Due to the restructuring of Federal agencies, including the transfer of authority from the OTS to the OCC and the launch of the CFPB this July; and changes to agencies’ addresses including the FDIC’s address change, DocuTech is updating “What you should know about Home Equity Lines Of Credit” (cx9925) to disclose the most current contact information for these government agencies….
One of the amendments to Regulation X included in 76 FR 40612 was to clarify that only charges actually provided or purchased should be listed on page 3 of the HUD-1 Settlement Statement.
Currently the Good Faith Estimate amount is being displayed in the HUD-1 comparison chart for the hardcoded rows (lines that always print in the chart) even if the fee was not actually charged at Closing. …
The following configuration changes will be made to the following Colorado disclosures, effective October 11, 2011:
CO Loan Product Choice (Cx2749): This disclosure is required under Colo. Rev. Stat. Ann. §5-3.5-102(1)(g)(III) to be given by a lender in connection with a covered loan….
The Federal Reserve Board issued an interim rule on December 22, 2010, amending Regulation Z and clarifying certain aspects of the September 24, 2010 interim rule. The Board revisited 12 CFR §226.18(s)(2)(i)(B)(2) to clarify that creditors must disclose the maximum possible rate that will apply at any time during the first five years after the date on which the first regular periodic payment will be due,…
Prior to May 5, 2011, Mont. Code Ann. §32-9-124(3) required a loan originator who worked for a mortgage broker to provide a “Mortgage Loan Origination Disclosure,” with statutorily required language, to a borrower before providing to him any residential mortgage services….
Illinois recently enacted the “Illinois Religious Freedom Protection and Civil Union Act” (2010 Ill. Legis. Serv. P.A. 96-1513), which extends to civil unions “the obligations, responsibilities, protections, and benefits afforded or recognized by the law of Illinois to spouses.”…
Oregon administrative law sets forth specific requirements concerning lock-in agreements, as follows:
“For residential mortgage transactions . . . a mortgage banker that does not fund a loan or mortgage broker that does not fund a loan must prepare and maintain the following:
(c) In the case of residential or single family loans,…
On August 1, 2011, DocuTech announced a change to the NC Refinance – Statement of Borrower Benefits disclosure, Cx2031. The previous announcement stated DocuTech would be using Cx12531 (Tangible Net Benefit Worksheet) in place of Cx2031 as Cx12531 provided more detailed information about the benefits the borrower will be receiving upon refinancing their loan….
The language in the New Jersey Private Well Water Test Results Certification of Receipt (Cx4441) will be modified to more properly reflect statutory requirements, as well as revised citations that accurately reference these requirements.
The current language of the form is as follows:
“Per the Private Well Testing Act,…
Per Administrative Notice (AN) 4551 (1980-D), an annual fee will be charged on all Rural Development loans obligated on or after October 1, 2011.
Texas Senate Bill 1124 (2011 Tex. Sess. Law Serv. Ch. 655), a behemoth act of state legislation of over 70 pages in length, “relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009,” will become effective law on September 1,…
The date that is currently generated in the execution section of some of the Louisiana Mortgages (cx327 Conventional, cx485 Second Lien, cx1356 HELOC, and cx15651 Louisiana Housing Second Lien) on or near the last page is pulling the “Closing Date” field,…
N.C. Gen. Stat. Ann. §24-10.1 restricts the amount of late charge that lenders can assess in a home loan transaction to 4% of the delinquent payment. In addition, Ibid. §24-11(d1) restricts late charges for open-end credit plans to $5 (for outstanding balances of less than $100) or $10 (for outstanding balances over $100)….
HUD has posted a revised version of form HUD-92800.5b, Conditional Commitment Direct Endorsement Statement of Appraised Value, with an expiration date of 03/31/2014 on HUDCLIPS. The new form reflects recent policy changes which reduced the validity period for appraisals from 6 months to 120 days….
On February 14, 2011 HUD issued Mortgagee Letter 2011-10 addressing changes to the Annual Mortgage Insurance Premiums. Included in this Mortgagee Letter was the addition of Annual Mortgage insurance for loans with amortizations <=15 years with LTV’s at or below 90%….
DocuTech will be making two changes to its generic Buydown Agreement (Cx25). The third paragraph in the Agreement will be modified to state the following:
‘In order to comply with FNMA guidelines and protect the availability of the buydown funds,…
Cx 1496 – Notice of Transfer is currently printing for Bank of America and Wells Fargo Investors. This document, however, is not required to be used by either of these investors. DocuTech uses Cx 21 – Assignment Sale or Transfer of Servicing for this same purpose….
Minor changes were made to IRS Form 4506 (cx23) to update to the latest version of the form. The updated document will be available August 16, 2011.
August 12, 2011
DR 117373…
Some loans imported to ConformX contain descriptive text for the key factors that adversely affect the borrowers’ credit scores. Others use the credit bureau reason codes and print the Credit Score Matrix (cx5416) so the borrower can understand what the codes mean….
Technical corrections and clarifying amendments to Regulation X were included in 76 FR 40612. Please see related article “Summary of RESPA Technical Corrections” in this month’s DocuTech Newsletter for an outline of the details.
Effective August 10,…
