When TRID 1.0 took effect, 12 C.F.R. § 1026.38(g)(1) required the creditor to, within Section E of the CD, disclose “an itemization of each amount that is expected to be paid to State and local governments for taxes and government fees” (see 78 FR 80123 )….
One of the loan terms agreed to within Cx14675 (which is provided pursuant to Tenn. Comp. R. & Regs. 0180-17-.01, .04, & .05) is indicated by two checkboxes, one of which indicates that private mortgage insurance (“PMI”) is required in connection with the loan and the other indicating that PMI is not required,…
If the ConformX fields used to populate the “Year or period requested.” sections of IRS Forms 4506-C “IVES Request for Transcript of Tax Return” and 4506 “Request for Copy of Tax Return” are not set, the first two dates default to the last day of the previous two calendar years….
Cx2792 is provided pursuant to the provisions of Wash. Rev. Code Ann. §§ 19.146.010(3) and 19.146.030(2)(c) & (3) and Wash. Admin. Code §§ 208-620-510(3) through (5), 208-620-555(3)(b)(iv), 208-660-006, and 208-660-430(3)(c) & (d). It is also a duplicate of the model “Interest Rate Lock Agreement” published by the Washington Department of Financial Institutions (see https://dfi.wa.gov/mortgage-brokers/forms or https://dfi.wa.gov/consumer-loan-companies/forms)….
The Secured Overnight Financing Rate (SOFR) has been steadily declining over the last few months. The 30-Day Average SOFR was 0.01067 as of April 8, 2021. The global required field prompt in ConformX for the current Index Rate (FI 16) has been modified to allow a value of 0.000% through in case the SOFR index decreases to that point. …
Earlier this year, we announced revisions to Cx2778 when it is used for loans secured by property in either Colorado or Idaho. We are now making additional revisions to the Georgia-, Maryland-, Mississippi-, and North Carolina-versions of these forms….
Pursuant to an internal audit of our Alabama-specific disclosures, we will be making the following changes.
According to the provisions of Alabama’s “Mini-Code” (Ala. Stat. §§ 5-19-1 through 5-19-33), “no disclosures are required by this chapter to be made by a creditor with respect to any transaction other than disclosures required by regulations made by the [Superintendent of Banks of the State Banking Department] pursuant to Section 5-19-21 and disclosures required by [Ibid.…
Document Updates: Explanation of Loan Terms (POA) (Cx23852) & Borrower’s Income Verification COVID-19 Declaration (Cx23858)
We will be making the following changes to two COVID-19 Pandemic related documents:
Explanation of Loan Terms (POA) (Cx23852)
Under FNMA’s and FHLMC’s temporary requirements imposed due to the COVID-19 Pandemic, in connection with certain transactions where an attorney-in-fact exists,…
Although not a legally required document, we provide on a generic basis an “Errors and Omissions/Compliance Agreement”(our Cx4), in which the borrower generally agrees to correct, within 30 days of a written request, any clerical errors which they may have made on closing documents,…
Pursuant to our monthly audit of VA forms, we will be making the following changes to Cx16049:
- Changing the OMB Control Number expiration date from “05/31/2021” to “03/31/2024”;
- Changing the phrase “Your obligation to respond is required” within the first paragraph of Section II to: “Your response is required”;
Pursuant to our monthly audit of USDA documents, we will be making the following changes to “USDA/RD Origination Stacking Order Checklist – Attachment 15-A” (Cx19212), so that it matches the latest version of the form promulgated in RD HB-1-3555 ch….
Fannie Mae and Freddie Mac originally gave guidance that the sections of the redesigned FNMA Form 1003 / FHLMC Form 65 (our Cx20667) should be kept together as much as possible. It has come to our attention that some combinations of variable heights,…
As previously announced, the U.S. Department of Agriculture had posted on their website draft revisions of their Forms RD 3555-17, 3555-18, and 3555-21. USDA Procedure Notice 548 (March 1, 2021) announced that these revisions had been officially made,…
Cx3525 is provided pursuant to the requirements of S.C. Code Ann. §§ 37-22-140(K), 37-23-45, 37-23-75, 40-58-75, 40-58-75, 40-58-78(A), & S.C. Reg. 28-400(B)(1)(c) and closely matches the sample form published by the South Carolina Department of Consumer Affairs (available at: https://consumer.sc.gov/business-resourceslaws/licensing/mortgage-broker/forms)….
Document Updates: Mortgagee’s Assurance of Completion (Cx3556) and Compliance Inspection Report (Cx14697)
Pursuant to our monthly audit of GSE and Federal Agency forms, we will be making the following changes to the following documents:
- Mortgagee’s Assurance of Completion (Cx3556). We will be updating this duplicate of Form HUD-92300 to match the latest version of the form posted on HUD’s website.
Document Updates: Notary Block on Massachusetts Security Instruments (Cx328, Cx486, Cx1332, and Cx19379)
A memorandum issued by the Chief Title Examiner from the Massachusetts Land Court says that:
“…acknowledged documents used in connection with the conveyance of registered land in Massachusetts – whether notarized within the Commonwealth of Massachusetts or another state – must use a form of acknowledgment that conforms substantially with the statutory form language set forth in c….
Last year, Ind. Code Ann. § 32-21-2-3(a) was amended (allegedly in error) to require both a notarial acknowledgment and a proof on instruments submitted for recording (see https://compliance.docutech.com/2020/06/30/document-updates-all-indiana-real-property-recordable-documents/ for details).
Last week, this same subsection was amended and now requires the following:
“Any instrument to be recorded must have one (1) of the following notarial acts:
(1) An acknowledgment (as defined in IC 33-42-0.5-2)….
The following changes are being made to the redesigned FNMA Form 1003 / FHLMC Form 65 (our Cx20667) following further testing that has been done during the FNMA/FHLMC Limited Production Period:
- Unmarried Addendum: The Unmarried Addendum eSign behavior will be controlled by two fields:
- Field 143180 “Unmarried Addendum eSign – Behavior”
- Enumerations: (1) eSign only;
- Field 143180 “Unmarried Addendum eSign – Behavior”
Over the course of the past three months, we have made several changes to our documents due both to the issuance of new IRS Form 4506-C and the fact that this will be the only form accepted by the IRS through their Income Verification Express Service (“IVES”),…