Document Updates: OH Mortgage Loan Origination Disclosure (Cx3472), OH Mortgage Loan Origination Disclosure Statement Addendum (Cx11204), and OH Notice of Change in Mortgage Terms (Cx12463)
As previously announced, we had slated the following documents for potential retirement, due to the passage of OH HB 199 (2017):
- OH Mortgage Loan Origination Disclosure (Cx3472);
- OH Non-Brokered Escrow Account Disclosure (Cx11197);
Document Updates: Loan Estimate (Cx18565) and Closing Disclosure (Cx18566) for Construction-to-Permanent
New Official Staff Commentary to Federal Regulation Z (12 CFR Pt. 1026), enacted as part of the “Amendments to Federal Mortgage Disclosure Requirements under the Truth in Lending Act (Regulation Z)” or, using the common vernacular, “TRID 2.0” (82 FR 37656 ),…
Last December, FHLMC published Bulletin 2017-28 announcing new guidance concerning land trusts (see https://compliance.docutech.com/2017/12/15/compliance-news-fhlmc-bulletin-2017-28-updates-land-trusts-texas-home-equity-loans/). Among these changes were the following:
“Each beneficiary of the Land Trust who is a Borrower must execute a Collateral Assignment ….
Pursuant to an internal audit, we will be making the following changes to our generic security agreement, which is used for loans secured by shares in cooperative units located in Florida, Illinois, New Jersey, and New York:
- Including a new Section 13 which specifies what actions constitute a default under the terms of the security agreement.
After reviewing our generic Assignment of Lease – COOP (Cx4982), we will be adding new language to it in which the borrower (assignor) “covenants and represents” to the lender that:
- The assignor has all rights to the proprietary lease and is in compliance with the terms of such lease;
Pursuant to a review by our Legal team, Docutech is making modifications to our second lien security instruments to more closely conform with the FNMA model first lien security instruments. The changes made include:
- updating the Application of Payments section to apply to interest,
We will be modifying the default setting for the language which appears in emails generated from ConformX and SoleX so that it only includes the corresponding loan number in the text, rather than including both the loan number and the borrower’s last (or full) name….
Under N.Y. Ins. Law § 6503(d) through (f), a mortgagor is not permitted to charge private mortgage insurance (“PMI”) past certain thresholds for loans secured by property located in New York. These thresholds are generally lower than those set forth under the Federal Homeownership Protection Act (“HPA”;…
On February 1st, 2018, the Veterans Benefits Administration released Circular 26-18-1, Policy Guidance for VA Interest Rate Reduction Refinance Loans (IRRRL), which affects VA loans closing on or after April 1, 2018. In response, we have made changes to our VA Interest Rate Reduction Refinancing Loan Comparison (Cx14501)….