After a recent compliance review, we are updating our Loan Modification Agreements to better match the corresponding security agreements to include necessary witness signature lines for various states. By default, witness lines will not appear on the Loan Modification Agreements for any states except Florida (FL ST 589.01),…
As part of a periodic audit focusing on notary sections, we are reviewing all of our standard documents with a notary block. To ensure more conservative compliance, we will be comparing the notary block to the model forms published for each of the fifty states and the District of Columbia….
On December 20, 2019 the Georgia Department of Banking and Finance finalized amendments to Ga. Comp. R. & Regs. 80-11-1 to include various provisions to accommodate 12 U.S.C.A. § 5117, which generally grants licensed (or registered) loan originators temporary authority to originate loans while they operate in a State in which they are in the process of being licensed or registered (e.g.…
These two disclosures for Illinois are provided pursuant to 765 Ill. Comp. Stat. Ann. 910/11 and Ill. Admin. Code tit. 38, §§ 1050.1110(f) & 1050.1360(a)(1). Both documents disclose (verbatim) the Illinois Mortgage Escrow Account Act, Section 5 of which permits the borrower to terminate their escrow account once their mortgage has been “reduced to 65% of its original amount” (Supra 910/5)….
The Florida legislature passed laws updating the state’s notary statutes. Both Fla. Stats. Ann. 695.25 and 117.05 were amended to allow for “online notarization”, as that term is defined in Fla. Stat. Ann. § 117.201(9). The changes modify the short form notary blocks to require the notary public to state whether the acknowledgements were taken physically or electronically through the addition of checkboxes and the language “by means of physical presence or online notarization”….
On June 9, 2017, Governor Brian Sandoval signed into law AB 468 (2017), which amends various provisions concerning mortgage bankers and mortgage brokers, including combining the two definitions together into a singular definition of “mortgage company” (see https://www.leg.state.nv.us/App/NELIS/REL/79th2017/Bill/5726/Overview)….
According to a new December 20, 2019 Rule that will be codified as Ga. Comp. R. & Regs. 80-11-1.-01(11), the Georgia Department of Banking and Finance instructs that when a mortgage lender or mortgage broker sponsoring a mortgage loan originator who is unlicensed but operating as a mortgage originator pursuant to 12 USC § 5117,…
Although not common, community land trusts have been established in many locations throughout the United States. Regarding community land trusts, FNMA Selling Guide B8-5-04 says:
“Mortgages secured by properties located on a community land trust are subject to a ground lease,…
The Wisconsin Department of Financial Institutions-Banking set forth the following definition of “Loan Commitment” in DFI-BKG 40.01(5):
“Loan commitment” means a written statement signed by a lender, setting forth the terms and conditions upon which the lender is obligated to make a particular residential mortgage loan to a particular applicant….
Today, FNMA and FHLMC issued a joint “URLA Implementation Timeline” which indicates that the new URLA must be used beginning on November 1, 2020. Industry participants may begin using the new URLA as soon as September 1, 2020 and pre-approved participants may begin using it as soon as June 1,…
The Department of Housing and Urban Development has updated HUD form 92900-LT (FHA Loan Underwriting and Transmittal Summary) found on their website https://www.hud.gov/program_offices/administration/hudclips/forms/hud9#group2.
We will be updating our copies Cx13513 and Cx15849 to match the latest version of this form. …
Pursuant to the Blue Water Navy Vietnam Veterans Act of 2019, and VA Circular 26-19-30, Purple Heart recipients can now receive a waiver for the VA Funding Fee. In light of this change, we are making a modification to our ConformX Data Integrity Warning that triggers with the following message:
“The Department of Veterans Affairs (VA) Funding Fee does not have a value….
Cx16920 is provided upon request pursuant to R.I. Gen. Laws Ann. § 44-30-71.3 and 280 R.I. Code R. §§ 20-10-1.7(H), 20-10-1.8(B), 20-10-1.10, 20-10-1.12(D); it is based on the following forms published by the Rhode Island Division of Taxation on their website (http://www.tax.ri.gov/taxforms/nrrewh.php):
…
Our Cx18212 (an “upon request” only document) was created in 2014 due to the creation of current 12 C.F.R. § 1026.36(g), which requires the name and NMLSR ID of both the “loan originator organization” and “individual loan originator . ….
As previously announced, 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….
After a recent compliance review, we are updating our “From MERS” Assignments to better match the appropriate terminology to refer to the Mortgage Electronic Registration Systems, Inc. (MERS) in the Assignment text.
The example Assignment language from the MERS Systems Procedures Manual is as follows:
…
The US Department of Housing and Urban Development has updated Form HUD – 92577 “Request for Acceptance of Changes in Approved Drawings and Specifications”. As a result, we are modifying our copy (Cx14872) to more closely match the model form….
After a recent review, we are updating the logic for question “18. First Time Homebuyer?” of the HUD-92900-A “HUD/VA Addendum to Uniform Residential Loan Application” (our Cx20336). Currently the “a. Yes” checkbox will be checked on the form if either of the borrowers on the copy have their corresponding field “First Time Home Buyer Status” set to “Yes,” and “b….
In 2013, due to instructions from the Federal Housing Finance Agency (FHFA), which were issued in connection with the new ATR/QM rules, Fannie Mae issued SEL-2013-06, which explained that they would cease to purchasing “loans with an interest-only feature”….
Our Cx13513 is a duplicate of form HUD-92900-LT, which is required by no fewer than fifteen parts of FHA Single Family Handbook 4000.1 (see our “FHA Disclosure Matrix” for details). A copy of the form can be downloaded from HUD’s website (https://www.hud.gov/program_offices/administration/hudclips/forms/hud9)….
