Both Cx15224 and the non-higher risk mortgage version of Cx18182 contain paragraphs which explain to the borrower that they are entitled to a free copy of their appraisal report at least three business days prior to closing, though they may waive the waiting period and receive the report at closing….
The following configuration changes will be made:
Missouri
We have been providing the “MO Borrower Information Disclosure” (Cx3323), pursuant to the provisions of Mo. Code Regs. Ann. tit. 20, §§ 1140-30.090. This regulation was rescinded in 2010,…
Cx10515 is a duplicate of FNMA Form 3179, as published on FNMA’s website (https://www.fanniemae.com/singlefamily/special-purpose-documents).
After a review of this document, we will be updating it to more closely match Form 3179, as well as to support two “Authorized Changes” as set forth in the Summary to Form 3179….
In order to help clients provide documentation to borrowers which help them to choose hazard insurance policies which are acceptable to FNMA or FHLMC, we will be providing two new, “upon request” documents which contain a summary of the most applicable provisions of both of these GSEs requirements….
In connection with our new warning concerning the provisions of N.M. Stat. Ann. § 58-12B-20(A)(7), concerning the fact that mortgage loan originators must disclose to borrowers “the existence of all loans available to the mortgage loan originator, for which the borrower qualifies,…
Cx14885 is a duplicate of official Indiana State Form 51781 available on the Indiana Department of Local Government Finance site (http://www.in.gov/dlgf/8516.htm#Deductions). This form is required to be provided to customers, in connection with first lien purchase money mortgage transactions (or refinancing transactions) secured by a single family residence,…
In an email dated February 6, 2014, Equifax informed their customers that a certain address and telephone number must be used in connection with adverse action letters and credit reports. Pursuant to the instructions in this letter, we will be replacing the current address and telephone number used for Equifax on certain forms to:
Equifax Mortgage Services
815 East Gate Dr.,…
Pursuant to our ongoing document auditing, we will be modifying our Manufactured Home Affixation Affidavit (Cx43) to account for recommended Texas margins, specifically the bottom margin of the last page of the document. This change only modifies the version of the document that prints for Texas loans;…
N.M. Stat. Ann. § 58-21B-20(A) requires the following (in relevant part):
“A mortgage loan originator shall, [sic] enter into a fiduciary relationship with the borrower. For the purposes of this subsection, ‘fiduciary relationship’ is a relationship in which a mortgage loan originator shall:
(7) disclose to the borrower the existence of all loans available to the mortgage loan originator,…
Cx14222 and cx14223, the HUD-1 and HUD-1 A forms, have been modified for HELOCs. As the forms are not required for HELOCs, the modifications are permissible under federal regulations. To accommodate HELOCs, the “Loan Terms” section has been removed. The last line of the forms have been modified to read: “Note: If you have any questions about the Settlement Charges listed on this form,…
Due to the provisions of Me. Rev. Stat Ann. tit. 14, § 6111, we will be modifying the foreclosure provisions of our standard FHA and second lien Maine mortgages.
The first sentence of Section 18 of Cx383 will now state the following:
“If Lender requires immediate payment in full under Paragraph 9,…
Cx7225 is required under Fla. Stat. Ann. § 627.679(c) to be provided “before any credit life insurance may be sold in connection with a specific installment loan or home equity line of credit.”
We will be configuring this document to print under the following conditions:
In addition,…
Users can now indicate in ConformX if a particular fee is being paid to an affiliate. These new “Paid To Affiliate” indicators will be reflected on the Closing Worksheet (Cx14226).
…
Cal. Civ. Code § 1916.5(a) requires certain conditions to be made within a security instrument, or other evidence of a variable interest rate debt such as a promissory note, which is made by a lender “other than a supervised financial organization,” in order for the lender to collect a higher interest rate than the initial interest rate….
Pursuant to our yearly audit of state-specific disclosures, we will be making the following changes to the following documents which print in document packages for loans secured by property located in Wyoming:
WY Mortgage Second (Cx517) and HELOC Mortgage – WY (Cx1403)
Wyo….
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….
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….
