Cx3584 is provided pursuant to Colo. Rev. Stat. Ann. §§ 5-3-106 & 5-18-107. The first part of the document is meant to comply with the following requirement:
“With respect to a real estate secured credit transaction payable in installments,…
The Aztech Recognition Agreement (Cx8091) is the most popular recognition agreement used for loans secured by shares and a proprietary lease of a unit in a cooperative project located in New York. Many investors require this agreement to be used (or require an agreement which is as favorable to a lender as the Aztech Agreement)….
Pursuant to an internal review, Docutech is adjusting the language on our ARM and Balloon PMI disclosures to more closely mirror the language of the Homeowner Protection Act (12 USCA § 4901 et seq.) The disclosures will now include a statement that the “servicer will notify the mortgagor when the cancellation date is reached.” Accordingly,…
At the beginning of this year, the Federal Home Loan Mortgage Corporation (“FHLMC”) announced that, “to provide transparency to our Sellers, we are adding the selling requirements for Cooperative Share Loans and Cooperative Project to the [Single Family Seller/Servicer] Guide in new Guide Chapter 5705” (FHLMC Bulletin 2020-1)….
As announced earlier this week, Oregon recently enacted legislation requiring certain types of forbearance accommodations for mortgage loans. OR HB 4204, § 1(9) (2020) requires the following:
“Within 60 days following the effective date of this 2020 special session Act (August 29,…
Formerly under Mass. Regs. Code tit. 209, §§ 32.32(3)(f)(1) & 40.04(6)(a), the following was required:
“The following statement must appear in at least 12 point type directly above the borrower’s signature line on the application: ‘The loan which will be offered to you is not necessarily the least expensive loan available to you and you are advised to shop around to determine competitive interest rates,…
On March 20, 2020 Gov. Charlie Baker (R-MA) issued COVID-19 Order No. 12, which permitted the conditional deferrals of certain inspections on home safety equipment as a result of the COVID-19 pandemic. On June 26, 2020 Gov. Baker signed COVID-19 Order No….
Support has been added for several new Interest Only SOFR products under the “Custom Programs” investor (CSTM) in ConformX.
These two new 3/6 IO SOFR programs:
3/6 SOFR ARM Interest Only for 10 Yrs….
Cx13134 is provided pursuant to Colo. Rev. Stat. Ann. § 12-10-725(2) and 4 Colo. Code Regs. Pt. 725-3, while Cx14095 is provided pursuant to Colo. Rev. Stat. Ann. § 12-10-724 and 4 Colo. Code Regs. § 725-3:5.22. Both documents are based on model forms published by the Colorado Division of Real Estate on their website (https://www.colorado.gov/pacific/dora/node/101671)….
Earlier this year, Gov. Eric Holcomb (R) signed into law S.B. 340 (2020), which made a subtle amendment to Ind. Code Ann. § 32-21-2-3(a)(1), effectively requiring that “conveyance, a mortgage, or in instrument in writing to be recorded must be” both acknowledged by the grantor and proved before certain persons (e.g.…
Late Charge Disclosure
The most fundamental premise for the disclosures required in connection with closed-end loans subject to Federal Regulation Z is that such disclosures must “reflect the terms of the legal obligation between the parties” (12 C.F.R….
As previously announced, the CFPB has revised their TRID FAQs, which includes the addition of the following:
“Can a creditor require a consumer to sign and return the Loan Estimate or Closing Disclosure?…
As previously announced, Idaho’s “Mortgage Company Act” is scheduled to be repealed on July 1, 2020. Among the sections of this Act is Idaho Code Ann. § 26-2807, subsection (1) of which requires a mortgage company to “conspicuously and specifically,…
Under TRID 1.0, no guidance was given as to whether or not negative prepaid interest (which normally exists due to a refund by the creditor to the borrower when the first monthly mortgage payment occurred on the first day of a month following closing) should be included in the first of the “In 5 Years” disclosures on the LE (aka “TP5Y”) and the “Total of Payments” disclosure on the CD (aka “TOP”),…
As previously announced, the CFPB has published a revised version of the “CHARM Booklet” required by 12 C.F.R. § 1026.19(b)(1) (available at: https://www.consumerfinance.gov/learnmore/, subheading “Mortgages”). According to the CFPB:
“. . ….
As discussed previously, under FNMA LL-2020-03 and FHLMC Bulletin 2020-8, settlement agents and other persons “connected to the transaction” are permitted to act as an attorney-in-fact for borrowers, as an emergency measure due to the COVID-19 “lockdowns” which prevented the borrower from attending settlements in person….
Since FNMA and FHLMC published their latest version of FNMA Form 1008/FHLMC Form 1077, the mandatory usage date for this form (and the retirement of the previous, 2009-version of it) has been postponed once and then indefinitely postponed….
As previously announced both here and here, Oklahoma and South Carolina have updated their laws regarding the maximum dollar amounts which can be charged for late fees.
The Oklahoma Department of Consumer Credit has,…
Fannie Mae and Freddie Mac have jointly published a LIBOR Transition Playbook and FAQs to help the housing finance industry transition to SOFR:
https://www.fanniemae.com/portal/funding-the-market/libor/libor-transition.html
http://www.freddiemac.com/about/libor-transition.html
The Playbook includes the following table:
Support has been added to ConformX for the new FNMA/FHLMC SOFR products announced here: https://compliance.docutech.com/2020/04/01/compliance-news-fhlmc-releases-new-sofr-arm-notes-and-arm-riders/….
Pursuant to our monthly audit of Federal Agency forms, we will be making the following, substantive changes to Cx18891, to make it match the model form available through https://forms.sc.egov.usda.gov/eForms/searchAction.do?pageAction=BrowseForms/:
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