The Division of Banks recently amended Mass. Regs. Code tit. 209, ch. 53, which chapter imposes restrictions on the refinancing of a home loan within 60 months with a new home loan. Particularly, it requires creditors to determine whether the refinancing is in the borrower’s interest….
In ConformX release 4.5.8, software modifications were made to allow for future expansion in the number of escrow lines supported. Document edits are now underway to support escrow line expansion inside the standard documents that print by default in ConformX….
California law mandates that the following form be used for notary acknowledgments (only the body of the acknowledgment is listed here):
“On _______________, before me, (here insert name and title of the officer), personally appeared ______________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies),…
Nev. Rev. Stat. Ann. § 598D.130(2) requires a certain notice to appear on security instruments for loans which are considered “high cost loans” (HCLs) under Federal law, as follows:
“[If] The home loan is subject to the provisions of § 152 of the Home Ownership and Equity Protection Act of 1994,…
Unlike other states, the common security instrument used in Georgia is a “security deed.” According to MERS System Procedures Manual – Release 25.5.1, when MERS is referenced in the security instrument, they should be referred to as “grantee” if the security instrument is a “security deed” (p….
By default, fees for the following HUD-1 fee lines must be charged to the borrower, since they are disclosed on the GFE and considered to be the borrower’s responsibility:
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On March 21, 2014, President Obama signed the Homeowner Flood Insurance Affordability Act of 2014 into law. As a result, the July 6, 2014 deadline for mandatory escrow of flood insurance payments required by the Biggert-Waters Flood Insurance Reform Act of 2012 was delayed until January 1,…
Data integrity checks that verify accuracy of FHA Annual MIP and UFMIP rates will be removed from the Adverse Action document packages. Truth-in-Lending and Good Faith Estimate calculations are not performed in Adverse Action packages, so the FHA MIP rates do not need to be verified….
FNMA Ann. SEL 2014-03 announced a new requirement in FNMA 2014 Selling Guide B8-7-01, which stipulates that a special “MERS Rider” (new FNMA Form 3158) be used for loans secured by property located in the states of Montana, Oregon, and Washington,…
USDA Rural Development announced in RD AN No. 4757 that the annual fee will increase from 0.4 percent to 0.5 percent for all loans. The upfront guarantee fee will remain at 2.0 percent for all loans.
For Single Family Housing Guaranteed Loan Program loans (SFHGLP) obligated on or after October 1,…
Most states prohibit persons from requiring borrowers to obtain insurance through particular insurance agents. In order to help establish evidence that a client has not imposed such a requirement, we provide several different multi-state “anti-coercion” documents (including Cx2778) in which the borrower is apprised of this prohibition,…
Iowa Bill HF 2324 amends Iowa Code Ann. § 537.1301(15)(a)(5) to define a “consumer loan” as having an amount financed that cannot exceed the “threshold amount”, whereas before, the amount financed could not exceed $25,000. A newly added subsection of Iowa Code Ann.,…
The following subsections of law were repealed by 2014 Fla. Sess. Law Ser. Ch. 2014-91:
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Pursuant to our yearly audit of state-specific disclosures, we will be creating a new Missouri lock-in agreement (Cx16677) and editing the MO Loan Brokerage Disclosure Statement and Agreement (Cx3328), as follows:
Cx3328
The current version of Cx3328 was formatted in such a way as to conform with the provisions of Mo….
2014 Va. Legis. Serv. 763 was approved by Governor Terry McAuliffe (D) on March 27, 2014, with an effective date (for most of its provisions) of July 1, 2014.
Among the various sections of laws amended by this act is Va….
Investors are beginning to only accept the version of the homeownership counseling disclosure (Cx17874) with the actual list of ten homeownership counseling organizations located closest to the applicant instead of the interim notice, which only provides a website where the borrower may obtain the list themselves….
In the State of Georgia, when a security instrument is executed, it must be witnessed by at least two witnesses, as well as being acknowledged by a notary public (see Ga. Code Ann. §§ 44-2-14, 44-2-15, 44-2-21, 44-5-30, 44-14-33, 44-14-61,…
Tenn. Code Ann. § 47-23-101(a)(1) sets forth the following prohibition:
“When a borrower is required to keep real estate insured and to furnish evidence of such insurance to a lender as a condition for obtaining or keeping the loan,…
The Payment and Interest Rate tables displayed on the Truth-in-Lending Disclosures are required under 12 CFR § 1026.18(s). Depending on the type of loan, a number of columns must print displaying the interest rate and monthly payment through the life of the loan,…
Nev. Rev. Stat. § 111.220 states the following (in relevant part):
“In the following cases every agreement is void, unless the agreement, or some note or memorandum thereof expressing the consideration, is in writing, and subscribed by the person charged therewith:
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