section 50(t), Article XVI of the Texas Constitution references will NOT print;
- Instances of “homestead” have been substituted with “property”;
- Fair market value language will NOT print;
- Ownership references to § 153.1(14) of Title 7, Part 8, Chapter 153 of the Texas Administrative Code will NOT print;
- Owner’s spouse language will NOT print;
- Execution location language will NOT print; and
- Rescission language will NOT print.
These changes are available for testing on Stage & Stage 2 servers and will take effect on April 25, 2025. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
LEG-2835
DR-180201
Update:
Additional changes are:
- $4,000.00 minimum draw language will NOT print;
- Non-Recourse Liability language will NOT print;
- Assignment of Wages language will NOT print;
- Acknowledgment of Waiver by Beneficiary of Additional Collateral language will NOT print; and
- Non-Homestead Property language WILL print for all clients, regardless of customizations, for TX non-50(a)(6) loans, based on the description under the checkbox for “Acknowledgment of Cash Advanced Against Non-Homestead Property” found in Fannie Mae Model Form 3044.
These changes are available for testing on Stage & Stage 2 servers and will take effect on May 15, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
COM-6066
DR-182094
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.