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,…
In FNMA SEL-2015-08, Fannie Mae announced the publication of a new version of their uniform West Virginia security instrument (FNMA Form 3049), as follows:
“Fannie Mae and Freddie Mac have updated the West Virginia Deed of Trust (Form 3049) to make it consistent with the state’s Consumer and Credit Protection Act….
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,…
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],…
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,…
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,…
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,…
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….
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….
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”),…
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….
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,…
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….
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….
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,…
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”. …
