Under TRID 1.0, if no prepaid interest existed in a transaction, then “$0” was required to be disclosed Line F.03 of the Closing Disclosure, per the following:
“If interest is not collected for a portion of a month or other period between closing and the date from which interest will be collected with the first monthly payment,…
As previously announced, FHLMC has published revised private mortgage insurance (“PMI”) requirements which take effect on October 1, 2018. These requirements are summarized in the following documents:
While editing these documents to conform with FHLMC’s new requirements,…
As previously announced, the U.S. Department of Agriculture is updating form RD 3555-21 (which is provided pursuant to 7 CFR § 3555.107(i) and RD HB-1-3555) effective October 1, 2018. An advance copy was sent via email alerts and the latest version will be published on USDA’s eForms and GUS websites on October 1st….
Louisiana Civil Code CC 3352(A)(2) requires that, to be recorded, an instrument shall contain “the marital status of all of the parties who are individuals, including the full name of the present spouse or a declaration that the party is unmarried.”…
For loans secured by property in New York, whenever a mortgage banker or exempt organization takes points or a lock-in fee, the mortgage banker or exempt organization is required to issue a commitment in accordance with 3 NY-CCR 38.6. One requirement for this commitment,…
Corresponding with our enhancement to ConformX to support three or four trustees and settlors (as announced in Release Notes 4.8.4), we will be modifying the following generic documents to also support the listing and signatures of three or four trustees and settlors:
This support will apply to trusts,…
As previously announced, Washington State has enacted a new law which (inter alia) requires a disclosure for “consumer loans” which refinances a federal student education loan.
“In addition for all consumer loans made by a licensee that are a refinance of a federal student education loan,…
As previously announced, there is a new law in Georgia which requires the tax parcel identification number(s) (“PIN”) at the top of the first page of any “instrument by which the title to real property or any interest therein is conveyed,…
Under Vermont law, a person wishing to “obtain” a credit report on a consumer must obtain the consent of the consumer prior to obtaining such credit report (see Vt. Stat. Ann. tit. 9, § 2480e & Vt. Admin. Code 3-2-110:CP 112.03)….
FHA Negative Equity Positions Disclosure (Cx15200), was provided pursuant to the provisions of FHA ML 2014-23 & 2010-23. According to Transmittal: Handbook 4000.1 (06/15/15), both MLs were superseded, and there is no longer a provision in the Handbook which requires the disclosures in this document….
As previously announced, NC HB 852 (2017) was recently passed which (inter alia) amends N.C. Gen. Stat. Ann. § 47-17.1 to state the following:
“The register of deeds of any county in North Carolina shall not accept for registration,…
The Illinois Private Mortgage Insurance Disclosure (our Cx1311) is required to be given when PMI is required for a “principal single family residence of the mortgagor” (765 ILCS 930/5). However, Section 930/30 says:
If federal law is enacted governing or otherwise regulating private mortgage insurance,…
Docutech is updating a few generic private mortgage insurance (PMI) disclosures to correspond with a ConformX system enhancement that allows allows PMI to be charged during the construction phase. The Homeowner’s Protection Act (HPA) requires certain PMI disclosures in connection with a residential mortgage transaction—including construction loans….
As previously announced, the Georgia Department of Banking and Finance finalized new regulations affecting a wide range of financial institution activities (see https://compliance.docutech.com/2018/06/28/compliance-news-georgia-dept-of-banking-and-finance-finalize-new-regulations/). This includes new Ga. Comp. R. & Regs. 80-11-6-.02(5)(b) & (d), which require a notice concerning the transfer of servicing,…
This agreement is provided pursuant to the provisions of Conn. Gen. Stat. § 36a-498(c) through (e), with Subsection 36a-498(d) requiring the agreement to contain the following elements:
“An agreement under subsection (c) of this section shall meet all of the following requirements to be valid and enforceable:
(1) The agreement shall be dated,…
Several obsolete FHA documents are being retired.
1) The following FHA security instruments, used for loans with case number assignment dates prior to September 14, 2015, will be completely retired:
2) FHA security instruments effective for loans with case numbers assigned on or after September 14,…
We will be making the following changes pursuant to “TRID 2.0” (82 FR 37656 [2017]):
Prepaid Interest
Under “TRID 1.0”, there was a lack of clarity as to how the daily dollar amount for “Prepaid Interest” (“per diem amount”) should be disclosed on the Loan Estimate (“LE”) and Closing Disclosure (“CD”)….
“TRID 2.0” (82 FR 37656 [2017]) amends Regulation Z to require the total of post-consummation draw, inspection, and handling fees to be disclosed in addenda to the Loan Estimate (“LE”) and Closing Disclosure (“CD”). For details about these amendments, please visit our analysis at: https://compliance.docutech.com/2018/04/02/post-consummation-fees-and-trid/….
Due to revisions to the dollar amounts promulgated under various states’ versions of the Uniform Consumer Credit Code (see https://compliance.docutech.com/2018/06/04/matrix-updates-late-fees-and-prepayment-penalties/ for details), we are revising our ConformX late fee standard defaults to reflect these changes (as applicable).
These changes will be pushed to production on the night of June 30,…
Global mappings on Docutech’s field “State Funding Type” (Field 23043) is used within ConformX to determine whether a state is 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,…
