As previously announced, Vermont has modified various provisions of its statutes regulating licensed lenders (see http://blog.docutechcorp.com/compliance-news-vermont-modifies-laws-concerning-money-lender-entities). Among these amendments were ones to Vt. Stat. Ann. tit. 8, § 2241, which states the following (in relevant part):
“(a) It is a violation of this chapter for a person or individual to: ….
Pursuant to an audit of the United States Department of Agriculture’s Form RD 3555-11, we have modified our copy of the Lender Record Change form (our Cx18894), to more closely match the latest version from the USDA.
These changes include:
•The paragraph for “Regular Mail” has been removed altogether;…
Up to three tiers of temporary interest rate buydown are supported in ConformX on the Buydown Agreement (Cx25). Previously all three rows would always print in the “Buydown Schedule” near the top of the first page, even if not all three buydown tiers were in use….
Upon review of the MA Important Notice About Your Required Flood Insurance Coverage disclosure (our Cx18930), we decided to update Cx18930 to more clearly resemble the model form which can be found here.
Changes were made per 209 Mass….
As previously announced, Virginia’s regulations governing lock-in agreements and loan commitments have been amended (see http://blog.docutechcorp.com/compliance-news-virginia-changes-requirements-lock-ins-commitments). These documents are required under 10 Va. Admin. Code §§ 5-160-10 & 5-160-30(A) & (B). Substantive amendments include the following:
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Pursuant to an audit of Fannie Mae special purpose documents, we have modified our copy of FNMA Form 3172 NY Consolidation, Extension and Modification Agreement. We are removing the following language because it no longer exists on the FNMA model form:
“(5) For sales of loans to Fannie Mae and Freddie Mac,…
Our most widely-used ARM Disclosures (Cx13457 and Cx14089) have been slightly modified for ARM Construction-to-Perm loans. The subtitle that describes the features of the loan has been changed so that fixed construction periods will be included in the ARM fixed period description….
We are pleased to announce that our “Late Fee Matrix” and “Late Fee ConformX Matrix” have both been updated and are now available on our website at http://blog.docutechcorp.com/matrices.
Enhancements
The “Late Fee Legal Matrix” has been enhanced as follows:
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Following a standard review of New Jersey specific forms, we have decided to make certain changes to the default print conditions for Cx15059, New Jersey Disclosure Form. This form is used to satisfy the requirements of N.J. Admin. Code title 3 §§1-16.2 and 1-16.3(d),…
We recently announced changes that we made to the HUD/VA Addendum to Uniform Residential Loan Application, our Cx20336. These changes were based on the changes made when the Department of Veterans Affairs updated form 26-1802a. At this point in time,…
Following a review of Veteran’s Administration forms, we have decided to make certain changes to VA Form 26-0551, Debt Questionnaire. According to VA Circular 26-16-12, this form is no longer in the “mandatory stacking order for files selected for VA full file loan review of all loan applications submitted to VA on,…
Under TRID, a revised LE may be used to reset tolerances “[i]n transactions involving new construction, where the creditor reasonably expects that settlement will occur more than 60 days after the [LE is] provided” but only “if the original [LE] state[s] clearly and conspicuously that at any time prior to 60 days before consummation,…
In Release 4.7.2, we added a new field entitled “Add Construction Period to AM [Amortization] Schedule” (Field # 110464), to include the construction phase of a construction-to-perm loan to the Amortization Schedule (Cx12).
We will now be adding a global mapping to this field to exclude certain loans secured by “home loans” in North Carolina from having this functionality,…
Cx15312 is a duplicate of the Model B-3/H-3 Form provided by the Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau pursuant to the provisions of 15 USCA § 1681m(h) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1), and 16 CFR §640.5(d)(1)….
After a recent audit of our HUD/VA forms, the following change was made to Cx20336, paragraph 25(3)(a) as follows:
“have elected to complete the transaction at the contract purchase price or cost. I have paid or will pay in cash from my own resources at or prior to loan closing a sum equal to the difference between contract purchase price or cost and the VA or HUD/FHA established value….
If the ConformX fields used to populate the “Year or period requested” sections of IRS Forms 4506-T and 4506 (Request for Transcript/Copy of Tax Return) are not set, the first two dates default to the last day of the previous two calendar years….
Kentucky Revised Statute § 286.4-540(1) instructs that:
“Every licensee shall:
(1) Deliver to the borrower at the time of making a loan, or to one (1) of them if there are two (2) or more obligors on the loan,…
The non-TRID Closing Worksheet (Cx14226) has been modified for HELOC loans. Sections concerning escrowed amounts, mortgage insurance, buydown loans, construction loans, and closed end TIL Disclosure values will no longer print for HELOCs. In addition, the “Prepayment Penalty” section will only print if the loan has a prepayment penalty,…
As previously announced, Utah’s Notaries Public Reform Act (Utah Code Ann. §§ 46-1-1 through 46-1-23) has been amended, including amendments to the model acknowledgment and jurat notarial certificates under such Act (see the announcement at http://blog.docutechcorp.com/compliance-news-utah-amends-notaries-public-reform-act). Due to these changes,…
Docutech’s Buydown Agreement (Cx25) conforms with the requirements set forth under:
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