D.C. Code Ann. § 26-1113 requires, in part, for a financing agreement (whether an initial or a revised and final one) to be delivered to a borrower at least 72 hours before the time of settlement. However, “prior to execution of the financing agreement,…
The following warning is currently displayed for VA loans when the funding fee percent is empty and the field “How VAFF/PMI/MIP is Paid” is not set to “Exempt”:
“The Department of Veterans Affairs (VA) Funding Fee does not have a value.…
We will be replacing some of the fields used on this form, as follows:
* Section 4A “Did You Serve Under Another Name?”
– The “Yes” checkbox will check when “VA Borrower 1 Served under Another name” (Field 74055) equals “Yes.”
–…
24 CFR § 203.25 and FHA Single Family Handbook 4330.1 REV-5, ch. 4-2 allow mortgagees to charge a late fee of four percent of any full monthly mortgage payment (principal, interest, taxes, and insurance) that is delinquent, subject to any state law which restricts late fees to a smaller amount….
As mentioned in a recent update concerning the Arkansas-version of the Notice of Servicing Transfer (Cx17905), Ark. Admin Code § 214.002-5010-1, which is made pursuant to the Arkansas Fair Mortgage Lending Act, was recently amended and re-enacted by 2013 Ar….
In order to provide verification to a lender of their Social Security number, borrowers are often required to fill out the Social Security Administration’s Form SSA-89, which our Cx5579 is a copy of. We recently updated this document to match the latest version of model form found on the Administration’s website (click here for the announcement)….
Per US Bank Bulletin 2014-05, starting February 10, 2014, US Bank will only accept the version of the homeownership counseling disclosure (Cx17874) that lists the actual counseling agency information instead of alternate website text. Therefore, if a US Bank program is in use and any of the ten homeownership counseling organization names are not filled in,…
Cx327 and Cx359 have been further updated to match the most recent model forms published by FNMA (see the previous announcement at http://www.docutechcorp.com/document-changes-louisiana-mortgage-cx327-and-west-virginia-deed-of-trust-cx359). Cx327 has been changed to include a newer revision date in the document footer,…
Cx349, 402, and 507 have been updated to display the NMLS number on the top of the first page of the instrument only if the application date of the loan is before 01/10/2014. The NMLS number is required to be on the instrument by S.C….
Cx18183 is provided in connection with first lien loans in order to allow the borrower the option to exercise their waiver rights under 12 CFR § 1002.14(a)(1) or to acknowledge receipt of a copy of their appraisal (see http://blog.docutechcorp.com/january-2014-new-documents-first-lien-appraisal-waiverreceipt-form-cx18183 for more details)….
Arkansas’ regulations for enforcing the provisions of the Arkansas Fair Mortgage Lending Act (Ark. Code Ann. §§ 23-39-501 through 23-39-518) were recently amended and re-enacted in 2103 Ar. Reg. Text 6635. Among the changes are ones to Ark. Admin. Code § 214.00.2-5010-1(c),…
To provide better readability on the Uniform Residential Loan Application, Docutech Corp. has decided to right-align most dollar figures.
In addition, a slight change was made in the column widths in Section VII. Details of Transaction to better accommodate dollar amounts containing up to 9 digits (ex….
Ill. Admin. Code tit. 38, § 1050.1010, which sets forth requirements concerning brokerage agreements, was recently amended in 38 Ill. Reg. 2019 (January 17, 2014). Besides an insignificant edit to Subsection (f), Subsection (h) has been altered to require a disclosure of the NMLS unique identifier of any mortgage loan originator who is assisting the loan broker in performing services for a borrower (previously it required the state registration number of the originator)….
2013 Oregon Laws ch. 219 (H.B. 2834) was passed this past year, which repealed the “Uniform Law on Notarial Acts” (Or. Rev. Stat. §§ 194.505 through 194.595) and enacted a new “Revised Uniform Law on Notarial Acts” (codification still pending)….
The PA Consumer Mortgage Disclosure Form (Cx14079) has been retired, per an announcement from Timothy Siwy, Deputy Secretary of Non-Depository Institutions for the Commonwealth of Pennsylvania Department of Banking and Securities. As of January 16, 2014, the form is no longer required as the Department has determined it is redundant for licensees and partially-exempt licensees to continue to provide the state form when the new federal forms required by the CFPB are substantially similar….
On January 10, 2014 the CFPB published a notice in the Federal Register (79 FR 1836) that they would be updating the following documents:
1. What You Should Know About Home Equity Lines of Credit (HELOC Brochure);
2….
In connection with upcoming changes to Regulations B and Z concerning Appraisal Notices (see the section entitled “Appraisal Rules” in our article “The January 2014 CFPB Regulations,” located at http://www.docutechcorp.com/the-january-2014-cfpb-regulations for details), we will be altering two State appraisal disclosures as outlined below….
For a good number of security instruments, there is included a “Prepared By” section in which at least the name (and usually the contact information) of the person and company who prepared the instrument is disclosed.
Our policy has been to include this section only when:
1….
Due to investor requirements, we are currently providing Cx14078 (AIR Verification of Receipt of Appraisal) and 15224, in which the borrower is informed that they will be provided with copies of their appraisals no less than three business days before closing,…
Due to investor requirements, we are currently providing Cx14078 (AIR Verification of Receipt of Appraisal) and 15224, in which the borrower is informed that they will be provided with copies of their appraisals no less than three business days before closing,…
