Document Updates

Configuration Changes: Escrow Waiver (Cx28) and Partial Escrow Waiver (Cx9826)

In FNMA SEL-2015-07, Fannie Mae made changes to FNMA 2015 Selling Guide B2-1.4-04 concerning escrow waivers, for the following reasons:

“The requirement for a separate escrow waiver disclosure has been removed from the Selling Guide because a similar disclosure is now part of the Closing Disclosure.”

While the escrow disclosures on page 4 of the CD do not provide as many details and ramifications as an actual Escrow Waiver,…

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New Document: Pre-Application Estimate (Cx19571)

This new document is being provided pursuant to the following portion of TRID:

“If a creditor or other person provides a consumer with a written estimate of terms or costs specific to that consumer before the consumer receives the [LE],…

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New Document: TRID Closing Instructions (Cx19350)

A new Closing Instructions document has been created to utilize the Integrated Disclosure field values instead of the HUD-1 fee lines. The “Integrated Disclosure Loan Indicator” (field 82233) will be set to “No” on the current Closing Instructions (Cx14225).

We have left custom references to the GFE,…

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New Document: WV Supplemental Closing Statement (Cx19709)

W.Va. Code Ann. § 31-17-9(a) requires the following:

“Any licensee [under the West Virginia Residential Mortgage Lender, Broker and Servicer Act] or person making on his or her own behalf, or as agent, broker or in other [sic] representative capacity on behalf of any other person,…

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Document Updates: Virginia Refinance Security Instruments

Virginia Senate Bill 999 (http://leg1.state.va.us/cgi-bin/legp504.exe?151+ful+CHAP0434) was enacted on March 23, 2015 and became effective on July 1, 2015. Va. SB 999 renumbers Section 58.1-803(D) of the Code of Virginia to Section 58.1-803(E). Because of this section renumbering,…

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Field Mapping and Data Integrity Check Update: TRID Effective Date 10/3/2015.

CFPB has finalized the delay of the Know Before You Owe rule (TRID) effective date to Saturday, October 3, 2015.

The conditions that set the “Integrated Disclosure Loan Indicator” (Field 82233) to “Yes” or “No” based on Application Date or Today’s Date when not imported from the LOS will be updated to use 10/3/2015 as the trigger date instead of 8/1/2015….

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Document Changes: DC Lock-In Agreement (Cx10455)

An interesting predicament with TRID is the fact that, in the “Rate Lock” section of the Loan Estimate, the following sentence is present:

“All other estimated closing costs expire on X/X/XXXX at X:XX [a.m./p.m.] [time zone].”

This discloses to the borrower that all unlocked costs of the loan will expire at a particular time….

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Configuration Changes: Written List of Providers (Cx19204)

Under TRID, a written list of providers is required to be provided “if the consumer is permitted to shop for a settlement service” (12 CFR § 1026.19[e][1][vi][C]). This implicitly means that if no services are listed in Section C of the LE (“Services You Can Shop For”),…

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New Document: TRID (TILA-RESPA Integrated Disclosure) Disclaimer (Cx19708)

Despite the fact that TRID was originally proposed in the middle of 2012 (see 77 FR 51116 [2012]) and finalized at the end of 2013 (see 78 FR 79730 [2013]), several states have not updated their legislation, regulations, or even forms to make them compatible with the new Integrated Disclosures….

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Document Changes: Addendum to Loan Application (Cx13441)

On June 26, 2015 the U.S. Supreme Court issued their decision in the Obergefell v. Hodges case (see Obergefell v. Hodges, No. 14-556, 2015 WL 2473451 [U.S. June 26, 2015]) which held, inter alia,…

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Document Updates: Arizona Security Instrument Caption Headings

Effective July 3, 2015, Arizona Senate Bill 1218 revises Ariz. Rev. Stat. § 11-475(B) to read as follows:

“A person recording a deed of trust or mortgage for residential property constructed for at least one family but not more than four families shall include “residential 1-4” in the caption heading on the first page of each document….

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Data Integrity Check Update: TRID Testing

The current global data integrity error message that stops TRID loans from printing in ConformX Production is being modified. The text will be updated to include the words “on production” to read as follows:

“TRID documents are currently unavailable for testing on production….

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Document Changes: For Your Protection Get a Home Inspection (Cx2283)

This document is currently required under FHA ML 2006-24 and is a duplicate of form HUD-92564-CN (which is available at: http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/forms/hud9). According to our research, HUD posted a “new” version of this document on their website this month (despite the document’s revision date being “6/14”) and we will be updating Cx2283 to match this form,…

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Data Integrity Check Updates: Increase to USDA Guarantee Fee

USDA Rural Development has announced that the upfront guarantee fee will increase from 2.00 percent to 2.75 percent.  The annual fee will remain at 0.50 percent. USDA emailed an advance notice today on this topic entitled “Upfront Guarantee Fee and Annual Fee for Fiscal Year (FY) 2016”. …

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Document Field Edit: Notice of Escrow of Taxes & Regular Monthly Payment (Cx11197)

The Ohio Notice of Escrow of Taxes & Regular Monthly Payment is provided pursuant to Ohio Rev. Code Ann. § 1321.59(A). Following an audit of the form, we will be replacing field “Total Monthly Insurances” (Field 22123) with “Fee 1003 Monthly Amount”…

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New Document: TRID Closing Worksheet (Cx19349)

A new Closing Worksheet has been created to utilize the Integrated Disclosure field values instead of the HUD-1 fee lines. The “Integrated Disclosure Loan Indicator” (field 82233) will be set to “No” on the current Closing Worksheet (Cx14226).

Although the Know Before You Owe mortgage disclosure rule effective date is in the process of being postponed until October 1,…

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Document Updates: Various South Carolina Documents

Pursuant to our yearly audit of state-specific disclosures, we will be creating one new document for loans secured by property in South Carolina and making edits to two others.

Anti-Coercion Insurance Disclosure (Cx2778)

Most states prohibit lenders from requiring borrowers to purchase insurance through a particular insurance agent….

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Print Configuration Changes: Colorado Lock-In Disclosure Form (Cx13134)

Pursuant to a state review, we will be changing the print configuration of Cx13134. 4 Colo. Code Regs. § 725-3:5.18 provides that the Colorado Lock-In Disclosure Form shall be provided:

• Within three (3) business days after receipt of application or any money from a borrower;

…

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Configuration Updates: West Virginia Late Fees

West Virginia Senate Bill 542 (found here) was enacted on March 14, 2015 and became effective on June 12, 2015. W. Va. SB 542 amended Sections 46A-3-112 and 46A-3-113 of the Code of West Virginia to increase the maximum late fee amount allowed on precomputed and nonprecomputed consumer loans including loans secured by an interest in land or a factory-built home….

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Document Changes: Loan Modification Agreements (Virginia)

2015 Virginia Laws ch. 434 (S.B. 999), which is applicable to transactions occurring on or after July 1, 2015, amends (inter alia) Va. Code Ann. § 58.1-803(D)(3) to require the following:

“The supplemental instrument,…

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