ConformX DC Mortgage Disclosure Form (Cx13354) is being provided in DC Initial Disclosure packages for ARM loans with a loan term of 30 years, as required by D.C. Code Ann. § 26-1113(a-1). Although the text of the form does not intuitively apply to HELOCs,…
The VA is in the process of publishing revisions to each chapter of their “Lender’s Handbook” (see https://compliance.docutech.com/2019/02/13/compliance-news-va-planning-to-rescind-outstanding-circulars/ for details) and, on July 30, 2019 they revised Chapter 9 (“Legal Instruments, Liens, Escrows, and Related Issues”).
Among other changes,…
On July 22, 2019 the VA updated Chapter 13 of their “Lender’s Handbook” with the following relevant delivery requirements for the “Notice of Value”, which is required to be sent by the lender to the borrower after an appraiser has submitted the appraisal report through WebLGY:
“Once the SAR [Staff Appraisal Reviewer] has determined the appraisal report is acceptable to VA,…
This document is provided pursuant to Ga. Comp. R. & Regs. r. 80-11-1-.01(9) and, since November 2015, has only been provided for loans not subject to 12 C.F.R. § 1026.19(e) & (f), due to amendments which were made at that time which included the following clause:
“This disclosure requirement may be satisfied by complying with a substantially similar disclosure as required by federal law.” (Ibid.…
This document is provided pursuant to S.C. Code Ann. § 37-23-70(D), which requires (inter alia) that “the mortgage broker, originator, or employee shall provide the borrower with a document specifying the agency designated to receive complaints ….
Rhode Island Gen. Law § 27-58-7 states:
(a) A financial institution shall prominently disclose in writing, in clear and concise language, to the institution’s customers, including in any advertisement or promotional material, pursuant to regulations prescribed by the commissioner,…
Pursuant to a periodic review, we will be updating the language of our generic PMI Disclosure forms to be more consistent with the language of 12 U.S.C. 4902 & 4903. Aside from a few minor grammatical changes, the most notable update is to the “Automatic Termination of PMI”…
We have added default behavior to VA Form 26-8937, Verification of VA Benefits (Cx3952) following the release of from the Veterans Benefits Administration of VA Circular 26-19-17, Funding Fee Guidance to Lenders and Servicers, dated June 28, 2019, which directs lenders and servicers to take the following action:
Funding Fee Exemption Determination….
Vt. Admin. Code 4-2-6 requires that a high rate/high point notice shall be “printed on a single sheet of colored paper that is easily distinguished from all other disclosures, applications or other loan documents presented to the borrower. Except as otherwise required herein,…
Cx13498 is provided pursuant to the provisions of Fla. Stat. Ann. § 494.0069 and Fla. Admin. Code r. 69V-40.155 & 69V-40.260(2)(d). While these provisions do include requirements for disclosing any discount points locked-in, they do not require origination charges to be listed….
The June 2019 IRS Form 4506-T update announced here, including the removal of Line 5a regarding mailing the tax transcript to third parties, has been postponed, pending further clarification from the IRS.
Although the IRS has stopped third-party mailings as part of a series of steps to safeguard taxpayer data,…
As previously announced, the IRS has updated their Form 4506-T to “better protect taxpayer data” (see https://www.irs.gov/forms-pubs/about-form-4506-t). We will be updating our standard copy of the form (Cx3095) to match these latest revisions.
We are still monitoring the IRS’ website for when they publish a revised version of the standard Form 4506….
As previously announced, if a value is sent to the new field “Borrower 1 Proposed Supplemental Property Insurance” (field 131691), which prints in the “Proposed Monthly Payment for the Property” section of the redesigned 1008 and redesigned 1003,…
According to DC Code § 47-813, a Class 1 property is established if the property is comprised of improved residential real property, is occupied by the owner, contains not more than 5 dwelling units, and is used exclusively for non-transient residential dwelling purposes….
Cx1566, which is a duplicate of the “Notice to Homeowner: Release of Personal Liability for Assumptions” form published by the Department of Housing and Urban Development on their website (https://www.hud.gov/program_offices/housing/sfh/model_documents), is provided pursuant to the provisions of 24 C.F.R….
As previously announced, references to “subprime” loans in various sections of Minnesota’s statutes will be removed. Among these are Minn. Stat. Ann. §§ 58.13(1)(a)(18) and 58.137(2)(c).
Cx18227 is provided as an “upon request” document for Ibid.…
We provide the following generic copies of the UCC-1 and UCC-3 forms, which are configured to print for loans secured by shares and a lease in a cooperative unit (“cooperative loan”):
After a review of these documents,…
Cx1507 is provided pursuant to the provisions of N.J. Stat. Ann. §§ 17:16F-17, 54:5-64(c), & 54:5-104.48 and N.J. Admin. Code §§ 5:33-4.3 & 5:33-4.4 and it is a duplicate of “Form ME1 – Initial Tax Authorization Notice” published on the New Jersey Department of Community Affairs website (https://www.state.nj.us/dca/divisions/dlgs/programs/tax_collector.html)….
New Redesigned Uniform Residential Loan Application
The new redesigned URLA entitled “1003 Uniform Residential Loan Application – 07/2019” (Cx20667) is available for clients to print on ConformX test servers. The print trigger “Print Redesigned 1003 Loan Application” (field 123494) determines whether the new version (Cx20667) prints or the older “1003 Uniform Residential Loan Application” (Cx4193) prints….
As previously announced both here and here, both Indiana and Oklahoma have updated the maximum late fee which can be assessed under their versions of the Uniform Consumer Credit Code (“UCCC”).
As customary each year,…
