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,…
Field 36021 is used to configure certain documents to print only for loans which are governed by Chapter 342 of Texas’ Finance Code (commonly referred to as “Plain Language” loans). In the past, the conditions for triggering this field to equal “Yes” or “No” were based upon whether the APR for the loan was less than,…
The California Fair Lending Notice is governed by Cal. Code Regs. tit. 21, § 7114, which sets forth which address print on the Notice based on the providing institution’s license type. Under the regulation, five address are listed for the Department of Business Oversight (DBO)….
The Maryland Department of Labor, Licensing, Regulation Disclosure is required to be provided pursuant to Md. Regs. Code. 09.03.10.03(C) as follows:…
“C. Timing.
(1) A regulated person shall deliver to a borrower the disclosures required by this regulation within 10 business days after the application for the mortgage loan is completed,
In March of this year, KY SB 148 (2015) became law, with an effective date of June 23, 2015. This bill amends KY Rev. Stat. §382.290 to prevent county clerks (or their deputies) from recording mortgage or deeds with liens retained therein unless either document explicitly refers to the next immediate source of title for which the mortgagee or grantee derived title to the property or the interest encumbered therein….
Coding is nearly complete for the following new TRID documents: Loan Estimate, Written List of Providers, and Closing Disclosure. In preparation for the ConformX software release scheduled the evening of June 5, 2015, these documents are now available to print for all clients using test environments….
Fannie Mae Selling Guide B8-5-06 prohibits the use of a power of attorney to sign the security instrument or note on cash-out refinances and Texas Section 50(a)(6) mortgages.
Two warnings have been added to ConformX Closing packages when “Investor Institution ID” (field 18308) is FNMA and “Power of Attorney (POA) on Loan” (field 58513) is Yes:
…
The first two pages of the ConformX GFE have been modified to support an additional digit in the right-hand amount column. The left-hand text column has been narrowed slightly to allow the width of the amount column to increase.
This change will be effective on May 28,…
California generally has three licensing laws which apply to mortgage brokers and lenders: the Real Estate Law (REL), California Finance Lenders Law (CFFL), and California Residential Mortgage Loan Act (CRMLA). Some entities are exempt from these laws or have different requirements which apply to them,…
Wells Fargo Sellers Guide 515.04 Escrow/Impound Accounts for Taxes, Insurance, and Guaranteed Rural Housing Annual Fee requires:
“Collection of one months’ worth of annual fee monthly payments at closing.”
Previously Wells Fargo required two months’ worth of USDA annual fee to be collected at closing,…
Pursuant to our yearly audit of state-specific disclosures, we will be creating the following new documents for loans secured by property in Texas:
TX Spanish Plain Language Truth-in-Lending Statement (Cx19328)
According to Tex….
Cx1227 has been provided over several decades to fulfill the requirements of several Federal privacy laws, including the Gramm-Leach-Bliley Act and Regulation P (12 CFR Pt. 1026).
In 2011, Regulation P was revised and set forth a new privacy policy form (see 12 CFR Pt….
In FNMA Ann. SEL-2015-05, FNMA and FHLMC announced that they would be changing their Form 3032 (the uniform security instrument for New Mexico) from a deed of trust to a mortgage, allegedly due to an expansion of New Mexico’s “Home Loan Protection Act” and its prohibitions on non-judicial foreclosures for most residential properties….
In the Instructions given for FNMA Security Instruments on the FNMA website, Instruction #9 reads:
“Lenders MAY preprint this document with County embedded in that portion of the section of the document titled TRANSFER OF RIGHTS IN THE PROPERTY that requires entry of the Type of Recording Jurisdiction,…
Pursuant to a state review, DocuTech will now be providing the Ohio Optional Credit Insurance disclosure (Cx16236) in order to comply with Ohio Rev. Code Ann. §3918.06(d) and Ohio Admin. Code §§3901-1-14(B)(4)(c) & 3901-1-14, App. 1.
Cx16236 will print in all Initial Disclosure packages in Ohio when credit life,…
FHA announced yesterday in FHA INFO #15-32 that the effective date for the policies within its new Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) has been postponed to September 14, 2015:
FHA recognizes that there currently are a number of competing initiatives occurring simultaneously in the mortgage industry that may be challenging mortgagee and other industry partner resources….
This document is provided pursuant to the provisions of VA Circ. 26-10-1 & 26-10-9 and provides an itemization of Lines 801 and 1101 of the HUD-1 Settlement Statement, plus an itemization of credits to the borrower.
The Department of Veterans’ Affairs has published new VA Circ.…
This document is a duplicate copy of FNMA Form 3015 and is our generic security instrument for conventional, first lien loans secured by property located in Indiana.
Within the first paragraph of the section entitled “Transfer of Rights in the Property” of the MERS-version of Cx324,…
If fields in ConformX for the “Year or period requested” section of IRS Form 4506-T/4506 “Request for Transcript/Copy of Tax Return” are not set, the first two dates default to the last day of the previous two calendar years. Currently these two date fields are defaulted to “12/31/2013” and “12/31/2012.”
Since the federal income tax return filing deadline is today,…
Our Signature/Name Affidavit (Cx865) is not required by law, but is provided as a way to prevent any future litigation arising over the identity of the borrowers. The Signature/Name Affidavit is given to each borrower individually to have them state that they are,…
