New York Lien Law § 22 requires that a building loan contract, in writing and duly acknowledged with a statement under oath, must show the consideration paid, all other expenses to be incurred in connection therewith, and the net sum available to the borrower….
Our Borrower and Non-Purchasing Entity Signature/Name Affidavits (Cx865 and Cx7965, respectively) are not required by law, but are provided as a way to prevent any future litigation arising over the identity of the borrowers. These documents are sworn statements, which,…
MGLA 183 § 6B requires that all documents to be recorded in Massachusetts shall, if applicable, set forth in the margin the street address of the property which is affected by the recorded document. Consequently, we are updating the MA Assignment of Mortgages to include the Property Address….
Step Rate Decrease
Non-ARM loans with more than one rate that increases over time are labeled as “Step Rate” in the “Product” description on the Loan Estimate (LE) and Closing Disclosure (CD) per 12 CFR § 1026.37 (a)(10)(i)(B):
“Step rate….
Docutech is updating the formats of LA Mortgage (Cx327), LA Mortgage Second (Cx485), and FHA LA Mortgage (Cx19376) to reflect the current Louisiana – Single Family – Fannie Mae/Freddie Mac Uniform Instrument (Form 3019) model found at https://www.fanniemae.com/singlefamily/security-instruments#….
IRS Form W-9 “Request for Taxpayer Identification Number and Certification” (Cx22) includes a certification of the signer that “I am a U.S. citizen or other U.S. person (defined below)”. The instructions include the following related information:
“Definition of a U.S….
Docutech has received several inquiries for guidance on whether a prepaid interest credit (negative prepaid interest) may be used to reduce the amount disclosed for the Total of Payments (TOP) on the Closing Disclosure and the Total Interest Paid After Five Years (TP5Y) on the Loan Estimate….
As previously announced, the Rhode Island Department of Business Regulation amended their regulations which implement the “Home Loan Protection Act” (see https://compliance.docutech.com/2018/11/05/compliance-news-changes-to-rhode-islands-home-loan-protection-act-regulations/). Part of these changes included modifications to the following disclosures provided pursuant to the Act:
We will be modifying these forms to match the model forms promulgated in new Bulletin 2018-4 (available at: http://www.dbr.state.ri.us/news/banking.php)….
5 Del. Admin. Code §2104-1.0 requires that brokers have a “separate, signed, written agreement with the applicant, independent of the loan agreement.” As a result, we have added a Broker Signature Line to Cx3585 to ensure compliance with the above mentioned regulation….
New Jersey’s law changed N.J. Stat. Ann. § 17:11C-74(24)(a) & (b) and (c)(3) & (c)(6) to effectively differentiate a “discount point” from a “broker fee” by holding that a “discount point” is charged by a lender, while a “broker fee”…
As a part of our efforts 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 announce that we will be rolling out support for these types of loans in California,…
Cx2283 is a duplicate of form HUD-92564-CN, which is provided pursuant to the requirements of FHA Single Family Handbook 4000.1 II.A.1.a.ii(A)(4), II.A.8.a.xiv(B)(3), & A.9.k.ii.
Pursuant to our recurring audits of FHA forms, we will be updating Cx2283 to match the latest version of this form,…
As previously announced, the “New Jersey Residential Mortgage Lending Act” (N.J. Stat. Ann. §§ 17:11C-51 et seq.) was recently amended, with new definitions of “commitment fee”, “lock-in agreement”, and “lock-in fee” being promulgated under Ibid.…
Cx22 is a duplicate of IRS Form W-9 (available directly at: https://www.irs.gov/pub/irs-pdf/fw9.pdf). The newly posted October 2018 version of IRS Form W-9 shows an updated percentage of 24% (reduced from 28%) in the Backup Withholding section found on page 2 in the righthand column….
Freddie Mac previously restricted the eligibility of Texas Equity Section 50(a)(6) Mortgages to fixed-rate loans, but certain ARMs are now allowed per Freddie Mac Selling Guide Section 4301.7:
“A Texas Equity Section 50(a)(6) Mortgage must be a conventional First Lien Mortgage that is a:
…
In an effort to update our signature lines for Inter Vivos Revocable Trusts we are modifying our signature language for Montana and Washington state. Previously, the law in Montana (MCA 72-33-202) used the term “Trustor”. Consequently, we placed the term “Trustor” in the signature lines instead of the term used in the FNMA model language (“Settlor”)….
Cx3583 is provided pursuant to Del. Code Ann. tit. 5, § 2113 and 5 Del. Admin. Code §§ 2102-1.2.7, 2103-2.0 & 6.0, 2104, & 2203-6.0. Under Ibid. § 2104-2.11, a mortgage broker agreement must contain “a statement that the applicant may be entitled to the refund of certain funds paid to the licensee upon exercise of the right to rescind the transaction under the Federal Truth-In-Lending Act,…
TRID 2.0 provides the following guidance for cases where the first column of the “Projected Payments Table” (“PPT”) reflects the amounts payable during both the construction- and permanent-phases of a construction-to-permanent loan:
“If the creditor elects to disclose the construction and permanent phases as a single transaction,…
On June 23, 2017 we announced the creation of Cx21542, made due to the following example provided by the VA:
“Example 1 (see Exhibit A). The fees and charges shown in this example clearly exceed the allowable one percent flat fee for charges related to the cost of loan origination….
Cx15312 is a duplicate of the Model B-3/H-3 Form provided by the Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau pursuant to the provisions of 15 USCA § 1681m(h) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1), and 16 CFR § 640.5(d)(1)….
