Iowa Code Ann. § 535.8(1)(b) reads, in part:
“Loan” means a loan of money which is wholly or in part to be used for the purpose of purchasing real property which is a single-family or two-family dwelling occupied or to be occupied by the borrower…”
Upon further review of our Iowa Payment Reduction Fee Disclosure (Cx1906),…
To further clarify the logic of defining Purpose for the Loan Estimate and Closing Disclosure pursuant to 12 CFR § 1026.37(a)(9), we are again supplementing our previous announcement pertaining to the circumstances under which a loan is considered a “Refinance”….
Fannie Mae announced the requirement to have the Borrower’s Authorization for Counseling form signed at closing has been removed from the Selling Guide for their new HomeReady loans, and Exhibit E-2-01 Borrower’s Authorization for Counseling has been deleted from the guide….
FNMA will be retiring MyCommunityMortgages (MCM) by the end of June 2016. MCM is being replaced with the new HomeReady Mortgage program. The following changes will be made in ConformX to support HomeReady Mortgages:
…
Cx4694 is modeled after page 2 of the Fee Agreement Sample located on the Mortgage Broker Forms portion of the website for the South Carolina Department of Consumer Affairs.
To more closely resemble the model form,…
Pursuant to our yearly audit of state-specific disclosures, we will be making the following changes for Indiana:
IN Commitment Agreement (Cx18838)
Ind. Code Ann. § 26-2-9-4(b)
“(b) A debtor may assert a claim or defense under [the previous subsection] only if the credit agreement at issue:
…
W. Va. Code Ann. § 46A-2-105(2) requires the following:
“With respect to a consumer credit sale or consumer loan whenever any scheduled payment is at least twice as large as the smallest of all earlier scheduled payments other than any down payment,…
Cx23 and Cx3095 are our standard copies of the 4506 and 4506-T forms provided by the IRS. These documents are provided to fulfill the requirements of 26 U.S.C.A § 6103(c) and 26 C.F.R. § 601.702(d)(1).
Upon further review of these documents,…
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 the Fannie Mae Vermont Security Instrument Instructions, it was observed that Instruction No. 10 states: “Lenders MUST have the notary sign the blank that appears to the left of the second Borrower signature line on Page 16.”
Even though the notary witness requirement was removed from Vt….
Pursuant to our yearly audit of state-specific disclosures, we will be making the following changes:
Cx12531 – Tangible Net Benefit Worksheet:
For the Ohio version of this document, a “Required Insurance” field has been added with corresponding checkboxes for “Mortgage Insurance”,…
Cx3328 is provided pursuant to Mo. Ann. Stat. § 443.867, which requires a residential mortgage loan broker (including all retail mortgage lenders) to provide a loan brokerage disclosure statement and fee agreement with each borrower. Ibid. 443.867(2) specifically requires that:
“The mortgage loan brokerage disclosure statement and fee agreement shall disclose the amount and sources of the residential mortgage loan broker’s fees and all other compensation related to obtaining a residential mortgage loan on behalf of the borrower.”
In light of this obligation,…
San Francisco Bus. & Tax Regulations § 1102.1 requires that:
“Every document pertaining to real property that is submitted for recordation needs to show on the face of the document the Assessor’s current parcel number, or numbers, and the commonly-know situs and/ or street name and number of the real property described therein.”
Accordingly,…
To further clarify the logic of defining Purpose for the Loan Estimate and Closing Disclosure pursuant to 12 CFR § 1026.37(a)(9), we are supplementing our previous announcement on the matter with more specifics pertaining to the circumstances under which a loan is considered a “Refinance”….
This document is provided pursuant to the provisions of Cal. Fin. Code §§ 22314 & 22338 and Cal. Code Regs. tit. 10, § 1454. Subsection (a)(2) of the regulatory requirement states that this document must contain the following:
“A statement of the actual amount of cash received and retained by the borrower and a statement of any funds (not including any charges within the meaning of Section 22306) paid to third persons pursuant to the written instructions of the borrower.”
While our TRID- and HELOC-versions of this document do cross-reference other documents which provide this information (e.g….
Pursuant to our yearly audit of state-specific disclosures, we will be making the following changes.
MD Consumer Loan Disclosure (Cx20027)
Md. Code Ann., Com. Law § 12-308(a) requires the following:
“(1) At the time a loan is made,…
Pursuant to our yearly audit of state-specific disclosures, we will be making the following changes to our document packages for loans secured by property in North Carolina.
NC Loan Brokerage Agreement and Loan Origination Disclosure Statement (Cx20008)
This new document is being provided pursuant to the provisions of N.C….
The Federal Homeowner’s Protection Act (“HPA”) was passed into law on July 29, 1998 to provide for cancellations of private mortgage insurance (“PMI”) for most conventional loans. Part of the law stipulates that it supersedes state laws related to the same subject matter,…
Pursuant to our yearly audit of state-specific disclosures, the following print conditions will be added/modified for the following documents:
We will also configure our “CT Higher Interest Rate In Lieu of PMI Disclosure” (Cx14798) document to print as a standard disclosure….
Colo. Rev. Stat. Ann. § 12-61-905.5(1) requires the following (in relevant part):
“. . . The [Board of Mortgage Loan Originators] has the power to impose an administrative fine in accordance with section 12-61-905, deny a license, censure a licensee,…
