Typically, loan guarantors can be defined as a party to the loan that do not sign the security instrument or the note, but do sign a guaranty agreement indicating that they will be personally liable for repayment of the loan in event of a borrower default….
Kansas has made updates to the Kansas Uniform Consumer Credit Code (UCCC). Among the updates is a new definition for “covered transaction” to include any loan with a loan-to-value ratio of 100% with the exception of any loan guaranteed by a federal government agency….
On December 13, 2024, New York Governor Kathy Hochul signed Assembly Bill A5073A which immediately enacted NY Real Property Law § 283 which contains a new requirement for lenders/brokers to provide the following notice to borrowers, if applicable:
“Please note that the flood insurance we are requiring you to purchase will only protect your creditor or lender’s interest in your property….
ConformX supports the Puerto Rico Uniform Instruments posted by FNMA/FHLMC. Several updates have been made to these documents.
Puerto Rico FNMA/FHLMC Security Instrument and Riders
The Puerto Rico security instrument and riders have been updated to use Spanish/English labeling in special borrower signature lines:
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Our California Consumer Caution and Home Ownership Counseling Notice (Cx2797) is given pursuant to Cal. Fin. Code §4973(k) which requires a “Consumer Caution and home ownership counseling notice” to be given to covered loans. California Assembly Bill number 3108 was passed September 24,…
Texas has updated its document requirements for various disclosures to require at least 12 point font starting January 1, 2025. See 7 TAC § 55.3, 7 TAC § 56.3, 7 TAC § 57.3, 7 TAC § 58.3 and 7 TAC § 59.3….
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,…
To improve functionality of the e-sign process, we have added the option to make the borrower initials fields compatible with e-sign on Cx5100 NY Pre-Application Disclosure for Licensed Bankers, Cx3710 Prevailing Interest Rate Commitment, Cx3588 NY Interest Rate Lock Commitment,…
As in previous years, the Consumer Financial Protection Bureau (“CFPB”) has updated a couple of the dollar amounts specified in various parts of Federal Regulation Z (12 CFR Pt. 1026), which amounts are required to be adjusted annually for inflation….
Tex. Prop. Code Ann. § 41.0021 allows the homestead exemption for certain types of trusts, namely inter vivos revocable trusts. The statute grants the homestead exemption when a settlor or beneficiary occupies and uses a property…and in which the settlor or beneficiary own a beneficial interest through a qualifying trust. …
Form HUD-92800.5B is provided pursuant to 24 CFR § 203.5(a) and FHA Single Family Handbook 4000.1 Pt. II, A.1.a.i(E)(2), A.3.c, A.4.e.i(B), A.5.d.x(B)(2), A.6.a.iv, A.7.b.xx, & A.8.i. We have made a minor field adjustment to the Specific Commitment Conditions section. We are switching the “See the following additional conditions…”…
Pursuant to our monthly audit of federal agency forms, we have updated (Cx23) – 4506 Request for Copy of Tax Form.
Included in the (Cx23) updates are:
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The Section 184 Indian Housing Loan Guarantee Program and Section 184A Native Hawaiian Housing Loan Guarantee Program documents are available through ConformX. An FHA loan program should be used for Section 184/184A loans to ensure the proper documents print, including a 4% late charge….
The Texas Finance Commission has adopted rules proposed by the Texas Department of Savings and Mortgage Lending. These rules were published in the November 15, 2024 edition of the Texas Register. These changes are effective November 23,…
Pursuant to our monthly audit of Federal Agency forms our teams found that that HUD Important Notice to Homebuyers 92900-B (Cx40) and HUD Addendum to Uniform Residential Loan Application Form 92900-A (Cx24442) required updates. We are updating the following forms to match the model forms listed on the HUD website….
Cx15312 is a duplicate of the Model A-3/H-3 Form provided by the Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau pursuant to the provisions of 15 USCA § 1681m(h) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1), and 16 CFR § 640.5(d)(1)….
Per SC Code 1976 § 30-5-30, on all written instruments (except for mortgage satisfactions), there must be two witnesses including either a probate verification (SC Code 1976 § 30-5-30(A)) or an acknowledgment statement (SC Code 1976 § 30-5-30(B)).
With a probate verification,…
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,…
California Assembly Bill 2424 adds a requirement to California Civil Code § 2932.2 for mortgagee, beneficiary or authorized agent to provide a disclosure notifying buyers of properties with four units or less that a third party such as a family member,…
As part of an ongoing audit of second lien and HELOC documents, we have made the following changes to Cx1061 Fixed Rate Note Nebraska Second, Cx3044 HELOC Deed of Trust – NE and the Nebraska version of Cx21652 HELOC Agreement….
