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As previously announced, Chapter 5, Article 2, Title 23 of Indiana’s Code has been repealed and substantively replaced with new Article 2.5, Title 23.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,…
As previously announced, sections of Article 61 of Title 12 of Colorado’s Statutes will be re-codified under Article 10 of the same Title on October 1, 2019. This change affects the following documents (note: only the statutes relevant to the re-codification are listed):
While we will be updating the citation on our “CO Commitment Agreement” (Cx17939) for the October 1st change,…
The “Economic Growth, Regulatory Relief, and Consumer Protection Act” (132 Stat. 1296 [2018]) implemented 38 U.S.C.A. § 3709(b) & (b)(1), which requires that a VA guaranteed-loan which is refinanced “may not be guaranteed or insured . . . unless the issuer of the refinanced loan provides the borrower with a net tangible benefit test.”
At the time of enactment,…
As announced on our website, the VA published VA Circ. 26-19-22 (available at: https://www.benefits.va.gov/HOMELOANS/resources_circulars.asp), providing preliminary guidance concerning the correlation between Interest Rate Reduction Refinance Loans (“IRRRL”) and the “Economic Growth, Regulatory Reform, and Consumer Protection Act” (113 Stat….
As announced on our website, the VA published VA Circ. 26-19-22 (available at: https://www.benefits.va.gov/HOMELOANS/resources_circulars.asp), providing preliminary guidance concerning the correlation between Interest Rate Reduction Refinance Loans (“IRRRL”) and the “Economic Growth, Regulatory Reform, and Consumer Protection Act” (113 Stat….
This is a reminder that the updates outlined in a previous announcement will take effect on August 30, 2019. These changes were originally scheduled to take effect on March 1, 2019, but FNMA postponed their mandatory date to September 1,…
The Inter Vivos Revocable Trust Rider (Cx21131) has been modified to better reflect the individual Borrower and Non-Purchasing Entity (NPE or non-borrowing spouse) signature lines printing on the security instrument and other riders to security instrument.
The following settings are now reflected in the individual signature area of Cx22131:
…
As announced on our website, the VA published VA Circ. 26-19-22 (available at: https://www.benefits.va.gov/HOMELOANS/resources_circulars.asp) providing preliminary guidance from the VA and the correlation between Interest Rate Reduction Refinance Loans (“IRRRL”) and the “Economic Growth,…
We have updated HUD Form 92541 “Builders Certification” (our Cx3971) to mirror the new revision of the form provided by HUD on their website located here. The updates to Cx3971 consists of minor grammatical and formatting changes throughout the document….
ConformX DC Mortgage Disclosure Form (Cx13354) is being provided in DC Initial Disclosure packages for ARM loans with a loan term of 30 years, as required by D.C. Code Ann. § 26-1113(a-1). Although the text of the form does not intuitively apply to HELOCs,…
The VA is in the process of publishing revisions to each chapter of their “Lender’s Handbook” (see https://compliance.docutech.com/2019/02/13/compliance-news-va-planning-to-rescind-outstanding-circulars/ for details) and, on July 30, 2019 they revised Chapter 9 (“Legal Instruments, Liens, Escrows, and Related Issues”).
Among other changes,…
On July 22, 2019 the VA updated Chapter 13 of their “Lender’s Handbook” with the following relevant delivery requirements for the “Notice of Value”, which is required to be sent by the lender to the borrower after an appraiser has submitted the appraisal report through WebLGY:
“Once the SAR [Staff Appraisal Reviewer] has determined the appraisal report is acceptable to VA,…
This document is provided pursuant to Ga. Comp. R. & Regs. r. 80-11-1-.01(9) and, since November 2015, has only been provided for loans not subject to 12 C.F.R. § 1026.19(e) & (f), due to amendments which were made at that time which included the following clause:
“This disclosure requirement may be satisfied by complying with a substantially similar disclosure as required by federal law.” (Ibid.…
This document is provided pursuant to S.C. Code Ann. § 37-23-70(D), which requires (inter alia) that “the mortgage broker, originator, or employee shall provide the borrower with a document specifying the agency designated to receive complaints ….
Rhode Island Gen. Law § 27-58-7 states:
(a) A financial institution shall prominently disclose in writing, in clear and concise language, to the institution’s customers, including in any advertisement or promotional material, pursuant to regulations prescribed by the commissioner,…
Pursuant to a periodic review, we will be updating the language of our generic PMI Disclosure forms to be more consistent with the language of 12 U.S.C. 4902 & 4903. Aside from a few minor grammatical changes, the most notable update is to the “Automatic Termination of PMI”…
We have added default behavior to VA Form 26-8937, Verification of VA Benefits (Cx3952) following the release of from the Veterans Benefits Administration of VA Circular 26-19-17, Funding Fee Guidance to Lenders and Servicers, dated June 28, 2019, which directs lenders and servicers to take the following action:
Funding Fee Exemption Determination….
Vt. Admin. Code 4-2-6 requires that a high rate/high point notice shall be “printed on a single sheet of colored paper that is easily distinguished from all other disclosures, applications or other loan documents presented to the borrower. Except as otherwise required herein,…
