Due to recent case law rulings concerning the relationship of MERS with security instruments, the Federal National Mortgage Association (FNMA) announced the creation of a MERS Rider (FNMA Form 3158) which should be used in conjunction with their Montana, Oregon,…
While not required by any specific laws, we provide on a generic basis an “Errors and Omissions/Compliance Agreement,” in which the borrower agrees to correct, within 30 days of a written request, any clerical errors which they may have made on closing documents and to assume all costs incurred by the lender due to such errors (e.g.…
The Great Lakes State
Mich. Comp. Laws Ann. § 445.1637 requires, in connection with a mortgage loan, for the applicant to be given a “Consumer Caution and Home Ownership Counseling Notice” as well as a list of the nearest available HUD-approved credit counseling agencies….
Both of these documents contain two series of checkboxes preceding the body of the agreement. The first series indicates what the purpose of the loan is, with the options being “Purchase” and “Refinance.” These options are selected based on Field 1063 Loan Purpose (MISMO)….
Pursuant to our yearly audit of state-specific disclosures, we will be creating four new disclosures, making minor edits to thirteen existing ones, and changing the configurations to eight of them.
New Document: MA Additional Broker Fee Authorization (Cx18932)
Mass….
Cx18014 Request for Fair Lending Information is used by financial institutions and intermediaries to ascertain the race, sex, and marital status of each applicant requesting financial assistance. Both the applicant and any co-applicants are requested, but not required, to provide this information….
The Federal Privacy Policy Notice is provided pursuant to Regulation P (12 CFR Pt. 1016), some versions of which provide a mail-in “opt-out” form which the borrower can use to “opt out” of having their personal information shared with certain entities,…
The standard HUD-1/1A forms are being updated for Construction to Perm loans that become ARM loans. The “Can your interest rate rise?” section will more accurately reflect when and by how much the interest rate can change, taking into consideration both the construction-only period of the loan and its adjustable rate period….
Cx1570 is provided pursuant to Me. Rev. Stat. Ann. tit. 36, § 5250-A(9). A model form for this document (FORM REW-4) is provided by Maine’s Department of Administrative & Financial Service and can be found at:
http://www.state.me.us/revenue/forms/rew/rew.htm
The model form was updated to give citations in a more standardized format….
Mo. Ann. Stat. § 443.867 requires a residential mortgage loan broker to provide a loan brokerage disclosure statement and fee agreement with each borrower, which contains certain disclosures. We are currently providing Cx3328 for this requirement and it is configured to print when “Lender is a Broker?” equals “Yes.”
A “residential mortgage loan broker” is officially defined as “any person,…
Cx3095, Cx17841, and all custom versions of IRS Form 4506-T have been updated to match the August 2014 version of the form. In addition to a few minor styling and format modifications, the following changes have been made:
1….
Vt. Stat. Ann. tit. 8, § 2219 requires mortgage brokers to enter into a written agreement with each of their prospective borrowers at the time of application. The form of the agreement must be approved by the Commissioner of Financial Regulation,…
Subsequent to our previous changes to Cx4174 (see http://www.docutechcorp.com/document-updates-md-loan-commitment-cx4174), we have been apprised of issues with the way in which the interest rate is being disclosed under these changes. While there is not a compliance issue in the way the interest rate is disclosed in the section (when properly configured),…
DocuTech is pleased to announce that we will now be providing the following “state-specific” disclosures for loans secured by property located in the Commonwealth of Puerto Rico:
HELOC Breakdown of Costs Disclosure (Cx18548)
P.R….
Freddie Mac Bulletin 2013-16 notified lenders that mortgages with Application Received Dates on or after January 10, 2014 must be fully amortizing.
ConformX users have not printed loan packages through the Freddie Mac interest only programs for months….
While not a legally required document, many lenders have borrowers sign an “Occupancy Statement” (our Cx15), in which the borrowers certify, under penalties of perjury, their intended use of the subject property, whether as a principal dwelling, a second home,…
The Arizona-version of our standard advanced fee agreement is formatted to comply with the following provisions of Arizona law:
“A mortgage broker shall not accept any monies or documents in connection with an application for a mortgage loan in an amount of two hundred thousand dollars or less,…
Or. Rev. Stat. Ann. § 86.255 requires, in connection with loans in which “a lender does not require a lender’s security protection provision” (e.g. an escrow account), but in which the parties arrange to establish such a provision,…
This document is provided pursuant to the provisions of N.C. Gen. Stat. Ann. § 24-1.1A(a1)(1) and is a duplicate of the North Carolina Commissioner of Banks Form MLA09 (Notice of Amortization Information & Examples), which is published on their website (http://www.nccob.gov/public/FinancialInstitutions/Mortgage/MortgageForms.aspx)….
These two documents are provided pursuant to the provisions of Chapter 13-05-01 of North Dakota’s Administrative Code. They are required to be provided by “money brokers” in connection with services provided by such brokers.
While the Administrative Code does not define “money brokers,” the statutory law from which this chapter of the Code derives its authority (Chapter 13-04.1 of North Dakota’s Centennial Code) does define them as being persons or entities “who,…
