Docutech has updated CA Deed of Trust (Cx312) for construction loans. According to Cal. Civ. Code § 8174(a), there are certain requirements for an instrument that secures a loan where any of the proceeds may be used for a work of improvement….
Per Minn. Stat. Ann. § 58.16, Subd. 2(a):
“A residential mortgage originator . . . shall enter into a written contract with each borrower and shall provide a copy of the written contract to each borrower at or before the time of receipt of any fee or valuable consideration paid for mortgage origination services.”
Because the definition of “Residential Mortgage Originator” in Minn….
When a lender issues a loan with a balloon payment, New York law requires certain disclosures to be given to the borrower. 3 NYCCR § 80.4 requires a balloon disclosure to be given in junior lien situations where the loan amount is not more than $250,000. …
This document is provided pursuant to the provisions of Nev. Admin. Code §§ 645B.235 & 645E.290, the former of which is applicable to mortgage brokers (and mortgage agents), while the latter is applicable to mortgage bankers. This disclosure is required to be provided when these types of industry participants are also receiving compensation as real estate brokers or salespersons….
1) Number of Copies:
Currently, the following inter vivos revocable trust documents print multiple copies in proportion to the number of such trusts involved with a loan transaction, with each copy bearing the name of one trust:
We will be changing our standard inter vivos documents so that they print one copy per transaction,…
Pursuant to our yearly audit of state-specific disclosures, we will be making the following changes:
ME Balloon Addendum to Loan Application (Cx3394)
This document is provided pursuant to the provisions of Me. Rev. Stat….
In preparation for the release of Solex, our new eSign platform, we have made certain updates to the form of the consumer disclosures required by The Electronic Signatures in Global and National Commerce, or ESIGN Act. These updates standardize both the form and language of the disclosure across Solex and our existing Secure Delivery platforms….
Following a review of Rhode Island disclosures, we will be modifying the print configurations for a number of state documents in order to better comply with the language of the R.I. Gen. Laws § 34-25.2-1 et seq….
Following a review of VA documents, we have created new fields for Cx14501, VA Interest Rate Reduction Refinancing Loan Comparison and Lender Certification, in order to more closely comply with the language of the VA Lender’s Handbook.
VA Lender’s Handbook,…
Earlier this week, we announced the rollback of the lower FHA Annual MIP rates which would have lowered annual mortgage insurance premiums for FHA-insured loans closing or disbursing on or after January 27, 2017 (see our announcement here)….
Our generic Buydown Agreement (Cx25) is formulated to comply with the buydown requirements of various GSE’s and Federal agencies, including the following:
…
The laws of both California and Washington require disclosures to be provided to borrowers informing them of the conditions under which private mortgage insurance (PMI) could be cancelled or should automatically terminate (see Cal. Civ. Code § 2954.6 and Wash….
Earlier this month, we announced plans for modifying our data integrity checks and Form Cx41 (“Informed Consumer Choice Disclosure Notice”) to comply with guidance from HUD which would have lowered annual mortgage insurance premiums for FHA-insured loans closing or disbursing on or after January 27,…
On January 11, 2017 we announced modifications to our data integrity checks due to HUD’s announcement that they would be lowering annual mortgage insurance premium rates (see FHA ML 2017-01).
Since that time, multiple news organizations have reported that the incoming Trump administration is planning to review HUD’s changes and,…
For a debtor to file a claim or raise a defense in Indiana, the debtor is required to have a commitment agreement in writing that sets forth all material terms and is signed by the creditor and the debtor. (IC §26-2-9-4)….
Nevada law requires that when a broker has a conflict of interest in a mortgage transaction that the nature of the conflict needs to be disclosed to the borrower. Specifically, NAC 645B.210.1&2 state that:
1. If an owner,…
The FHA handbook 4000.1 I.B.4.b.iii.(B)(3)(b) provides certain requirements for second liens. These requirements apply to both government agencies, and non-profit agencies that offer secondary mortgages in conjunction with an FHA first lien (generally State housing agencies). These guidelines require that “restrictions on conveyance must automatically terminate if title to the mortgaged property is transferred by foreclosure or Deed in Lieu (DIL) of Foreclosure,…
This document is provided pursuant to the provisions of S.C. Code Ann. § 37-10-102, which requires the following (in relevant part):
“Whenever the primary purpose of a loan that is secured in whole or in part by a lien on real estate is for a personal,…
As previously announced, HUD has lowered their annual MIP rates (see FHA ML 2017-01 for details).
Unlike most previous changes, these new rates will not apply to loans based on their FHA Case Number Assignment Date….
Illinois Law, under under 38 Ill. Admin. Code 1050.1020, requires the following:
Before the borrower signs a loan brokerage agreement or gives the licensee any consideration, whichever comes first, the licensee shall give the borrower a written disclosure statement and shall obtain the customer’s signature on a duplicate of the disclosure statement near clear and conspicuous wording indicating that the customer has read and understands the disclosure statement or has had the contents explained to him or her by someone not connected with the licensee….
