In order to provide clarity, we will be updating the Indiana Property Tax Benefits form (Cx14885) to include a cover sheet with instructions for the document. According to Ind. Code Ann. §6-1.1-12-43(d)(2), “A closing agent […] in reproducing the form,…
This month in our 4.8.24 ConformX software release changes are being made to our Amortization Schedule (Cx12) for Forgivable loans. Forgivable loans that are not disclosed as a balloon payment will now reflect the forgivable amount on the Amortization schedule at the desired frequency….
We have recently reviewed our State lock agreements for signature requirements and eSignature functionality. As a result of this review, we are making the following changes:
Cx2792: Washington State Interest Rate Lock Agreement: This document does not require a Lender signature,…
According to Ill. Admin. Code tit. 38 §1050.1110 the Option to Pledge a Time Deposit in Lieu of an Escrow Account (Cx1014) and the copy of the Illinois Mortgage Escrow Account Act (Cx1207) are required to be given to the applicant “[i]f the mortgage is not FHA-insured or VA-guaranteed and relates to the purchase of owner-occupied,…
Vermont Admin. Code 4-2-3:4(a) requires that before a Mortgage Broker takes any fee or collects any charges, or at the time the prospective borrower submits a signed application, whichever occurs first, the Broker and the prospective borrower must both sign a contract that sets forth (i) the particulars of the service to be performed,…
Section 184 forms are available upon request in ConformX. Section 184A forms for Hawaii are now also available upon request.
Section 184A Version of HUD Forms for Hawaii
The following ConformX documents have been updated to print the Section 184A version for the state of Hawaii:
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Pursuant to our monthly audit of Federal Agency forms and to match the model forms made available at https://www.irs.gov/pub/irs-pdf/fw8ben.pdf, we will be making the following changes to Cx7938:
The IRS has published an updated Form W-8BEN Certificate of Foreign Status of Beneficial Owners for United States Tax Withholding and Reporting (Individuals)….
“NV Mortgage Company Compensation Disclosure” our form (Cx14279) is provided pursuant to Nev. Rev. Stat. Ann. § 645B.305, which was updated in 2020, as described in a prior announcement: https://compliance.docutech.com/2020/03/17/document-updates-nevada-division-of-mortgage-lending-model-forms-cx12913-cx13030-cx14279/
Nev. Rev. Stat. Ann. § 645B.305 states: “A mortgage company shall ensure that each loan secured by a lien on real property for which he or she engages in activity as a mortgage company includes a disclosure…”
The change in 2020 replaced the term “mortgage broker” in the statute with the term “a mortgage company”,…
In the 24th edition of Supervisory Highlights the Consumer Financial Protection Bureau (CFPB) issued an opinion on the Georgia Waiver of Borrower Rights. The Examiners determined that the waiver was deceptive because the borrowers were waiving all of their rights to notice or to judicial hearing before the lender exercises its right to nonjudicially foreclose on the property….
According to 5 Del. Code § 2113, a licensee can only receive a fee for acting as a mortgage broker pursuant to a written agreement between the mortgage loan broker and borrower. This written agreement must specify to the amount and terms that the mortgage loan broker is to receive….
Currently the following fields print for the borrower address on mortgages, deeds of trusts, and assignments:
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Certain disclosures concerning the cancellation and termination of private mortgage insurance (“PMI”) premiums are required to be provided for a “residential mortgage transaction” under 12 USCA § 4903. A “residential mortgage transaction” is defined (in relevant part) as “a transaction ….
Some minor updates have been made to our forms Cx995 MI Principal Residence Exemption (PRE), Cx996 MI Property Transfer Affidavit, and Cx997 MI Request to Rescind Principal Residence Exemption (PRE).
These updates are made pursuant to published revisions to Tax forms 2368,…
The state of Minnesota has state specific laws that apply to the use of private mortgage insurance in addition to the federal provisions set forth in the Homeowners Protection Act (HPA). Due to these additional Minnesota provisions, Docutech provides a Minnesota specific private mortgage insurance disclosure (Cx2530) that contains both the Minnesota and the federally required disclosures….
Subsequent to a review, we are making a field change to FNMA form 1008, the Uniform Underwriting and Transmittal Summary (Cx22822). We reviewed the section on the form that discloses the amount of Subordinate Financing and have made adjustments to ensure we are including all of the subordinate loans….
We are retiring our HUD FHA-VA Addendum form Cx3981. This is an older version of the HUD/VA Addendum to URLA and shouldn’t be printed for any loan with Case Number Assignment Dates after August 1, 2016. Cx20336 is the updated version of the same document and should be used in its place….
Our copies of the TX Notice Concerning Extension of Credit (Cx4549) and TX Notice Concerning Extensions of Credit – Spanish (Cx3640) are created to match the forms supplied by the Texas Finance Commission on their website (https://www.fc.texas.gov/home-equity/disclosures)….
We have updated our Multistate Condominium Rider form Cx2482 to include the line “What Lender requires as a condition of this waiver can change during the term of the loan” under Section B. Property Insurance, and to change the “provisions” to the word “covenants” in the last line of the document….
The Section 184 Indian Housing Loan Guarantee Program Processing Guidelines (found on HUD’s website at https://www.hud.gov/program_offices/public_indian_housing/ih/homeownership/184/guidelines) inform Lenders that:
Section 184 does not have a standard mortgage instrument. However, lenders are allowed to use the FHA or the Fannie Mae/Freddie Mac (multi state) conventional loan instrument….
For one-time close loans (Construction-to-Perm), some documents in our document library print the total loan term that includes the construction portion, but some only print the permanent phase of the loan term. To provide more consistent documents, we are modifying our standard documents as necessary to print the total loan term including the construction phase for Construction-to-Perm documents….
