Cx2687 is primarily provided pursuant to the provisions of Cal. Bus. & Prof. Code § 10240(c), which allows for a modified version of the GFE to be provided in lieu of California Bureau of Real Estate (“CalBRE”) Forms Re882, Re883,…
Cal. Bus. & Prof. Code § 10240 requires real estate brokers licensed under the California Real Estate Law (“REL”) “who negotiates a loan to be secured directly or collaterally by a lien on real property” to provide “within three business days after receipt of a completed written loan application or before the borrower becomes obligated on the note,…
Under TRID, creditors have the option of allowing consumers to either acknowledge receipt of the CD or to print a specific caption concerning the borrower’s right to not accept the loan (see 12 CFR § 1026.38[s]). However, as a practical matter,…
These documents are duplicates of former FHLMC Forms 5206 (Cx4047), 5506 (Cx4067), 5507 (Cx4947), and 5537 (Cx4066), which are no longer published on FHLMC’s website. Like other FHLMC notes, there is special late charge language which prints when the loan secures property located in West Virginia (see “Authorized Changes to Notes”;…
Cx2687 is primarily provided pursuant to the provisions of Cal. Bus. & Prof. Code § 10240(c), which allows for a modified version of the GFE to be provided in lieu of California Bureau of Real Estate (“CalBRE”) Forms Re882, Re883,…
On July 10th, we announced which state forms have not been updated for TRID as of that time (http://www.docutechcorp.com/new-document-trid-tila-respa-integrated-disclosure-disclaimer-cx19708). Most states have since been successful in amending their disclosure requirements to be compatible with TRID, but there are a few remaining requirements which are not compatible and still need changes….
The new FHA Handbook requires the following:
“The Mortgagee must obtain the Borrower’s authorization to verify the information needed to process the mortgage application. The Mortgagee must obtain a non-borrowing spouse’s consent and authorization where necessary to verify specific information required to process the mortgage application,…
As part of the changes Docutech is executing to prepare for TRID, we will be renaming some key fields to better reflect their expanded purpose under the new rules. These changes will be made in the new software testing environments first,…
The Colorado Division of Real Estate recently finalized amendments to 4 Colo. Code Regs. 5 in order to conform Colorado’s disclosure requirements to TRID’s disclosures (see 38 CR 17 [2015]). Of particular note is the following new requirement:
“A….
RD 3555-21 (“Request for Single Family Housing Loan Guarantee”) is required to be provided by lenders to the RD, in order to obtain a loan guarantee (see RD Handbook HB-1-3555, ch. 10 & 15 for details). We provide RD 3555-21 as Cx18893,…
Pursuant to our yearly audit of state-specific disclosures, the following changes (and new additions) to our library will be made:
New Document: PA Commitment Agreement (Cx19064)
Pursuant to the varied provisions of Pa….
On July 21, 2015, six Federal agencies finalized regulatory requirements implementing certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (80 FR 43216 [2015]). These amendments impose new requirements on the escrowing of flood insurance premiums, with the following dual effective dates:
…
Cx18930 and a Massachusetts-specific notice which prints on Cx10 concerning flood insurance are provided due to the provisions of Mass. Gen. Laws Ann. Ch. 183, § 69. Further details about these disclosures may be found in two of our previous announcements (http://www.docutechcorp.com/document-updates-and-new-document-notice-of-required-flood-insurance-cx10-massachusetts-version-and-ma-flood-insurance-notice-cx18930 and http://www.docutechcorp.com/document-updates-ma-flood-insurance-notice-cx18930)….
Montana Senate Bill 306 (https://legiscan.com/MT/text/SB306/2015) was enacted on May 4, 2015 and becomes effective on October 1, 2015. MT SB 306 amends Title 1, Chapter 5, Part 6 of the Montana Code Annotated, which prescribes new formatting for notarial certificates acknowledgements in an individual or representative capacity,…
This document is provided pursuant to the provisions of Or. Rev. Stat. Ann. § 86.255, as follows:
“In any real estate loan agreement with respect to which a lender does not require a lender’s security protection provision [basically a provision in a loan agreement requiring an escrow account],…
Currently in ConformX the property value used in the calculation of the LTV (which is then used to determine UFMIP and Annual MIP rates and duration) is determined in the following manner for FHA 203(k) loans:
1) Use “Stated Property Value for LTV and MIP/PMI” (Field 49924) in the LTV calculation if it has a value….
Due to changes in FHA policy under new FHA Single Family Handbook 4000.1, we will be modifying the following ConformX Data Integrity Checks:
Financing of UFMIP
The following warning currently triggers for FHA loans when the Base Loan Amount and Loan Amount are not the same,…
Over the past 1.5 years, FHA has been consolidating their current Single Family Handbooks, nearly 40 years’ worth of Mortgagee Letters, and Housing Notices into a single, consolidated new Handbook (FHA Single Family Handbook 4000.1), which is gradually being implemented (see http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/handbook_4000-1 for details)….
Pursuant to a review of Wisconsin’s recording requirements, we will be making a few small changes to some multi-state and WI-specific recordable documents. We will be making the following changes for those documents that are not already modified:
…
Under the Pennsylvania Secondary Mortgage Loan Act (7 Pa. Stat. Ann. §§ 6601 through 6616 [West 2008]), second lien promissory notes and agreements were required to be identified by the following captions:
SECONDARY MORTGAGE LOAN
This Agreement is subject to the provisions of the Secondary Mortgage Loan Act
In addition,…
