March 21, 2024, Wisconsin 2023 Senate Bill 773 was enacted. This bill repealed a few provisions relating to mortgage disclosures in the state of Wisconsin.
One law that was repealed was Wis. Stat. Ann. § 138.052(7e). This section of the law previously required certain disclosures when an adverse action was taken by a bank, credit union, savings bank, savings and loan association, or any other lender.
Before, these requirements were fulfilled by Wisconsin’s version of Cx2783 “Advanced Fee/Application Disclosure.” While this disclosure is no longer required by Wis. Stat. Ann. § 138.052(7e), this disclosure is still required under Wis. Admin. Code, DFI-BKG § 43.02(11) & (14). However, these administrative codes do not apply to mortgage bankers or mortgage loan originators. Consequently, Cx2783 has been updated to remove the citation for Wis. Stat. Ann. § 138.052(7e), and it has been reconfigured for mortgage brokers only.
Another law that was repealed was Wis. Stat. Ann. § 138.056(6). This section of the law previously required certain disclosures for variable rate loans regarding the variable interest rate, the approved index, and the notification of any interest rate increase.
Before, these requirements were fulfilled by Cx3951 “Wisconsin Adjustable-Rate Mortgage Information Statement.” Since this disclosure is no longer required by Wis. Stat. Ann. § 138.056(6), we have retired Cx3951.
These changes are available for testing on Stage & Stage 2 servers and will take effect on May 10, 2024. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR-150082
COM-4591