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,…
Pursuant to a review, the document logic for section 6A “Ethnicity” of our VA Loan Summary Sheet (Cx57) has been modified to bring it more into conformity with the way the document logic is working on our 1003 Uniform Residential Loan Application (Cx4193)….
Our Cx3442 is largely a duplicate of FNMA Form 3185 (Texas Home Equity Affidavit and Agreement First Lien), with some minor differences due to software capabilities. One of these differences includes the format of the signature lines under which, in Form 3185,…
Pursuant to a review of Michigan recording requirements, we will be updating our Michigan version of the Manufactured Housing Limited Power of Attorney (Cx 6874).
Mich. Comp. Laws Ann. § 565.201(1)(f)(i) provides that in order for an instrument executed after April 1,…
Cx999 and Cx18541 are provided pursuant to the provisions of Cal. Civ. Code § 2954.6 and Wash. Rev. Code Ann. § 61.10.020(1), respectively. Both documents are dynamic and explain, in detail, the mortgage insurance cancellation requirements set forth by applicable Federal and State laws,…
The “Requirements for all Recordable MERS Documents” subsection of the MERS® System Procedures Manual – Release 26.0 (pg. 189 – 190) requires that MERS must be appropriately referenced in the following ways on security instruments:
…
The requirements of the Affiliated Business Arrangement Disclosure are promulgated in 12 C.F.R. § 1024.15(b)(1) as follows:
“The person making each referral has provided to each person whose business is referred a written disclosure, in the format of the Affiliated Business Arrangement Disclosure Statement set forth in appendix D of this part,…
Colo. Code Regs. § 725-3:5.8.B. states:
“The Tangible Net Benefit Disclosure shall also be completed with the borrower(s) prior to the borrower(s) signing loan closing documents if the reasonable, tangible net benefit has changed.”
In an effort to safeguard completion of the Tangible Net Benefit Disclosure before any borrower signs loan closing documents,…
For Rural Development (RD) Single Family Housing Guaranteed Loan Program loans, we provide duplicates of the FNMA/FHLMC Uniform Security Instruments, pursuant to 7 CFR § 1980.333(a) and soon-to-be-effective Ibid. § 3555.51(b)(13).
On December 1, 2014 a new RD Handbook will take effect,…
As announced, and more thoroughly detailed, in 79 FR 60492 (2014), the Office of the Assistant Secretary for Public and Indian Housing is imposing an annual premium of 0.15% on the remaining loan balance of Section 184 loans, effective for loans with case number assignments on or after November 15,…
Pursuant to a review, it was determined that updates to Georgia notarial certificates were necessary for the following documents:
The Georgia notary acknowledgments contained in Cx865 and Cx7965 have been appropriately replaced with notary jurats in conformance with the model jurat certificate which can be found on the Georgia Superior Court Clerks’ Cooperative Authority webpage at https://www.gsccca.org/docs/notary-documents/juratcertificate.pdf?sfvrsn=2….
Cx10515 and Cx1701 are duplicates of FNMA Form 3179 (Loan Modification Agreement [Providing for Fixed Interest Rate]). FNMA recently revised this form, so we will be modifying Cx10515 and Cx1701 to match these revisions. Specific changes include:
…
Pursuant to recent MERS language updates contained in the Instructions for “New York – Single Family – Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (Form 3033)” (https://www.fanniemae.com/singlefamily/security-instruments), the following documents have been updated to mirror the language in Sections 6(a)-(e) of the Form 3033 Instructions:
Per Sections 6(a)-(e) of the Form 3033 Instructions,…
Cx10 is a multistate document which, while not statutorily required, is one of our frequently used disclosures. This document is provided in our closing packages providing notice to the borrower that if their property is found to be located in a Special Flood Hazard Area they may be required to purchase flood insurance….
Pursuant to our periodic review, and after comparison with the Model Interest Rate Lock Agreement located on the Washington State Department of Financial Institutions website (http://www.dfi.wa.gov/cs/pdf/interest-rate-lock-agreement.pdf), the Loan Originator name field at the bottom of Cx2792 has been changed to a Loan Originator signature line….
