Document Updates Archives - Page 60 of 84

01.29.15

Document Changes: OR Spanish Good Faith Estimate (Cx15656), OR Spanish General Disclosure (Cx15657), OR Spanish Truth-In-Lending Disclosure (Cx15658)

These three documents are provided pursuant to the provisions of Or. Rev. Stat. Ann. § 86A.198, which requires translated versions of the Good Faith Estimate, TIL Disclosure, and a general disclosure to be provided to borrowers “in the language other than English in which a substantial portion of the communication that is related to the transaction takes place.”

The Oregon Department of Consumer and Business Services provides translated versions of these documents on their website,…

01.26.15

Document Format Change: Washington County, Pennsylvania Standard Recording Instruments

While Pennsylvania does not require a specific font size for recordable documents, it has been brought to our attention that Washington County in Pennsylvania will no longer accept documents for recording with a font size smaller than 12 point after January 31,…

01.26.15

Document Updates: GA Affidavit of Exemption from Withholding Seller (Cx1010) and GA Fair Market Property Values Affidavit (Cx15037)

Cx1010 is provided pursuant to the provisions of Ga. Code Ann. § 48-7-128 and Ga. Comp. R. & Regs. r. 560-7-8-.34 & 560-7-8-.35, for the purpose of certifying the fact that the seller is exempt from the state’s withholding tax requirements which are applicable to cases where a nonresident seller conveys real property….

01.26.15

New Document: USDA/RD Origination Stacking Order Checklist – Attachment 15-A (Cx19212)

Cx19212 (USDA/RD Origination Stacking Order Checklist – Attachment 15-A) is provided pursuant to the United States Department of Agriculture/Rural Development Single Family Guaranteed Loan Program Technical Handbook (HB-1-3555) Chapter 15.5.C.:

“Attachment 15-A provides lenders with an origination stack list to assemble the [loan application] documents and submit their request to the Agency [USDA/RD].”

Since Attachment 15-A is an optional form,…

01.20.15

Configuration Updates: MN Notice of Right to Discontinue Escrow (Cx1004)

This document is provided pursuant to the following provisions under Minnesota law:

“Unless the [escrow] account is exempt from the requirements of paragraph (a), a mortgagee shall allow a mortgagor to elect to discontinue escrowing for taxes and homeowner’s insurance after the seventh anniversary of the date of the mortgage,…

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 &…

Compliance

Document Updates

Document Changes: OR Spanish Good Faith Estimate (Cx15656), OR Spanish General Disclosure (Cx15657), OR Spanish Truth-In-Lending Disclosure (Cx15658)

Document Format Change: Washington County, Pennsylvania Standard Recording Instruments

Document Updates: GA Affidavit of Exemption from Withholding Seller (Cx1010) and GA Fair Market Property Values Affidavit (Cx15037)

New Document: USDA/RD Origination Stacking Order Checklist – Attachment 15-A (Cx19212)

Configuration Updates: MN Notice of Right to Discontinue Escrow (Cx1004)

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

Recurring Announcement Concerning State-Specific Disclosure Edits Due to TRID

Document Changes and Retirement: Several Massachusetts Disclosures

FHA Annual MIP Rate Decrease

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

Document Updates: MA Flood Insurance Notice (Cx18930)

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

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

Document Updates: More FHA Note Changes

Document Updates: New Rural Development (RD) Forms

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

Document Changes: AK Deed of Trust (Cx308)

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

Document Updates: Allonge to Note (Cx1702)

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

Subscribe to compliance updates from Docutech