MERS is not named as the original mortgagee of record in the Maine security instrument for loans that are to be registered with MERS (Mortgage Electronic Registration Systems, Inc.). Lenders must use a Maine MERS Mortgage Assignment such as Fannie Mae/Freddie Mac Form 3749 (Cx1529) to assign loans to MERS instead….
New York Insurance Law §6501(c)(3) states that for a cooperative ownership in real estate (co-op) the issuance of mortgage insurance must be based on the “purchase price of the ownership interest and the proprietary lease.” FNMA Selling Guide B7-1-01 states that the determination of value for properties in New York is different from Fannie Mae’s standard definition of value that is used to calculate the LTV ratio….
As part of Docutech’s efforts to enhance all documents for eSign capability, these documents are now available with a generic option for eSign:
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Fannie Mae Requirements of Document Custodians Guide section 8.3 Consolidated Mortgages states that “All persons signing the Consolidated Note must sign the CEMA as well.” We have determined that Cx1583 NY Consolidation, Extension and Modification Agreement and Cx23134 NY HELOC Consolidation,…
Pursuant to our monthly audit of federal agency forms, we have updated Cx47 “Warranty of Completion of Construction – HUD-92544.” Since the VA has not yet posted an updated version of VA form 26-1859, only the FHA version of Cx47 has been updated at this time….
Several state disclosures contain optional coding that allows the user to print a Disclosed By Company Label (FI 46034) in place of the standard “Lender” label, and Disclosed By Company Name (FI 106104) in place of the standard Lender Name and Extension (FI 15360)….
Wis. Stat. § 428.207(2)(b) states:
(b) A lender may not include a prepayment penalty in a covered loan unless the lender offers the customer the option of choosing a loan product without a prepayment penalty. The terms of the offer shall be in writing and initialed by the customer….
In November of 2023, the Idaho Department of Finance issued a notice of rulemaking that would no longer require lenders to disclose to the borrower the services that will be provided to the borrower. If the rulemaking became effective, the rule (IDAPA 12.01.10.050(1)) would be completely removed. …
We are enhancing our document capabilities for guarantor documents that will be signed by an attorney in fact using power of attorney. This is an ongoing project that will continue going forward as we identify documents that need code changes to allow for this functionality….
In accordance with NYCRR & Regs. tit. 3, § 80.10(b), the following disclosure should be provided for revolving credit line secured by a junior mortgage :
“The cost of title insurance and mortgage recording tax shall be based on the maximum amount of the credit line available to the borrower,…
Currently, our Inter Vivos Revocable Trust Rider (Cx21131) prints with signature options that are coded in the document. After some research involving the various possible signature formats and options available, we are replacing the coded signatures with our standard software generated signatures that print all parties who typically sign Riders….
As a result of a routine audit of our prepayment language, the Colorado and Montana versions of Cx12387 Enhanced Prepayment Penalty Addendum, Cx12388 Enhanced Prepayment Penalty Rider and Cx12389 Enhanced Prepayment Penalty Disclosure have been updated. The following changes have been made:
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Fannie Mae recently announced revisions to Definitions (B) & (C) and the paragraph for “Transfer of Rights in the Property” in the Model Form for the Kentucky Security Instrument (Form 3018).
In Definition (B), “Lender’s address” has been revised to read,…
In Docutech’s ongoing efforts for having consistency throughout its documents, Power of Attorney/Attorney-In-Fact logic has been added to the notary block in Cx12309 – Texas Notice of Penalties for Making False or Misleading Statement.
This change is available for testing on Stage &…
The introduction of the new Ohio Dual Capacity Disclosure was recently announced by the Ohio Department of Commerce. Docutech has added the Ohio Dual Capacity Disclosure to its generic document library as Cx27678 based on the sample form provided by the Ohio Department of Commerce….
Fannie Mae recently announced that the Model Form for the Connecticut Security Instrument (Form 3007) has been revised to increase clarity in Paragraph 26(a) “Notice of Default”.
Paragraph 26(a)(vi) has been revised to read:
“Borrower’s right to deny in the foreclosure proceeding the existence of a Default or to assert any other defense of Borrower to acceleration and foreclosure.”
As such,…
The introduction of the new First-Generation Homebuyer Certification (Fannie Mae/Freddie Mac Form 1109) was recently announced by Fannie Mae and Freddie Mac. Docutech has added the First-Generation Homebuyer Certification to its generic document library as Cx27698….
We are updating the default print configurations for several Illinois escrow documents to have them only print for single unit properties.
The legal requirements for these documents refer to “single family secured real estate” or “single family owner-occupied residential property”. …
We have made updates to Cx16043 Wisconsin Explanation of Personal Obligation. This document is provided pursuant to Wis. Rev. Stat. 422.305(1) and is only required if each borrower does not receive their own copy of each instrument, document, agreement and contract….
NY Banking Law §590-a(2) contains provisions that require junior lien contracts, notes or instruments to include certain types of provisions. On particular provision in (2) states: “The contract, note or instrument must allow the borrower to prepay the loan in whole or in part without penalty and must contain the notice:
DEFAULT IN THE PAYMENT OF THIS LOAN AGREEMENT MAY RESULT IN THE LOSS OF THE PROPERTY SECURING THE LOAN….
