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,…
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)….
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,…
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)….
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….
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,…
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)….
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)….
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,…
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]”….
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,…
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,…
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,…
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 &…
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),…
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),…
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)….
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,…
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,…
California Senate Bill 1050 (http://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml) was enacted on August 15, 2014 and becomes effective on January 1, 2015. CA SB 1050 amends Section 1189 of the California Civil Code and Section 8202 of the California Government Code,…
