NY adopted Senate Bill 1780C and Senate Bill 7780 which permit remote notarizations and updates NY executive law on electronic notarization. The executive law was amended by Bill 1780 by adding a new section 137-a, and Bill 7780 amended the executive law by adding section 135-C….
For a purchase transaction that involves both a first lien loan and a simultaneous subordinate lien loan; purchase-related amounts such as Sale Price of Property, Sale Price of Any Personal Property Included in Sale, and Deposit are only reflected in the first lien Cash to Close amounts disclosed on the Loan Estimate and Closing Disclosure….
In a previous Compliance News alert, Docutech announced upcoming changes to format and future mandatory use of the Supplemental Consumer Information Form (SCIF). The joint announcement by FNMA and FHLMC states that they have mandated the SCIF for the collection of borrower preferred language,…
The List of Homeownership Counseling Organizations (our Cx17874) is provided per 12 CFR § 1024.20, which requires the lender or mortgage broker supply the loan applicant a list of homeownership counseling organizations located closest to the applicant within three business days after receipt of application….
If the ConformX fields used to populate the “Year or period requested” sections of IRS Forms 4506-C “IVES Request for Transcript of Tax Return” and 4506 “Request for Copy of Tax Return” are not set, the first two dates default to the last day of the previous two calendar years….
Upon review of the Georgia Seller’s Certificate of Exemption (our Cx1010), Docutech has determined that an update is in order. Ga. Code Ann. § 48-7-128 allows for an exemption for withholding requirements upon sale or transfer of real property to nonresidents. …
A Puerto Rico SOFR ARM index note and rider have been provided by Fannie Mae and Freddie Mac in their new series of documents dated “07/2021”. Since the new SOFR note and rider can only be used with the new Puerto Rico Mortgage of the same date,…
The California Department of Financial Protection and Innovation (DFPI) has updated their version of the Fair Lending Notice. Cal. Code Regs. 21, § 7114 provides a model form with several classifications identified as illegal to discriminate against. Additionally, Cal. Health &…
On July 7, 2021 Fannie Mae (FNMA) published a selling guide announcement about the release of their updated uniform legal instruments (see SEL-2021-06), including security instruments, notes, riders, addenda, and special purpose documents. This update is the result of a comprehensive review of the uniform instruments that was conducted in collaboration with Freddie Mac,…
California Civil Code 1785.20.2 states “Any person who makes or arranges loans and who uses a consumer credit score as defined in Section 1785.15.1 in connection with an application initiated or sought by a consumer for a closed end loan or establishment of an open end loan for a consumer purpose that is secured by one to four units of a residential real property shall provide the following to the consumer as soon as reasonably practical:” and then goes on to list requirements of such circumstance….
The Louisiana Civil Code prescribes information that may be required to appear on recorded instruments. It includes the following statement regarding required information for recorded instruments:
“An instrument shall contain the following information when appropriate for its type and nature: …
(3) A declaration as to whether there has been a change in the marital status of any party who is a transferor of the immovable or interest or right since he acquired it,…
Cx2657 NY Tax Escrow Account Designation is based off a model form RP-954 found on the New York State Department of Taxation and Finance website. It was recently brought to our attention that the model form has the words “INSTRUCTIONS ON REVERSE” on the first page,…
We have modified the cover letter of the Social Security Number Verification (Cx5579) to include a consent to eSign in order to comply with the eCBSV user agreement instructions. The consent to eSign will be found on the bottom of the cover letter and reads:
“By clicking the I ACCEPT button,…
Pursuant to our monthly audit of federal agency forms, we have updated several USDA-RD forms. All documents affected have had the effective date updated to January 2022. In addition, an expiration date has been added that was not on previous versions. …
NY SB S1566A was signed into law on November 3, 2021, adding Section 129-a to the New York Banking Law. The new law, which became effective on February 1, 2022, requires a notification be provided if any “bank” or “trust company” permits a customer to establish an alternative payment schedule for an existing loan. …
The Homestyle Renovation Mortgage provided through Fannie Mae is an option for renovations or repairs utilizing conventional first mortgage financing.
In the SEL-2022-01 Selling Guide announcement posted on February 2, 2022, Fannie Mae announced changes to the Homestyle Renovation Loan Agreement Form 3731 (First American Docutech form Cx22295) to the following sections: B5-3.2-01,…
We have modified Cx1380 HELOC Mortgage – MN to remove a signature line that was placed under the drafted by block at the top of this document. After review, it was discovered that this signature line is not needed on this document….
We have modified the HUD Addendum to Uniform Residential Loan Application Form 92900-A (First American Docutech Cx24442) which was set to mask social security numbers down to 4 digits in “Part II – Borrower Consent for Social Security Administration to Verify Social Security Number.” In the past,…
New Jersey Administrative Code 3:1-16.5 outlines the process to obtain a loan commitment from a borrower. The law has several disclosure requirements that are typical in a loan commitment, including the expiration date of the commitment, the amount financed, whether the interest rate is locked or not,…
In 2019, First American Docutech began offering support for clients involved in Fannie Mae’s Community Land Trusts by creating Cx23607 Community Land Trust Ground Lease Rider. (See announcement for more details – https://compliance.docutech.com/2019/12/24/document-updates-new-community-land-trust-ground-lease-rider-cx23607/)
At the time,…
