Our North Carolina Tangible Net Benefit Worksheet (Cx2031), and our Tangible Net Benefit Worksheet (Cx12531) that prints for Minnesota and New Mexico refinances (and can print for Alaska, Arkansas, New York, Ohio, Virginia, and Washington upon request), both have language in the “Type of Loan”…
As previously announced, VA Circ. 26-20-13, Change 1 adds the following to VA Circ. 26-20-13 (a Circular providing guidance on valuation practices during the COVID-19 pandemic):
“d. Water System Acceptability. Well water testing for refinance transactions where the home is already encumbered by a VA loan will be waived….
During a review of VA documents following the rolling updates to the chapters of VA Handbook 26-7, Docutech has determined that the language of VA Form 26-6393, Loan Analysis, and references in Chapter 4 of the Handbook, indicate that only the Veteran should be listed in Box 1 “NAME OF BORROWER”….
Cx15037 is provided pursuant to Ga. Code Ann. § 48-6-69(a), which requires, in connection with real property which is located in more than one county, for the intangible recording tax to be distributed between each county on a pro rata basis….
Pursuant to a document review, we are adjusting the Lender notary on our Texas Affidavit of Fair Market Value of Homestead Property (Cx3653). The name used in the notary paragraph will now be the “Corporate Officer Full Name – First Officer”…
Since the incorporation of the Alternative Reference Rates Committee’s “fallback” language (“ARRC language”) into the uniform FNMA and FHLMC ARM notes and ARM riders (see https://compliance.docutech.com/2020/03/18/document-updates-adding-fallback-language-to-standard-arm-notes-and-arm-riders/ for details), questions have been raised as to whether or not this language should also be incorporated into our standard FHA and VA ARM notes and riders….
Cx14692 has historically been provided exclusively for VA and RD loans under the provisions of VA Circ. 26-10-01 & 26-10-9 and RD AN No. 4510 (1980-D), which, due to the combining of origination-type charges into Line 801 of the HUD-1 starting in 2010,…
If the ConformX fields used to populate the “Year or period requested” sections of IRS Forms 4506-T and 4506 (Request for Transcript/Copy of Tax Return) are not set, the first two dates default to the last day of the previous two calendar years….
Pursuant to our periodic audits of our copies of Federal Agency forms, we will be making the following changes (in addition to minor, punctuation changes):
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Currently, our standard fixed, junior lien note for loans secured by real property located in Alaska discloses the borrower’s post office address towards the beginning of the document, in addition to the property address.
After a thorough review of Alaska’s laws,…
Cx23858 was created due to client and investor demands for a document in which the borrower declares, at the time of Closing, that certain facts regarding their ability to repay a loan are still true and have not been negatively impacted (particularly in regards to the COVID-19 pandemic;…
The Wisconsin version of Cx2783 is provided pursuant to Wis. Stat. Ann. § 138.052(7e)(b) and Wis. Admin. Code, DFI-BKG § 43.02(11) & (14), the former of which requires the following:
“Before accepting an application or fee in connection with a loan,…
FNMA and FHLMC have issued temporary amendments to their rules regarding the use of a power of attorney (“POA”) in certain transactions; in particular, they are allowing the attorney-in-fact to be an employee of a party to the transaction, under certain circumstances (albeit the seller in a purchase transaction cannot act as an attorney-in-fact for the borrower)….
Due to the COVID-19 pandemic, the GSEs and Federal Agency’s have implemented temporary changes to their rules regarding the verification (and re-verification) of a borrower’s income and employment (see FNMA LL-2020-03, FHLMC Bulletin 2020-5, FHA ML 2020-05, VA Circ. 26-20-10,…
On March 20, 2020 the Massachusetts Department of Fire Services released a memorandum temporarily permitting the inspections of smoke detectors and carbon monoxide alarms, which sellers are normally required (under various provisions of Massachusetts law) to have completed prior to the transfer of title,…
Pursuant to 32 CFR § 232.6(a), the Military Lending Act (MLA) requires that “[w]ith respect to any extension of consumer credit…to a covered borrower, a creditor shall provide to the covered borrower…[a] statement of the MAPR applicable to the extension of consumer credit…”…
As previously announced (see here and here), FNMA and FHLMC have adopted the “fallback” language proposed by the Alternative Reference Rates Committee (“ARRC”; see https://www.newyorkfed.org/arrc/fallbacks-contract-language) and have incorporated it into their uniform ARM promissory notes and ARM riders….
The Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) retired their convertible ARM loan documents quite some time ago. These documents and related programs are not in use in ConformX.
We will discontinue support for the following programs:
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The Nevada Division of Mortgage Lending publishes model/official forms which can (or are required to) be used to comply with certain disclosure laws. These forms and laws, plus our versions of these forms, are as follows:
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TRID requires “the amount of any fee the creditor imposes on the consumer for not establishing an escrow account in connection with the transaction” (12 C.F.R. § 1026.38[l][7][i][B][2]) to be disclosed in the “No Escrow” table on page 4 of the Closing Disclosure….
