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”…
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,…
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….
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:
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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….
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:
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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,…
