Or. Rev. Stat. Ann. § 86A.198 requires lenders/brokers to provide certain material to the borrower in English and in the language other than English in which a substantial portion of the communication that is related to the transaction takes place. …
Rural Development Form RD 410-9 “STATEMENT REQUIRED BY THE PRIVACY ACT” (Docutech’s Cx2862) contains a Federal Equal Credit Opportunity Act (ECOA) statement that includes an address for the agency which administers compliance with ECOA for Rural Development. This administering Federal agency is the Federal Trade Commission,…
Under TRID 2.0, the “closing costs expiration” date and time on the LE is to be left blank on any revised LE, per the following Official Staff Comment:
“Once the consumer indicates an intent to proceed within the time specified by the creditor under § 1026.37(a)(13)(ii),…
Last December, FHLMC promulgated new requirements concerning “Land Trust Mortgages” (see https://compliance.docutech.com/2017/12/15/compliance-news-fhlmc-bulletin-2017-28-updates-land-trusts-texas-home-equity-loans/ for details). Among these requirements are the following:
“Each beneficiary of a Land Trust who is a Borrower must sign the Note in that beneficiary’s individual capacity ….
It has been brought to Docutech’s attention that some clients prefer to attach exhibits to certain security instruments to include more comprehensive information for derivation clauses beyond the standard previous recording information pertaining to the derivation of title, i.e.…
Cx10455 is provided pursuant to the provisions of D.C. Mun. Regs. tit. 26-C, §§ 1117.4, 1117.5, & 1117.6. Under Ibid. § 1117.5(e), a lock-in agreement is required to include “a statement that any terms not locked-in by the lock-in agreement are subject to change until the mortgage loan is closed at settlement.”
In 2015,…
After a recent audit of our document library, it has come to our attention that Fannie Mae has issued new HomeStyle Renovation Mortgage documents. As a result, we have created the following documents: HomeStyle Renovation Loan Investor Rider (Cx22292/FNMA Form 3733),…
Currently, our generic form “New Jersey Private Well Water Test Results (Cx4441)”, is configured to print for every contract of sale of real property in the State of New Jersey, rather than printing only for sales of real property with private wells,…
After a recent review of our generic Private Mortgage Insurance (PMI) Disclosure forms, we are modifying the definition of “good payment history” on some of our generic PMI Disclosures to more accurately reflect the Homeowner’s Protection Act (12 U.S.C. 4901[4]) definition of “good payment history”….
Pursuant to a review by our Legal team, Docutech is updating the format of the Notice to Homeowner – Assumption of FHA Mortgages (Cx1566) to reflect the current FHA Single Family Mortgages Model Document found at https://www.hud.gov/program_offices/housing/sfh/model_documents….
Over the past few years it has become increasingly common for clients to desire functionality that will allow borrowers to make check-box selections and fill out document information during the eSign process (frequently called “form-fill” functionality). Although we have customized many generic documents to allow clients to have this ability during eSign,…
Following a standard review of our VA forms, certain changes are being made to Cx57 to more closely mirror the VA Loan Summary Sheet model, VA form 26-0286:
…
After a recent review of our copy of VA Form 26-6393, VA Loan Analysis (Cx5533), we are modifying the “Addendum” page to contain itemization headers that will help identify specific fees related to Section D, line 29 “Job Related Expense” and “Alimony/Child Support/Separate Maintenance Payments Owed to” totals. …
As previously announced (see https://compliance.docutech.com/2018/04/30/compliance-news-wisconsin-ceases-to-require-interest-payments-on-escrow-accounts/), Wis. Stat. Ann. § 138.052(5)(am)(1) has been amended to state the following:
“Except as provided in par. (b) [a provision permitting the lender and borrower to agree to waive interest payments on escrow accounts] and unless the escrow funds are held by a 3rd party in a noninterest-bearing account,…
Under South Dakota law, there are primarily two different types of foreclosure proceedings which may be conducted for a mortgage: (1) procedures under S.D. Codified Laws Chapter 21-47 (“Chapter 21-47”); or (2) under the “One Hundred Eighty Day Redemption Mortgage Act” (Ibid.…
After a careful review of our Inter Vivos Revocable Trust documents, we have decided to retire our generic Inter Vivos Revocable Trust Addendum To Note (Cx21132). Although FNMA has no requirement to use Cx21132, we have kept this document in our generic library as a convenience to our clients. …
Oregon Rev. Stat. § 86A.198 requires translated forms to be provided when the terms of the loan are advertised or negotiated in a language other than English. Subsection (2) in particular requires:
(a) A good faith estimate required under the Real Estate Settlement Procedures Act,…
The instructions for Form 3749: Maine MERS Mortgage Assignment, of which our Cx1529 is a copy, state that “Lenders MAY revise the second paragraph under “DEFINITIONS” to include recording information for the mortgage being assigned, such as the document number or book/volume and page number,…
Tennessee Code Tit. § 47-9-334(h) says:
(h) Priority of construction mortgage. A mortgage is a construction mortgage to the extent that it secures an obligation incurred for the construction of an improvement on land, including the acquisition cost of the land,…
Our most commonly used assignment of mortgages used for loans secured by property located in New York identify the mortgagors of the loan by using the mortgagor’s name and address. In order to enhance these documents and such identification, we will be replacing the current field used for the address on the form (FI 15352 – Property Address [Full]) with FI 15295 (Borrower Full Mailing Address)….
