As previously announced, final amendments to 7 Tex. Admin. Code Pt. 80 & 81 were made this past November (with an effective date of May 1, 2020). Among these amendments were changes to the “Conditional Pre-Qualification” and “Conditional Approval” letters required by Tex….
It has come to our attention that the Office of Recorder of Deeds for Greene County, Pennsylvania will only accept documents which have a font size of 12 or larger on all pages submitted for recording.
Consequently, we are increasing the font size to 12 point for the following Greene County,…
As previously announced (see https://compliance.docutech.com/2020/02/06/compliance-news-major-gse-arm-notes-and-riders-changes/ and https://compliance.docutech.com/2020/02/21/docutechs-roadmap-to-libor-retirement/), the GSEs have announced that they will not purchase an ARM, with an application date on or after October 1, 2020, which uses LIBOR as its index.
To raise awareness of this fact,…
Pursuant to our monthly audit of GSE and Federal Agency forms, we will be making the following changes to Cx801 and Cx2283:
8821 Tax Information Authorization (Cx801):
Cx801 – a duplicate of IRS Form 8821 – will be updated to match the latest version of the official form (available at: https://www.irs.gov/forms-pubs/about-form-8821),…
These two documents are provided pursuant to 12 C.F.R. § 1026.19(b)(2), Clause (ii) of which requires a creditor to disclose “the index or formula used in making adjustments [for certain variable-rate transactions], and a source of information about the index or formula”….
On February 5, 2020 the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) announced the following:
“Due to lack of demand and an increase in associated operational costs, Freddie Mac is retiring the eligibility for sale of Mortgages originated with a biweekly payment schedule,…
Under Massachusetts law, the following is proscribed:
“It is an unfair or deceptive act or practice for a mortgage broker or lender to accept any broker fee, application fee or other fee, prior to the borrower’s receipt of any disclosure forms mandated by 940 CMR 8.05(1)….
Nevada law found in NRS 111.3112(1)(b) states:
“The county recorder shall not record with respect to real property, a notice of completion, a declaration of homestead, a declaration of removal of discriminatory restriction, a lien or notice of lien,…
Cx18892 is a duplicate of the U.S. Department of Agriculture’s form RD 3555-18 (available at: https://forms.sc.egov.usda.gov/eForms/searchAction.do?pageAction=BrowseForms&_MenuAction=Yes) and Cx3818 is a duplicate of the last two pages of said form (primarily comprised of the “Lender Certificate” section).
RD 3555-18 was recently revised and we will be updating Cx3818 and Cx18892 to match the latest version….
After a recent compliance review, we are updating our Loan Modification Agreements to better match the corresponding security agreements to include necessary witness signature lines for various states. By default, witness lines will not appear on the Loan Modification Agreements for any states except Florida (FL ST 589.01),…
As part of a periodic audit focusing on notary sections, we are reviewing all of our standard documents with a notary block. To ensure more conservative compliance, we will be comparing the notary block to the model forms published for each of the fifty states and the District of Columbia….
On December 20, 2019 the Georgia Department of Banking and Finance finalized amendments to Ga. Comp. R. & Regs. 80-11-1 to include various provisions to accommodate 12 U.S.C.A. § 5117, which generally grants licensed (or registered) loan originators temporary authority to originate loans while they operate in a State in which they are in the process of being licensed or registered (e.g.…
These two disclosures for Illinois are provided pursuant to 765 Ill. Comp. Stat. Ann. 910/11 and Ill. Admin. Code tit. 38, §§ 1050.1110(f) & 1050.1360(a)(1). Both documents disclose (verbatim) the Illinois Mortgage Escrow Account Act, Section 5 of which permits the borrower to terminate their escrow account once their mortgage has been “reduced to 65% of its original amount” (Supra 910/5)….
The Florida legislature passed laws updating the state’s notary statutes. Both Fla. Stats. Ann. 695.25 and 117.05 were amended to allow for “online notarization”, as that term is defined in Fla. Stat. Ann. § 117.201(9). The changes modify the short form notary blocks to require the notary public to state whether the acknowledgements were taken physically or electronically through the addition of checkboxes and the language “by means of physical presence or online notarization”….
On June 9, 2017, Governor Brian Sandoval signed into law AB 468 (2017), which amends various provisions concerning mortgage bankers and mortgage brokers, including combining the two definitions together into a singular definition of “mortgage company” (see https://www.leg.state.nv.us/App/NELIS/REL/79th2017/Bill/5726/Overview)….
According to a new December 20, 2019 Rule that will be codified as Ga. Comp. R. & Regs. 80-11-1.-01(11), the Georgia Department of Banking and Finance instructs that when a mortgage lender or mortgage broker sponsoring a mortgage loan originator who is unlicensed but operating as a mortgage originator pursuant to 12 USC § 5117,…
Although not common, community land trusts have been established in many locations throughout the United States. Regarding community land trusts, FNMA Selling Guide B8-5-04 says:
“Mortgages secured by properties located on a community land trust are subject to a ground lease,…
The Wisconsin Department of Financial Institutions-Banking set forth the following definition of “Loan Commitment” in DFI-BKG 40.01(5):
“Loan commitment” means a written statement signed by a lender, setting forth the terms and conditions upon which the lender is obligated to make a particular residential mortgage loan to a particular applicant….
Today, FNMA and FHLMC issued a joint “URLA Implementation Timeline” which indicates that the new URLA must be used beginning on November 1, 2020. Industry participants may begin using the new URLA as soon as September 1, 2020 and pre-approved participants may begin using it as soon as June 1,…
The Department of Housing and Urban Development has updated HUD form 92900-LT (FHA Loan Underwriting and Transmittal Summary) found on their website https://www.hud.gov/program_offices/administration/hudclips/forms/hud9#group2.
We will be updating our copies Cx13513 and Cx15849 to match the latest version of this form. …
