When “Use Previous VA Loan Fields” (field 48604) is set to “Yes” for a Veterans Affairs loan, items 10 through 13 of VA Form 26-1880 “Request for a Certificate of Eligibility for VA Home Loan Benefits” (Cx3957) are populated using logic based on the following fields:
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Docutech is making changes to Cx3588 and Cx3710, the New York Interest Rate Lock Commitment and New York Prevailing Interest Rate Commitment respectively. During a standard review of the documents, we discovered that the documents have not been configured for Lender eSign functionality….
In Hawaii, certain lands are owned by the Department of Hawaiian Home Lands (“DHHL”), who leases these lands to Native Hawaiians (http://dhhl.hawaii.gov/hsd/). Approved lenders are permitted to extend mortgage loans to eligible borrowers for such leases….
Docutech is making significant changes to all of our state-specific Home Equity Line of Credit (HELOC) security instruments as part of a larger project to create a generic set of HELOC documents. Insofar as deemed appropriate in light of state law,…
Oregon Statute § 86.155(1)(b) says:
(b) “Line of credit instrument” means a mortgage or trust deed that secures a consumer or commercial credit agreement and creates a lien on specified real property up to a stated amount, provided that the front page of the mortgage or trust deed,…
During an audit of the FNMA multistate Notes, Addenda, and Riders, it was observed that we were populating the frequency of rate changes, usually found in paragraphs 4(A) and 4(D), with field values. To help ensure better compliance with the model forms,…
The Alabama State Banking Department lists a stacking order of documents that is required for mortgage loan record keeping (http://www.banking.alabama.gov/bol_mortage_record.aspx). This stacking order includes the FBI Mortgage Fraud Warning. To meet this requirement, FBI Fraud Warning (Cx11910) has been reconfigured as a generic document that prints by default in Initial Disclosures and Closing packages for Alabama….
There is currently a global required field prompt in Closings for “PO Box” for North Dakota first lien Conventional and VA loans. When populated, “PO Box” (field 1452) fills in the phrase “…and its post office address is ____” in the Lender definition section of two generic first lien North Dakota security instruments:
If the “PO Box” field is empty,…
The Department of Veterans Affairs has revised form 26-1880, Request for a Certificate of Eligibility (Cx3957). Changes include the addition of information about faster processing, and changes in the procedure for mailing the completed application.
The following information has been added under the banner on the revised form:
IMPORTANT: For faster processing,…
When “Loan Proceeds Used for Construction or Repair/Remodeling” (field 60136) has not been set, it defaults to “Yes” in ConformX if any of the following conditions are true:
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Both the ECOA Notice (Cx1413) and Statement of Credit Denial, Termination or Change (Cx15858) are primarily provided pursuant to the provisions of ECOA and Regulation B (12 CFR § 1002.9[a] & [b][1]). The text of Cx1413 is set forth in 12 CFR § 1002.9(b)(1),…
New York Codes, Rules and Regulations § 38.3 requires mortgage brokers, mortgage bankers, and exempt organizations to make certain disclosures when they take an application, application fee, credit report fee, or property appraisal fee. The required disclosures differ for mortgage brokers,…
While Docutech does not provide any standard construction loan promissory notes, we do have two popular construction notes, Construction ARM Note (Cx8596) and Construction Fixed Note (Cx12875), which contain the following clause:
“Interest on this Note is computed on a 365/360 simple interest basis;…
The Finance Commission of Texas has adopted previously proposed rules to amend its regulations concerning the loans subject to Chapter 342 of Texas’ Finance Code (aka Texas “Plain Language” loans), primarily promulgating revisions to the model promissory notes and security instruments for such loans (see 40 Tex….
According to 12 C.F.R. § 1026.31, creditors must furnish disclosures required by § 1026.32 at least three business days prior to consummation or account opening of a high-cost mortgage as defined in § 1026.32(a). Based on the same, Docutech has added our Section 32 Mortgage Loan Disclosure documents (Cx17901 &…
Several types of programs are not supported by Fannie Mae for Texas Home Equity Section 50(a)(6) loans. There are also some payment features not allowed by law for these types of loans.
All Texas Home Equity Section 50(a)(6) notes and riders posted by Fannie Mae are available in ConformX. …
The GA Disclosure of Net Tangible Benefit (Cx4235) is provided pursuant to the provisions of Ga. Code Ann. § 7-6A-4, which prohibits a creditor from “flipping” a home loan. “Flipping a home loan is the consummating of a high-cost home loan to a borrower that refinances an existing home loan that was consummated within the prior five years when the new loan does not provide reasonable,…
Initial Buydown P&I Payment on Loan Estimate and Closing Disclosure
In ConformX, “Buydown Federal Disclosure Behavior” (field 51919) determines if a temporary buydown is reflected on the Loan Estimate and Closing Disclosure (LE/CD). This field has three field options:
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Colorado’s Division of Real Estate is amending parts of 4 Colo. Code Regs. Pt. 725-3 (adopted rules are available online here and here. Among these amendments are new provisions applicable to the Colorado Lock-in Disclosure:
“Colorado Lock-in Disclosure: means the Colorado Lock-in Disclosure form created by the Board of Mortgage Loan Originators….
MI Addendum to Mortgage-Homestead and Dower Waiver (Cx7786) is provided upon request to clients who wish to have the spouses of borrowers waive their dower and homestead rights, as set forth in Mich. Comp. Laws Ann. §§ 558.4 & 600.6023….
