We have modified the language and format of our standard California Request for Fair Lending Information, Cx18014, to more closely mirror the requirements of Cal. Code Regs. tit. 21, § 7114.1. The changes include the removal of the Ethnicity section,…
Under 12 CFR § 1026.38(j)(1)(v) and 12 CFR Pt. 1026, Supp. I, Paragraph 38(j)(1)(v) – 2, “payoff[s] of other secured or unsecured debt” must be disclosed in the area subsequent to Line K.03 (“Closing Costs Paid at Closing (J)”) of the CD,…
We have modified our standard multi-state Security Instrument Riders for use with Home Equity Line of Credit packages. The specific documents (and their associated Cx IDs) are as follows:
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As previously announced, the VA have posted new regulations applicable to all VA refinance loans other than an interest-rate reduction refinance loan (“IRRRL”). The VA is informally classifying these refinance loans as:
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An essential aspect of our new support for cooperative loans (details of which can be found here, here, and here) is that we currently only support these loans to the extent accepted by FNMA….
ORS 1345.05(A)(4) requires the Ohio Attorney General to publish a disclosure that describes acts and practices in connection with residential mortgages that are unfair, deceptive, or unconscionable and to make such disclosure available on its website. Subsection (G) of the same section requires lenders to make this disclosure available to consumers that are applying for a mortgage loan….
Md. Code Ann., Tax-Prop. § 12-108(g) exempts from a recordation tax certain refinance security instruments “to the extent that it secures the refinancing of an amount not greater than the unpaid principal amount secured by an existing [instrument] at the time of refinancing ….
As a part of our efforts (see here and here) to expand the scope of our support for loans secured by a borrower’s ownership shares and lease in a cooperative unit (“cooperative loans”), we are pleased to announced that we will be rolling out support for these types of loans in Alaska,…
As previously announced, the California Department of Business Oversight (“DBO”) published new disclosure forms (in Spanish) to be used once CA SB 1201 (2018) became law, which it did on September 11, 2018 with a practical effective date of January 1,…
Through our Manufactured Home Limited Power of Attorney (Cx6874), a borrower appoints an entity (usually the lender) as the borrower’s “attorney-in-fact” in connection with a manufactured home, giving the “attorney-in-fact” limited powers over the titling of the manufactured home (e.g.…
As previously announced both here and here, the Consumer Financial Protection Bureau (“CFPB”) has updated a couple of the dollar amounts specified in various parts of Federal Regulation Z (12 CFR Pt. 1026), which amounts are required to be adjusted annually for inflation….
On December 19, 2018 Gov. Bruce Rauner (R-IL) approved IL HB 5542 (2018) which amends several parts of Illinois’ statutes, including 205 Ill. Comp. Stat. Ann. 635/5-9 (see http://www.ilga.gov/legislation/billstatus.asp?DocNum=5542&GAID=14&GA=100&DocTypeID=HB&LegID=111507&SessionID=91). These amendments took effect immediately.
Ibid.…
Subsequent to our state-by-state construction-to-permanent review, discussed in a previous post, we have modified and added several documents for Texas construction-to-permanent loans. This was necessary because Texas construction loans are not structured the same as they are in other states….
In September we announced that FNMA had revised their model construction loan forms. Docutech has used these model forms to create new generic construction loan documents for construction-to-permanent loans. These new generic FNMA construction documents are:
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The following data integrity error message triggers for USDA/RD loans in ConformX if the loan term is more than 360 months, the loan is interest only or biweekly, there is a balloon payment, or the amortization type is set to ARM:
“Per 7 CFR § 3555.104(b),…
Pursuant to a periodic review, it came to our attention that 26-C DCMR § 1116.2(e) requires:
“The following additional information shall be included in, or attached to, a mortgage loan application if available at the time of the application:
[…]
(e) Disclosure as to whether the loan may result in a balloon payment…”…
Tennessee law TCA § 56-35-133(a) requires that:
“…the person conducting or handling the settlement…shall obtain from the purchaser a statement in writing that the purchaser has received a notice that owner’s title insurance may be available to the purchaser and that the purchaser does or does not desire to purchase the insurance coverage.”…
As previously announced, FNMA updated their requirements regarding borrower-initiated cancellation of private mortgage insurance (PMI) this past July. Mandatory compliance with these changes begins September 1, 2019, but servicers may optionally begin complying with these changes starting on January 1,…
Under Nev. Rev. Stat. Ann. § 107.090(3)(b), a copy of a notice of default is required to be provided to “each . . . person with an interest whose interest or claimed interest is subordinate to the deed of trust.” Thus,…
District of Columbia
DC Code § 42.2303 gives a Credit Line Deed of Trust priority over other unrecorded instruments. The law also gives any future advances priority over such instruments. A “Credit Line Deed of Trust” is defined as:
“…any deed of trust in which title to real property located in the District of Columbia is conveyed,…
