Document Updates Archives - Page 58 of 82

01.19.15

Document Update: DC Real Property Recordation and Transfer Tax Form FP 7/C (Cx2485)

OTR Tax Notice 2014-11 (http://otr.cfo.dc.gov/sites/default/files/dc/sites/otr/publication/attachments/OTR_Notice_2014-11_Legal_3.pdf) notifies that the Recorder of Deeds of the District of Columbia began requiring the use of the November 2014 revised Form FP-7/C (ROD Form 1) on January 1, 2015.

The two major revisions to Form FP-7/C are:

The “Exemption Application” section (Part E) of the old form has been removed,

…

01.19.15

Recurring Announcement Concerning State-Specific Disclosure Edits Due to TRID

Last updated: 9/17/2015

One of the many types of changes occurring due to the new TILA-RESPA Integrated Disclosure requirements (TRID) are changes to state-specific disclosures. These changes take many different shapes and forms, but most are due to the fact that dozens of these disclosures incorporate,…

01.14.15

Document Changes and Retirement: Several Massachusetts Disclosures

On January 2, 2015 the Massachusetts Division of Banks and Loan Agencies finalized rules amending the Code of Massachusetts Regulations, Title 209, Chapter 32 (see http://archives.lib.state.ma.us/handle/2452/219037), which is the Commonwealth’s version of Federal Regulation Z, from which they are exempt (see 12 CFR § 1026.29 and associated Official Staff Commentaries)….

01.13.15

FHA Annual MIP Rate Decrease

Mortgagee Letter 2015-01 announced that the FHA Single Family Annual Mortgage Insurance Premium (annual MIP) for all Title II forward mortgages with terms greater than 15 years will decrease by 0.50 percent effective for case numbers assigned on or after January 26,…

01.13.15

Document Updates: W-9 Taxpayer ID (Cx22 and others)

Pursuant to an internal audit of our Internal Revenue Service (IRS) forms, our copies of IRS Form W-9 (“Request for Taxpayer Identification Number and Certification”) will be updated to match the latest revised version (December 2014) published by the IRS on their website (http://www.irs.gov/uac/Form-W-9,-Request-for-Taxpayer-Identification-Number-and-Certification)….

01.09.15

Document Updates: MA Flood Insurance Notice (Cx18930)

This document is being provided due to new statutory provisions which took effect on November 20, 2014 (see http://www.docutechcorp.com/document-updates-and-new-document-notice-of-required-flood-insurance-cx10-massachusetts-version-and-ma-flood-insurance-notice-cx18930), which require a notice concerning flood insurance to be provided to borrowers for loans secured by certain property located in Massachusetts….

01.07.15

Document Retirement: The Maine-version of the Addendum to Statement of Credit Denial, Termination, or Change (Cx15905)

Cx15905 is provided in connection with loans secured by property located in Arkansas, Connecticut, Maine, and Rhode Island, in order to fulfill these states’ disclosure requirements when an adverse action is taken on a loan file.

For Maine,…

01.05.15

Mapping Changes: Higher-Risk HPMLs and Regulation Z Threshold Amounts

On December 18, 2014 the Office of the Comptroller of the Currency, Federal Reserve Board, and Consumer Financial Protection Bureau issued a final rule amending the threshold amounts for determining whether a higher-priced mortgage loan (HPML) is exempt from the appraisal requirements set forth (inter alia) in 12 CFR § 1026.35(c) (and used to determine whether the loan is a “higher-risk mortgage” or not)….

01.02.15

Document Updates: More FHA Note Changes

Subsequent to our last announcement concerning FHA promissory note changes, HUD announced that they will be requiring such notes to use the language found in their Model Forward Fixed Rate Mortgage Note and Model Forward Adjustable Rate Mortgage Note located on their website (see FHA INFO # 14-74)….

12.30.14

Document Updates: New Rural Development (RD) Forms

Earlier this month, we implemented the new 3555-series of RD Forms into our library, replacing the 1980-series previously required (see our announcement “Changes Due to New USDA Regulations” for details). At the time of this implementation,…

12.29.14

Document Updates: CA Comparison of Sample Mortgage Features (Cx13522)

This document is provided pursuant to the provisions of Cal. Code Regs. tit. 10, §§ 1436(d) & 1950.314.8(d) to be provided to the borrower in connection with “a nontraditional loan or an adjustable rate loan that is subject to the Guidance [on Nontraditional Mortgage Product Risks]”….

12.29.14

Document Changes: AK Deed of Trust (Cx308)

This document is a duplicate of FNMA Form 3002. According to FNMA’s Instructions to Form 3002, if MERS is named as the nominee for the beneficiary, a specific “MERS” definition must be included in the document as Definition (E).

Currently,…

12.24.14

Document Updates: Various References to HUD Forms NPMA-99-A, NPMA-99-B, and NPMA-33

VA Circular 26-14-33 (http://www.benefits.va.gov/homeloans/documents/circulars/26_14_33.pdf) notifies that the Department of Veterans Affairs will start requiring the use of National Pest Management Association (NPMA) forms rather than National Pest Control Association (NPCA) forms by January 1, 2015.

Since the National Pest Control Association changed its name to National Pest Management Association in 1999,…

12.22.14

Document Updates: Allonge to Note (Cx1702)

An allonge is usually added to promissory notes in order to show endorsements, particularly when there is insufficient room on the note to add endorsements. Our most frequently used allonge (Cx1702) is provided for this purpose and, in regards to the endorsement,…

12.22.14

Document Updates: Important Notice to Homebuyers (Cx40) and Informed Consumer Choice Disclosure Notice (Cx41)

On December 15, 2014 HUD announced (inter alia) updates to form HUD-92900-B (“Important Notice to Homebuyers”), currently required under FHA ML 2005-03 & 1995-31, and the “Informed Consumer Choice Disclosure,” currently required under 24 CFR § 203.9 and Supra 2000-46 &…

12.18.14

Document Updates: CO Tangible Net Benefit Disclosure (Cx12873)

This document, which is a duplicate of the model “Tangible Net Benefit Disclosure” published on the Colorado Division of Real Estate’s website, is provided pursuant to the following provisions:

Colo. Rev. Stat. Ann. §§ 5-3.5-103(1)(c),…

12.17.14

Document Updates: CA Consumer Caution and Home Ownership Counseling Notice for Covered Loans (Cx2797)

2014 Cal. Legis. Serv. ch. 64 (A.B. 2742) was approved by Governor Jerry Brown (D-CA) on June 25, 2014. Among many of its provisions is an amendment to Cal. Fin. Code § 4973, Subsection (k) of which requires a disclosure to be provided to the consumer of a covered loan (California’s equivalent of a high-cost loan),…

12.17.14

Document Updates: Credit Score Disclosure – B-3/H-3 (Cx15312)

Cx15312 is a duplicate of the Model B-3/H-3 Form provided by the Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau pursuant to the provisions of 15 USCA § 1681m(h) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1), and 16 CFR §640.5(d)(1)….

12.16.14

System Changes: New Washington Licensing Fields

In Washington State, there are primarily two types of licensing requirements, which are detailed as follows:

Because a good portion of Washington’s disclosure requirements are applicable only to one or the other licensee,…

12.09.14

Document Updates: Various FHA and VA Documents

As more broadly described in our article entitled “FHA Changes Guidelines to Meet Industry Demands”, we will be modifying our FHA notes and riders, VA ARM notes and riders, and TILA ARM disclosures to comply with new FHA and VA regulations,…

Compliance

Document Updates