Global standard value field mappings are used within ConformX to set State Funding Type (FI 23043) as either a “Wet” or “Dry” funding state. Essentially, a “Wet” funding state is one that allows a loan to be funded on the same day the closing documents are signed, while a “Dry” funding state requires that the signing of the closing documents and subsequent funds disbursement not occur on the same day. A blank line defaults for the date of the transaction, rescission date, and date notice is received areas on the Right to Cancel forms for “Dry” states since the date of the transaction may be different.
Utah Code Ann. § 31A-23a-406 states that cash may be disbursed on the same day that the cash is deposited. This statue as well as industry standard suggests that Utah can be considered a wet state.
The global standard value mappings on State Funding Type have been modified for the state of Utah. Utah will now be set to “Wet” instead of “Dry”. Note custom standard value mappings for State Funding Type (FI 23043) have not been modified; and the related settings Always Print Dates in RTC Text (FI 42762) and Always Print Date for RTC Received (FI 42763) will continue to be honored.
These changes are available for testing on Stage & Stage 2 servers and will take effect on December 24, 2024. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
COM-5490
T3S-18886