The “Lender Certification” which forms a part of Cx14501 is required primarily as follows:
“Lenders originating loans are responsible for determining and certifying to VA on the appropriate application or closing form that the loan meets all statutory and regulatory requirements….
We had previously announced certain changes to Cx4982 (see https://compliance.docutech.com/2018/03/19/document-updates-assignment-of-lease-coop-cx4982/). Based on feedback received from clients, we will be modifying the new language to remove the clause limiting civil actions to within one year of execution of the assignment….
After a recent review of our document library, we have updated Cx997 and Cx995 to match the model forms provided here for Cx997 and here for Cx995. The changes, which were minor in detail, included the addition of the sentence and website “For more information regarding the PRE,…
The New York Department of Financial Services has issued new regulations (codified in N.Y. Comp. Codes R. & Regs. tit. 23, Pt. 500) imposing cybersecurity requirements on “covered entities” and “third party service providers”.
A “covered entity” is defined under these regulations as “any Person operating under or required to operate under a license,…
In addition to the changes to our Loan Security Agreement – COOP (Cx4987) made last month (see https://compliance.docutech.com/2018/03/19/document-updates-loan-security-agreement-coop-cx4987/), we will be replacing the text of Section 15 (“Your Right on Default”) of the New York-version of this form with new,…
The loan originator and NMLS information blocks that print on the last page of the Note and Security Instrument will be updated. While content that prints in the information blocks will be the same, the labels have been updated to improve the look,…
As previously announced, the headquarters of the District of Columbia Department of Insurance, Securities and Banking (DISB) has relocated from 810 First Street NE in Washington, D.C. to 1050 First Street NE, Suite 801.
The old address appears on Cx4245,…
Pursuant to a review by our Legal team, Docutech is updating the print configuration of our Tangible Net Benefit Worksheet (Cx12531) for the state of Alaska, since there is no formal disclosure requirement under Alaska Stat. § 06.60.350. Currently, Cx12531 prints for Alaska as a generic default,…
At the end of last year, FNMA updated several of their uniform documents (see https://compliance.docutech.com/2017/12/27/document-updates-fannie-mae-updates-texas-uniform-instruments/) to be more compatible with the recently passed amendments to Texas’ Constitution (see https://compliance.docutech.com/2017/11/28/document-updates-various-texas-home-equity-loan-documents-2/).
After reviewing FNMA’s changes,…
Under TRID 1.0 (78 FR 79730 [2013]), the “Borrower” listed on the top of the Closing Disclosure (“CD”) is the “consumer” and, in rescindable transactions, the “consumer” includes “natural person[s] in whose principal dwelling a security interest is or will be retained or acquired,…
As previously announced, the Finance Commission of Texas and the Texas Credit Union Commission issued finalized joint amendments to 7 Tex. Admin. Code Pt. 153 (see https://compliance.docutech.com/2018/03/14/important-notice-concerning-texas-constitutional-amendments-2/) which were published in the Texas Register on March 23,…
The Social Security Administration has recently issued a new Spanish version of Form SSA-89 (Social Security Number Verification – Spanish, SSA-89-SP). To accommodate this new form, we have created a copy of the document (Cx22142) that will print in the Initial Disclosure package for loans that include Spanish-language documents….
As previously announced, we indicated that our Late Fee and Prepayment Penalty matrices would be updated, due to the passage of OH HB 199 (2017) which modified several of the laws applicable to these types of fees….
As previously announced, we had slated the following documents for potential retirement, due to the passage of OH HB 199 (2017):
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New Official Staff Commentary to Federal Regulation Z (12 CFR Pt. 1026), enacted as part of the “Amendments to Federal Mortgage Disclosure Requirements under the Truth in Lending Act (Regulation Z)” or, using the common vernacular, “TRID 2.0” (82 FR 37656 [2017]),…
Last December, FHLMC published Bulletin 2017-28 announcing new guidance concerning land trusts (see https://compliance.docutech.com/2017/12/15/compliance-news-fhlmc-bulletin-2017-28-updates-land-trusts-texas-home-equity-loans/). Among these changes were the following:
“Each beneficiary of the Land Trust who is a Borrower must execute a Collateral Assignment ….
Pursuant to an internal audit, we will be making the following changes to our generic security agreement, which is used for loans secured by shares in cooperative units located in Florida, Illinois, New Jersey, and New York:
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After reviewing our generic Assignment of Lease – COOP (Cx4982), we will be adding new language to it in which the borrower (assignor) “covenants and represents” to the lender that:
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Pursuant to a review by our Legal team, Docutech is making modifications to our second lien security instruments to more closely conform with the FNMA model first lien security instruments. The changes made include:
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We will be modifying the default setting for the language which appears in emails generated from ConformX and SoleX so that it only includes the corresponding loan number in the text, rather than including both the loan number and the borrower’s last (or full) name….
