Fannie Mae and Freddie Mac have revised the Wisconsin Mortgage model form to reflect recent changes to state law that shorten the redemption period in foreclosure actions. Consequently, the accelerated redemption period is being changed from 6 months to 3 months after a foreclosure judgement is entered….
We will be modifying the logic of our generic Itemization of Fees (Cx19209) to print a fee line if a fee exists, rather than printing the line if a fee or a description or a payee exists. This means that the previously hardcoded rows for Prepaid Interest,…
Docutech recently learned that a third-party vendor was suspended by the Social Security Administration for 60 days from submitting SSA-89 “Authorization for the Social Security Administration (SSA) To Release Social Security Number (SSN) Verification” forms. This suspension apparently stemmed from the use of “altered” forms….
The Rural Housing Service has released a new update for Form RD 3555-17. The update changed the time within which RHS may require the Lender to indemnify RHS for loss caused by a non-compliant origination, from 24 months to 60 months. …
Freddie Mac announced the removal of the requirement to obtain a signed borrower consent form at or before closing to authorize release of information in the event of a delinquency for Home Possible Mortgages.
Therefore, the field value mapping currently setting “Print Authorization for Counseling” (Field 100811) to “Yes” globally when “Special Program” (Field 33578) is set to “Home Possible” will be removed from ConformX….
In preparation for the effective date, the new August 1, 2016 version of the HUD-92900-A, “HUD/VA Addendum to Uniform Residential Loan Application” (Cx20336), will be made available on Production, and the print configurations for the pre-August 1, 2016 HUD/VA Addendum (our generic Cx3981 and custom Cx10980) will be changed to only print when “FHA/VA Case Number Assignment Date On or After 08/01/2016” is set to “No”….
Neb. Rev. Stat. § 76-239.01 requires any person, firm, or corporation lending money for financing construction, secured by a mortgage of record, to notify the borrower in writing that it is the responsibility of the borrower or his contractor to apply the loan proceeds to payment of lawful claims for labor and materials furnished for improvements….
The Ohio “Mortgage Loan Origination Disclosure Statement Addendum” is required to include language specified in Ohio Rev. Code Ann. § 1322.062(D). However, the good faith estimate which is referenced in the text is no longer applicable due to changes made to Regulation Z (12 CFR Part 1026). …
Fannie Mae and Freddie Mac have posted announcements about revised ARM Notes and Riders. The phrase “or less than the Margin” is being added at the end of each “Limits on Interest Rate changes” section, and “(rev….
Colorado Statute 38-35-123 has a recording requirement that requires the lienor and lienee address to be on the face of the security instrument. It states: “Any instrument which creates a lien on real property, except mechanics’ liens, when recorded in the office of the county clerk and recorder of the county where such real property is situated shall include on its face the current mailing address of the lienor and lienee when such instrument is recorded….
According to California Financial Code §22317.2, an Automated Valuation Model result may be used in lieu of an appraisal. The rule reads:
(a) A licensee may collect a fee for use of an automated valuation model result prepared by a third party not to exceed the actual cost paid to the third party for a written automated valuation model result in lieu of the appraisal provided for in Section 22317….
A new data integrity warning will be added to ConformX to ensure all required disclosures are delivered to non-purchasing entities and trusts on rescindable transactions for Pre-Closing packages. This warning will appear in Pre-Closing packages for rescindable loans with a non-purchasing entity or trust,…
Virginia legislature has recently enacted H.B. No. 123, which amends VA. ST. § 6.2-406 by removing the requirement for the lender to provide a written statement that “all the loan terms not legally locked in are subject to change until settlement,…
Vt. Stat. Ann. tit. 8, § 2220 requires the Lender to provide notification to the borrower of any possibility that the lender may change roles in the loan process. VT Application Capacity Notice (Cx4816) is provided to comply with this provision,…
USDA Rural Development has announced for fiscal year 2017 that the upfront guarantee fee will decrease from 2.75 percent to 1.00 percent and the annual fee will decrease from 0.50 percent to 0.35 percent. The announcement entitled “Single Family Housing Guaranteed Loan Program Upfront Guarantee Fee and Annual Fee for Fiscal Year 2017” is available online in the Unnumbered Letters section of the USDA site….
Recently amended Michigan State statute §445.1636 requires that “at the time a person applies for a mortgage loan, the lender shall provide the applicant with a copy of the special information booklet described in 12 CFR 1024.6, issued under the authority of the real estate settlement procedures act of 1974,…
Some loans are, or potentially could be, exempt from TRID under 12 CFR § 1026.3(h). In such cases, a Truth-In-Lending disclosure must print, even if a Loan Estimate and Closing Disclosure are also being given. Most of these loans exempt from TRID are through Down Payment Assistance or similar programs that may have deferred interest for the life of the loan when the appropriate conditions are met….
The Vermont Department of Financial Regulation issued B-2015-02, Privacy of Consumer Financial and Health Information Regulation, December 25, 2015 to replace Regulation B-2001-01. This update/replacement allowed for the use of the Federal Model Privacy Notice, but required certain changes to our standard Privacy Policy Notice when certain “opt-in” responses were received,…
In the requirements given for the “Additional Information About This Loan” section on page 3 of the Loan Estimate, both 12 CFR § 1026.37(k)(1)&(2) state that: “In the event the [creditor, mortgage broker, or loan officer] has not been assigned an NMLSR ID,…
Pursuant to a recent case in Pennsylvania (EMC Mortg., LLC v. Biddle, 114 A.3d 1057 (2015)), only provisions that clearly indicate that a term or clause in an agreement will remain operative after a judgement is obtained will survive merger into a foreclosure. …
