As previously announced, Fannie Mae and Freddie Mac published a notice on October 23, 2019 concerning updates to the Redesigned 1003, available here: https://www.fanniemae.com/content/notification/notification-urla-announcement-october-2019. Our copy of the Redesigned 1003 Uniform Residential Loan Application,…
Cx11242 is a duplicate of Form 3, “Rhode Island Home Loan Protection Act Disclosure – Tangible Net Benefit”, published by the Banking Division of the Rhode Island Department of Business Regulation on their website (http://www.dbr.ri.gov/divisions/banking/bank-licenseeinfo.php), and is required by law under R.I….
While Federal Regulation Z permits, but does not require, signature lines to appear on the Loan Estimate and Closing Disclosure forms (see 12 CFR §§ 1026.37[n] & 1026.38[s]), some State administrative laws do require signatures on one or both of these documents,…
According to Texas Finance Code § 343.104, “[a] lender may not offer any individual or group credit life, disability, or unemployment insurance on a prepaid single premium basis in conjunction with a home loan unless the following notice is provided…”…
This past August, the USDA Office of Rural Development (“RD”) announced that they would be publishing a new version of form RD 3555-21 in October. Yesterday afternoon, RD published the appropriate new version of the form on their website….
Florida Statute 494.0069(1)(c) requires that each lock-in agreement must “contain the discount point locked in, if any”. Since the statute does not specify whether discount points are to be paid by the borrower or seller specifically, we are taking a more conservative approach and modifying our Generic Florida Interest Rate Lock Agreement (Cx13498) to disclose both borrower-paid and seller-paid discount points (if they exist)….
Cx1906 is provided pursuant to the following provisions of Iowa Code Ann. § 535.8(5):
“A lender who offers to make a loan with only those fees authorized by subsection 4 may also offer in exchange for the payment of an interest reduction fee to make a loan on all of the same terms except at a lower interest rate and with the lower payments resulting from the lower interest rate….
As previously announced, the Maryland Department of Labor, Licensing, and Regulation has amended their regulations which, inter alia, has caused some sections of the law to be re-codified into other sections. As a result,…
As previously announced, FMNA has create a new “may” change to Form 3200, permitting language to be added to this promissory note which specifies that the amount of any late charge cannot exceed $100. FHLMC has authorized a similar “may” change to all of their promissory notes (see “Authorized Changes to Notes”,…
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….
