Under N.Y. Ins. Law § 6503(d) through (f), a mortgagor is not permitted to charge private mortgage insurance (“PMI”) past certain thresholds for loans secured by property located in New York. These thresholds are generally lower than those set forth under the Federal Homeownership Protection Act (“HPA”;…
On February 1st, 2018, the Veterans Benefits Administration released Circular 26-18-1, Policy Guidance for VA Interest Rate Reduction Refinance Loans (IRRRL), which affects VA loans closing on or after April 1, 2018. In response, we have made changes to our VA Interest Rate Reduction Refinancing Loan Comparison (Cx14501)….
As previously announced, Cal. Gov’t Code § 27388.1 was created to permit county recording offices to charge an extra $75 for “every real estate instrument, paper, or notice required or permitted by law to be recorded, except those expressly exempted from payment of recording fees,…
To enhance the maintenance and scope of our support for loans secured by shares in cooperatives in New York, we will be providing new, modified copies of some of FNMA’s and FHLMC’s uniform notes and riders for these types of loans….
Fannie Mae Form 1204, HomeStyle Renovation Consumer Tips, is not a required document for HomeStyle Renovation loans, but some clients have chosen to use our copy of the form, Cx7163. We are making a few minor changes to Cx7163 in order to better match the model form,…
FNMA Form 1008 is provided in our system (Cx2901 and Cx15847) as an “upon request” document pursuant to FNMA 2018 Selling Guide B1-1-01, which states the following:
“The Uniform Underwriting and Transmittal Summary (Form 1008) summarizes key data from the loan application package….
Following feedback from clients, Docutech is making further changes to the logic determining the address of the agency to receive to borrower complaints in South Carolina, per S.C. Code Ann. § 37-23-70(D), which states:
“At the time of application for a mortgage loan,…
Following feedback from clients, Docutech is making further changes to the logic determining the name and address to be printed on the first page of California Security Instruments, per Cal. Gov. Code § 27321.5(b), which says:
“Every deed of trust or mortgage with power of sale upon real property,…
We are making several changes to Cx13, as follows:
Tennessee Law
Tenn. Code Ann. § 45-10-104 generally prohibits a financial institution from disclosing any financial records relating to a customer unless such customer authorizes such disclosure….
After a recent review of our document library, we will be making configuration changes to Cx1023 to better align with the statutes listed below:
Wisconsin statute 138.052(5m)(b)1 provides that:
“if an escrow is required to assure the payment of property taxes,…
After a recent audit of certain disclosure documents concerning the cancellation and termination of private mortgage insurance (“PMI”) premiums, which are required to be provided for a “residential mortgage transaction” under 12 USCA § 4903, the following changes were made:
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Currently there is language in our Assignee Blank set of assignments that refers to the Assignor as a “corporation”. We have modified these references to allow for different entity types (Ie. Corporations, Partnerships, LLCs) by utilizing field 1048 “Lender Is a”,…
Due to a recent document audit, we are updating our version of Indiana State Form 51781 (our Cx14885), to align with the updated model form that is available on the Indiana Department of Local Government Finance site located here: (http://www.in.gov/dlgf/8516.htm#Deductions)….
On May 1, 2017 we announced updates to our ConformX Late Fee Defaults (see http://blog.docutechcorp.com/late-fee-updates-late-fee-defaults-matrices-updates). We have subsequently reviewed these defaults and will be making the following changes:
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Similar to the changes made on Docutech’s ARM Disclosures to accommodate both Type A and Type B construction loan interest disclosure types, we are also enhancing the Escrow Account Disclosure (Cx7605) and the First Payment Letter (Cx7606) to allow for both disclosure methods….
As previously announced, OH HB 199 (2017) was recently enacted to reform Ohio’s statutes concerning mortgage lending (see http://blog.docutechcorp.com/compliance-news-ohio-reforms-mortgage-lending-laws). A preliminary review of this bill against our document library reveals that the following documents may be retired as generic documents:
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In July 2015, Ga. Code Ann. § 44-5-30 was revised to remove the requirement for an acknowledgment for certain real property instruments, but requires these documents to be “attested” by the Notary and signed by one other witness. With this in mind,…
This past year, Cal. Gov’t Code § 27388.1 was created permitting recording offices to charge an extra $75 for “every real estate instrument, paper, or notice required or permitted by law to be recorded, except those expressly exempted from payment of recording fees,…
Our most widely-used ARM Disclosures (Cx13457 and Cx14089) provide the disclosures required under 12 CFR § 1026.19(b). Pursuant to a review, Cx13457 and Cx14089 are being modified to enhance the disclosures for ARM Construction and Construction-to-Permanent loans. Appendix D to Part 1026 allows two different disclosure methods to be used to estimate the interest portion of the finance charge and the annual percentage rate: “Type A”…
Chapter 15, Title 45 of Idaho’s Code sets forth the requirements applicable to trust deeds. A “trust deed” is “a deed executed in conformity with this act and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the deed to a beneficiary.” (Idaho Code Ann….
