3 NYCCR 38.6(a)(1)(viii) requires that prior to taking a Lock-In Fee, a mortgage banker or exempt organization must disclose to an applicant ”whether private mortgage insurance is required and the conditions under which such insurance would no longer be required.” Docutech’s NY Lock-In Forms (Cx5099,…
On October 4, 2017 Gov. Edmund G. Brown (D-CA) signed into law CA AB 1284 (2017) which, among other things, modifies Cal. Fin. Code § 22001 to amend the name of the “California Finance Lenders Law” (Cal. Fin. Code §§ 22000 through 22780) to the “California Financing Law.” This amendment took effect immediately upon passage (see http://leginfo.legislature.ca.gov/faces/billCompareClient.xhtml?bill_id=201720180AB1284 and https://www.gov.ca.gov/news.php?id=19985)….
In an effort to be more consistent with most loan programs that are offered, Docutech has updated the language of section 2 of the Certification portion of our generic Certification and Authorization (Cx13). Rather than stating that the lender reserves the right to require full documentation,…
Cx330 is a duplicate of FNMA Form 3020 (available at: https://www.fanniemae.com/singlefamily/security-instruments). Cx19377 is primarily based on FNMA Form 3020, with modifications made to it pursuant to the “Instructions of Model Mortgages” promulgated by HUD (available at: https://www.hud.gov/program_offices/housing/sfh/model_documents)….
Cx11545 is available to clients, due to the provisions of Nev. Rev. Stat. Ann. § 239B.030(4), which states the following:
“A governmental agency may require a person who records, files or otherwise submits any document to the governmental agency to provide an affirmation that the document does not contain personal information about any person or,…
Louisiana requires the following on security instruments submitted for recording:
A. An instrument shall contain the following information when appropriate for its type and nature:
(2) The marital status of all of the parties who are individuals,…
The MS Lock-In Agreement (Cx16587) is provided pursuant to the provisions of Miss. Code Ann. §§ 81-18-28(2) & 81-18-33(1)(f) and Miss. Admin. Code 5-2:1.11. Because Supra § 81-18-28(2) only requires a lock-in fee agreement to be executed if a lock-in fee is collected,…
Tex. Bus. & Com. Code § 26.02(b) requires the following:
“A loan agreement in which the amount involved in the loan agreement exceeds $50,000 in value is not enforceable unless the agreement is in writing and signed by the party to be bound or by that party’s authorized representative.”
“Loan agreement” is defined,…
Under previous FHA rules, the form of security instrument used in New Mexico was a deed of trust (see FHA Single Family Handbook 4155.2, ch. 6.B.5.k and FHA ML 2009-13). This was done to correspond with the fact that FNMA and FHLMC had changed their uniform instrument from a mortgage to a deed of trust in 2008 (see “News and Updates Archive”,…
Texas security instruments contain a non-uniform covenant titled: “Purchase Money; Owelty of Partition; Renewal and Extension of Liens Against Homestead Property; Acknowledgment of Cash Advanced Against Non-Homestead Property”. This covenant contains four checkboxes, one applicable to each item. After some legal research,…
As previously announced, amendments have been made to Maryland’s laws which no longer require a “preparation certificate” to appear on a mortgage, deed of trust, or an assignment of either, under Md. Real Prop. Law § 3-104(f)….
Report and Certification of Loan Disbursement, VA Form 26-1820 (our Cx52), is provided pursuant to 38 CFR § 36.4303 and VA Lender’s Handbook, ch. 3, 5-I, ch. 5, 4-j & 5-a, & ch. 6, 2-c. At the top of this document,…
After a recent audit of our IRS and VA forms, the following changes were made to Cx23, Cx3095 and Cx18833 as follows:
Edits to Cx23 – IRS Form 4506 (Request for Copy of Tax Return):
…
Pursuant to a recent audit, we will be updating various 50(a)(6) documents to more closely match the provisions of Tex. Const. art. 16, § 50(a)(6).
The documents that have be updated are:
We are currently reviewing additional 50(a)(6) documents in our library for any necessary changes….
As previously announced, the Office of the Comptroller of the Currency (OCC) is providing support for super-high LTV loans to help revitalize distressed communities (see http://blog.docutechcorp.com/compliance-news-occ-high-ltv-loan-program). Part of the criterion for a national banks’ or federal savings associations’ program to be accepted by the OCC is the following criteria:
“[Acceptable] policies and procedures should include provisions that address the ….
Following a standard review of Maryland specific forms, we have decided to create a new document to satisfy the statutory requirements of MD Code, Real Property, § 3-501(b)(2) & (3), which apply only to Montgomery County. The statute states that:
(2) An instrument may not be recorded after June 30,…
Upon a standard review of our document library, we have updated IRS Form W-8BEN “Certificate of Foreign Status of Beneficial Owner For United States Tax Withholding” (Cx7938), to better align with the model form provided by the IRS.
The slight modifications to the document included an updated July,…
According to New Jersey Rev. Stat. § 17:16F-17, when the “servicing of the mortgage loan for which an escrow account has been established is sold, assigned or transferred to a purchasing servicing organization” the Initial Tax Authorization notice (ME-1) is required to be given. …
Upon review of the Amortization Schedule (our Cx12), our legal team has determined that printing “Sales Price $____” is unnecessary under certain conditions. As a result, “Sales Price $____” will only trigger on Cx12 if Field 1790 “Sales Price” has a value and the loan is NOT a refinance….
Upon a standard review of our VA and USDA/RD forms, the following changes were made to Cx17072 and Cx17992 to better align with the model forms:
Edits to Cx17072:
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