As previously announced, the Department of Veterans’ Affairs published VA Circular 26-17-12 in April, which instructs Lenders how VA Form 26-8923 (aka “IRRRL Worksheet”) should be filled out in conjunction with the Loan Estimate, how a revised IRRRL Worksheet should be completed if a revised LE is issued,…
Under Federal Regulation Z, there are two “Right to Rescind” rules. The first (and most familiar in the mortgage loan industry) is the “Right to Rescind” rule which applies to closed-end transactions under 12 CFR § 1026.23. The other applies to open-end transactions (such as HELOCs) under 12 CFR § 1026.15(a)(1)(i),…
As previously announced, a new “Revised Uniform Law on Notarial Acts” has been enacted which has changed the model notarial certificates promulgated under Idaho law (see http://blog.docutechcorp.com/compliance-news-revisions-to-idahos-notarial-requirements).
Due to this change, we will be modifying the notarial certificates on the following documents to match either the individual notary acknowledgment set forth under Idaho Code Ann….
Under South Carolina law, the Nationwide Mortgage Licensing System & Registry (NMLS&R) unique identifier of licensees under Chapter 22 of the Consumer Protection Code (S.C. Code Ann. §§ 37-22-110 through 37-22-270) and under Chapter 58 of the Licensing of Mortgage Brokers Act (Ibid.…
The programming behind item 13, Purpose of Loan, on VA form 26-0286, VA Loan Summary Sheet (Cx57) will be modified to allow only one box to be checked. The instructions for item 13 state to “Check one” box, but currently it is possible for more than one box to check….
West Virginia’s regulations require the following (in relevant part):
“11.2 If a borrower’s household debt-to-income ratio will exceed fifty percent upon the extension of [sic] new residential mortgage loan as determined from a credit report, credit application, [sic] financial statement,…
These documents are copies of form HUD-92900-LT, which is provided in accordance with various parts of FHA’s Single Family Handbook (see FHA Single Family Handbook 4000.1 Pt. II, A.1.b.ii.[B], A.4.a.iv.[B], A.4.d.iii.[G].[3], A.4.e.i.[A], A.5.c.iii.[G].[3], A.5.d.x.[B].[1], A.7.b.ii, A.7.b.iii, A.7.b.xi, A.7.d.ii.[C], A.8.a.xv.[A].[2], A.8.a.xvi,…
Earlier this year, we reported that the maximum late fee dollar amounts promulgated under Iowa Code Ann. § 537.2502 had been modified (see http://blog.docutechcorp.com/compliance-news-iowa-amends-consumer-credit-code), as well as such maximum dollar amounts under Okla. Stat. Ann. tit. 14A,…
Cx1583 is a duplicate of FNMA Form 3172 (“New York Consolidation, Extension and Modification Agreement”), which is available on FNMA’s website (https://www.fanniemae.com/singlefamily/special-purpose-documents). According to the instructions to this form, if MERS is named as the mortgagee of record,…
Ohio generally has two licensing Acts which apply to mortgage brokers and lenders: the Mortgage Broker Act (OMBA) and the Mortgage Loan Act (OMLA). Some entities are exempt from these laws or have different requirements which apply to them, and can seek exemption under the Mortgage Broker Act Mortgage Banker Exemption….
Docutech is clarifying the calculation used to determine the total found on Line 30 for monthly payments (MO. PAYMENT) in Section D – Debts and Obligations. This line should reflect the total of all the values listed under Items in their respective columns,…
Following a standard review of our documents, we have made changes to the language used to satisfy the state-specific requirements in the Anti-Coercion Insurance Disclosures for Connecticut, Rhode Island, North Carolina, and Maryland (Cx3750 for CT and RI; Cx2778 for NC and MD). …
In Carrington Mortgage Services, LLC v. Hutto, No. 14-15-00442-CV, 2017 WL 592120 (Tex. App. – Houston [14th Dist.] Feb. 14, 2017) (https://casetext.com/case/carrington-mortg-servs-llc-v-hutto), the Texas Appellate Court affirmed a trial court’s judgment that a home-equity lien did not comply with the Texas Constitution because the lender signed the Affidavit of Fair Market Value after the closing date of the loan,…
In June of 2016, the Social Security Administration suspended certain third-party vendors from submitting the SSA-89 form because they considered the form to be “altered.” The alterations that were cited consisted of the addition of form ID number(s), page number(s),…
The California Instructional Guide for Comparison of Sample Mortgage Features (62-FS Comparison Chart Information, available here) directs lenders to “add or delete columns on the [Comparison of Sample Mortgage Features] to reflect only loan products offered by the lender.”
Accordingly,…
Oregon law requires that when there is a “promissory note, loan agreement or other agreement that provides for advances subsequent to the date of recording of the line a credit that secures the note or agreement” the front page of the mortgage or trust deed must contain:
…
Upon review of Colorado’s Tangible Net Benefit Disclosure form (Cx12873) and Colorado’s Lock-In Disclosure form (Cx13134), we have updated both documents to include Broker Name field (7029) as an eSignable field in addition to the existing Loan Originator Name field (6887) that was already eSignable….
Pursuant to a review of Maine’s Assignments, we are making the following change:
…
Following a review of standard California specific forms, we have made changes to Cx18014 to more closely align with the requirements of 21 CCR 7114.1, which requires certain demographic information to be given to each applicant.
The statute reads,…
Following a review of Maryland disclosures, we will be modifying the print configuration for MD Tax Property Affidavit (our Cx15803), to better comply with the language of Tax-Prop § 12-180(g)(3). This code indicates that a statement must either be provided in or submitted with the deed of trust or mortgage….
