Previously, we announced the passage of “The Taxpayer First Act”, its amendment to 26 U.S.C.A. § 6103(c), and indicated that MISMO® was in the process of creating a form which could be used for the following new provision:
“….
As previously announced, the Washington Department of Financial Institutions have finalized amendments to their regulations and have published a new version of their model “Rate Lock Agreement” (available at: https://dfi.wa.gov/rulemaking/consumer-loan-act-rulemaking).
Following our policy of duplicating forms published by Government authorities for disclosure requirements,…
Ill. Admin. Code tit. 38, § 1050.810 requires the following:
“Payment instructions shall be issued in time to reasonably assure receipt by the customer at least 15 days before the first payment is due and shall include, but not be limited to the following:
a) The name,…
A second set of global standard value mappings have been added to “Rescindable Loan” (Field 42761).
“Rescindable Loan” will continue to be set to “Yes” by default when all of the following conditions are true:
…
The document coding logic that triggered the reference “See AP Table on page [2][4] for details” in the Monthly Principal & Interest row of the Loan Terms table of the LE and CD was separate from the logic triggering the Adjustable Payment (AP) Table itself….
Cx15312 is a duplicate of the Model B-3/H-3 Form provided by the Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau pursuant to the provisions of 15 USCA § 1681m(h) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1), and 16 CFR § 640.5(d)(1)….
Pursuant to a compliance review, we are updating the mappings for two fields that are associated with community property states. The first, “Property is in Community Property State” (Field 131699), is used to trigger a corresponding checkbox on the redesigned FNMA 1003 labeled: “The property is in a community property state.” The existing global field value mapping on “Property is in Community Property State”…
When applying for certain exceptions in the District of Columbia, D.C. Mun. Regs. § 9-335 requires the use of model form “ROD 1 – Real Property Recordation and Transfer Tax Form FP 7-C”, which has recently been updated by the DC Office of Tax and Revenue,…
As previously announced, Fannie Mae and Freddie Mac published a notice on October 23, 2019 concerning updates to the Redesigned 1003, available here: https://www.fanniemae.com/content/notification/notification-urla-announcement-october-2019. Our copy of the Redesigned 1003 Uniform Residential Loan Application,…
Cx11242 is a duplicate of Form 3, “Rhode Island Home Loan Protection Act Disclosure – Tangible Net Benefit”, published by the Banking Division of the Rhode Island Department of Business Regulation on their website (http://www.dbr.ri.gov/divisions/banking/bank-licenseeinfo.php), and is required by law under R.I….
While Federal Regulation Z permits, but does not require, signature lines to appear on the Loan Estimate and Closing Disclosure forms (see 12 CFR §§ 1026.37[n] & 1026.38[s]), some State administrative laws do require signatures on one or both of these documents,…
According to Texas Finance Code § 343.104, “[a] lender may not offer any individual or group credit life, disability, or unemployment insurance on a prepaid single premium basis in conjunction with a home loan unless the following notice is provided…”…
This past August, the USDA Office of Rural Development (“RD”) announced that they would be publishing a new version of form RD 3555-21 in October. Yesterday afternoon, RD published the appropriate new version of the form on their website….
Florida Statute 494.0069(1)(c) requires that each lock-in agreement must “contain the discount point locked in, if any”. Since the statute does not specify whether discount points are to be paid by the borrower or seller specifically, we are taking a more conservative approach and modifying our Generic Florida Interest Rate Lock Agreement (Cx13498) to disclose both borrower-paid and seller-paid discount points (if they exist)….
Cx1906 is provided pursuant to the following provisions of Iowa Code Ann. § 535.8(5):
“A lender who offers to make a loan with only those fees authorized by subsection 4 may also offer in exchange for the payment of an interest reduction fee to make a loan on all of the same terms except at a lower interest rate and with the lower payments resulting from the lower interest rate….
As previously announced, the Maryland Department of Labor, Licensing, and Regulation has amended their regulations which, inter alia, has caused some sections of the law to be re-codified into other sections. As a result,…
As previously announced, FMNA has create a new “may” change to Form 3200, permitting language to be added to this promissory note which specifies that the amount of any late charge cannot exceed $100. FHLMC has authorized a similar “may” change to all of their promissory notes (see “Authorized Changes to Notes”,…
HPA Disclosures
While the Homeowner’s Protection Act (“HPA”; 12 USCA §§ 4901 – 4910) primarily governs the termination of private mortgage insurance (“PMI”) for certain transactions, special exemptions are provided to “protected State law[s]” (see Ibid.…
As previously announced, Chapter 5, Article 2, Title 23 of Indiana’s Code has been repealed and substantively replaced with new Article 2.5, Title 23. This change includes the repeal of Indiana’s lock-in agreement requirements (Ind. Code Ann….
As previously announced, provisions of Title 55 of Virginia’s Code are being transferred to a new Title 55.1, causing the statutory requirements for the following documents to change as follows (note: only the requirements impacted are listed):
Of these documents,…
