Pursuant to our yearly audit of state-specific disclosures, the following print conditions will be added/modified for the following documents:
- CT High Cost Home Loan Disclosure (Cx13002) and CT Nonprime Home Loan Disclosure (Cx14773)
- Occupancy = PrimaryResidence
- CT Private Mortgage Insurance Disclosure (Cx1029)
- Lien Position = First Lien
- Occupancy = Primary Residence
We will also configure our “CT Higher Interest Rate In Lieu of PMI Disclosure” (Cx14798) document to print as a standard disclosure. This document is provided pursuant to Conn. Gen. Stat. Ann. § 36a-726(b), which requires the following:
“Any mortgage lender who does not require mortgage insurance but does charge a higher interest rate for first mortgage loans in excess of an eighty per cent loan-to-value ratio shall disclose this fact to the applicant in writing at the time the first mortgage loan application is filed.”
Traditionally, we have provided this document “upon request” since the vast majority of loans which go through our system require mortgage insurance – and those which don’t have a loan-to-value ratio of 80% or less. However, we have received verbal confirmation from a representative from the Connecticut Division of Financial Institutions that this document must be provided in cases where the lender is paying for mortgage insurance, thus this document will need to be provided as a standard disclosure for such loans.
We will be configuring this document to print under the following conditions:
- Base Type = Conventional
- Document Package Type = Initial Disclosure
- Lender Paid Mortgage Insurance = Yes
- Lien Position = First Lien
- Monthly Mortgage Insurance = Allow Any
- Occupancy = Primary Residence
- State Code = Connecticut
These changes will take effect on November 21, 2015. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 155182