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2013 Oregon Laws ch. 219 (H.B. 2834) was passed this past year, which repealed the “Uniform Law on Notarial Acts” (Or.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,…
Cx15944 is provided due to the provisions of N.C. Gen. Stat. Ann. § 53-244.109, which requires (in relevant part) the following:
“Any mortgage broker engaged in the mortgage business as defined by G.S. 53-244.030(11)a,. in addition to duties imposed by other statutes or at common law,…
Cx13355 has been provided over the years for the provisions of 4 Colo. Code Regs. § 725-3:3-1-4-5(2), which required the following:
“Information provided to consumers should clearly explain the ramifications of prepayment penalties. Borrowers should be informed of the existence of any prepayment penalty,…
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), two new documents will replace our current Copy of Appraisal Report Notice (Cx6) for complying with the provisions of these two regulations….
We have received several calls from clients who, based on investor bulletins and feedback, are asserting that the name and NMLS information which are required, under 12 CFR § 1026.36(g), to print on the promissory notes and security instruments should begin printing on them starting January 10th,…
Section 20 of Regulation Z (12 CFR § 1026.20) has, for many years, required a post-closing servicing notice to be provided to consumers, in connection with loans in which the interest rate changes. This notice reminded the consumer of the upcoming change and how it will affect their payments….
Cx2792 is provided pursuant to the provisions of Wash. Rev. Code Ann. §§ 19.146.010(13) & 19.146.030(2)(c) and Wash. Admin. Code §§ 208-620-510(3) & (4), 208-660-006, and 208-660-430(3)(c). As published in Wash. State Register 13-24-023 & 13-24-024, several of these sections under the Washington Administrative Code were amended with effective dates of January 1,…
Previously, Subsection (D) of Section 21 of Regulation X (12 CFR § 1024.21[d]) required a “Transfer of Servicing” notice to be provided to a borrower by a servicer no less than 15 days before the effective date of the transfer of the borrower’s loan to another servicer….
The Department of Veterans’ Affairs (VA) publishes a “VA Guidance on Natural Disasters” on their website (http://www.benefits.va.gov/homeloans/documents/docs/va_policy_regarding_natural_disasters.pdf), which provides guidance to both borrowers , lenders, and servicers on how to handle their VA loans (whether pending or existing) when the subject property is located in an area affected by a natural disaster….
