Our generic “Buydown Agreement” (Cx25) is provided to fulfill various GSE and Federal agency requirements, including those promulgated under FNMA 2019 Single-Family Handbook B2-1.3-05.
Ibid. requires that “when the lender funds the buydown, the buydown agreement must require that the funds in the buydown account be transferred to the new servicer if the mortgage is included as part of a subsequent transfer of servicing.”
Currently,…
We are continuing the expansion of our support for loans secured by a borrower’s ownership shares and lease in a cooperative unit (“cooperative loans”) by rolling-out support for HELOC cooperative loans for cooperative units located in California.
New Documents
Similar to what we have done for HELOCs in New York,…
Kansas Loan Broker Disclosure (Cx4248) is required to be disclosed pursuant to Kan. Stat. Ann. § 50-1006(a) & (b) by a loan broker registered under Article 10 (Loan Brokers), Chapter 50 (Unfair Trade and Consumer Protection) of the Statutes of Kansas….
N.J. Admin. Code § 3:1-16.8 requires the following:
“Before accepting any trust funds, each lender shall disclose in writing to the party or parties depositing such funds the purpose for which the fund is established, the amount of the trust fund,…
As discussed in our previous announcement on the topic, the VA have posted new regulations applicable to all non-IRRRL refinance loans beginning on February 15, 2019. As part of the changes implemented, we created a new Data Integrity Warning regarding net tangible benefits that triggers when all of the following are true:
This logic for this Warning checks to see whether any of the net tangible benefit fields are set to Yes….
Due to increased demand, we have expanded the enumerations for our field “Broker Is Doing Business As” (Field 50908). Previously, the business types supported were:
We have expanded these enumerations to also include the following business types:
While not all of these types will be needed by all clients,…
We are expanding the scope of our support for loans secured by a borrower’s ownership shares and lease in a cooperative unit (“cooperative loans”) to include home equity lines of credit (“HELOCs”) when the cooperative unit is located in New York….
205 ILCS 635/5-8 prohibits a licensee from making, providing, or arranging a mortgage loan with a prepayment penalty unless the licensee first offers a loan without a prepayment penalty, the offer is in writing, and the borrower initials the offer to indicate that the they have declined….
We have modified the language and format of our standard California Request for Fair Lending Information, Cx18014, to more closely mirror the requirements of Cal. Code Regs. tit. 21, § 7114.1. The changes include the removal of the Ethnicity section,…
Under 12 CFR § 1026.38(j)(1)(v) and 12 CFR Pt. 1026, Supp. I, Paragraph 38(j)(1)(v) – 2, “payoff[s] of other secured or unsecured debt” must be disclosed in the area subsequent to Line K.03 (“Closing Costs Paid at Closing (J)”) of the CD,…
We have modified our standard multi-state Security Instrument Riders for use with Home Equity Line of Credit packages. The specific documents (and their associated Cx IDs) are as follows:
…
As previously announced, the VA have posted new regulations applicable to all VA refinance loans other than an interest-rate reduction refinance loan (“IRRRL”). The VA is informally classifying these refinance loans as:
…
An essential aspect of our new support for cooperative loans (details of which can be found here, here, and here) is that we currently only support these loans to the extent accepted by FNMA….
ORS 1345.05(A)(4) requires the Ohio Attorney General to publish a disclosure that describes acts and practices in connection with residential mortgages that are unfair, deceptive, or unconscionable and to make such disclosure available on its website. Subsection (G) of the same section requires lenders to make this disclosure available to consumers that are applying for a mortgage loan….
Md. Code Ann., Tax-Prop. § 12-108(g) exempts from a recordation tax certain refinance security instruments “to the extent that it secures the refinancing of an amount not greater than the unpaid principal amount secured by an existing [instrument] at the time of refinancing ….
As a part of our efforts (see here and here) to expand the scope of our support for loans secured by a borrower’s ownership shares and lease in a cooperative unit (“cooperative loans”), we are pleased to announced that we will be rolling out support for these types of loans in Alaska,…
As previously announced, the California Department of Business Oversight (“DBO”) published new disclosure forms (in Spanish) to be used once CA SB 1201 (2018) became law, which it did on September 11, 2018 with a practical effective date of January 1,…
Through our Manufactured Home Limited Power of Attorney (Cx6874), a borrower appoints an entity (usually the lender) as the borrower’s “attorney-in-fact” in connection with a manufactured home, giving the “attorney-in-fact” limited powers over the titling of the manufactured home (e.g.…
As previously announced both here and here, 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….
On December 19, 2018 Gov. Bruce Rauner (R-IL) approved IL HB 5542 (2018) which amends several parts of Illinois’ statutes, including 205 Ill. Comp. Stat. Ann. 635/5-9 (see http://www.ilga.gov/legislation/billstatus.asp?DocNum=5542&GAID=14&GA=100&DocTypeID=HB&LegID=111507&SessionID=91). These amendments took effect immediately.
Ibid.…
