One of the new CFPB amendments to Regulation Z includes a small, yet significant, revision to 12 CFR § 1026.23(a)(3)(ii) regarding the Right to Rescind rules (see 78 FR 60440). Under Subsection 23(a)(2)(i), a consumer:
“. . ….
We are pleased to announce that the changes to our generic ARM Disclosures, as mentioned in the section named “Revised Notices on ARM Disclosures” in our article entitled “The January 2014 CFPB Regulations – Update” (available http://www.docutechcorp.com/the-january-2014-cfpb-regulations-update),…
Pursuant to our yearly audit of state-specific disclosures, we will be making the following changes to the following documents provided in connection with loans secured by property in California:
New Disclosures
We will be providing a new Request for Fair Lending Information (Cx18014) document,…
1) Missing Loan Originator Information at Closing Error
The CFPB has created a new subsection of Regulation Z (12 CFR § 1026.36[g]), which requires that the names and NMLS numbers of the loan originator primarily responsible for a loan and the loan originating company he works for be disclosed on different loan documents,…
Md. Code Ann., Com. Law § 12-913.1 permits a credit grantor to make a loan pursuant to Subtitle 10, Title 12 of Maryland’s Commercial Law, if such an election is made in the promissory note (or any other agreement evidencing the loan),…
The CFPB has created a new subsection of Regulation Z (12 CFR § 1026.36[g]), which requires that the names and NMLS numbers of the loan originator primarily responsible for a loan and the loan originating company he works for, be disclosed on several different loan documents,…
Earlier this year, 2013 Oregan Laws. Ch. 200 (H.B. 2528), which amended the definitions found in Ore. Rev. Stat. Ann. § 86.205 (West 2013), was passed into law with an effective date of January 1, 2014.
A significant change made by this bill was to the definition of a “real estate loan agreement” or “real estate loan” in Subsection (7) of the aforementioned section….
The Federal Itemization of Amount Financed disclosure, provided pursuant to 12 CFR 1026.18, has been modified to fit on letter-size paper. Currently, cx14224 and cx14644 print on legal-size paper by default, but this will be changed to have the documents print letter-sized by default….
We are pleased to announce that we have completed our new disclosure for fulfilling the requirements of 12 CFR § 1026.32(c) in connection with closed-end high-cost loans (HCLs), as described in more detail in our article entitled “The January 2014 CFPB Regulations” (available at http://www.docutechcorp.com/the-january-2014-cfpb-regulations)….
This past June, the Rhode Island Department of Business Regulation adopted revisions to R.I. Admin. Code 11-5-99, Sections 5, 7, and 8 of which require certain privacy notices to be provided by licensees under the Banking and Insurance Consumer Protection Act to customers (individuals with an established relationship with the licensee) and consumers (individuals seeking to obtain an insurance product,…
Cx3318 is provided pursuant to the provisions of La. Rev. Stat. Ann. §§ 9:3572.10 & 9:3527.11 (2013), sections of the Louisiana Consumer Credit Law which require a loan broker to provide to borrowers, in connection with a consumer or federally related mortgage 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) (West 2012) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1),…
12 CFR § 1024.20, which takes effect on January 10, 2014, requires a lender, mortgage broker, or dealer to provide to a loan applicant, within three business days after receipt of a loan application, a list of homeownership counseling organizations which are located closest to the applicant….
In connection with our conventional loans, we provide duplicates of the uniform promissory notes published by the Federal National Mortgage Association (FNMA) on their website (https://www.fanniemae.com/singlefamily/notes). Each of these notes provide a footer stating the name of the document, the form number,…
The Louisiana Mortgage has been updated to match the most recent model form published by the Federal National Mortgage Association (FNMA). Updates include updated RESPA citations which, while they do not appear on the model form, are authorized by FNMA’s instructions for the new model form….
According to FHA Single Family Handbook 4155.2 ch. 6.B.2, security instruments for loans to be insured by FHA must be based on the FHA Model Mortgage Form (found in Ibid. ch. 12.A.1), with modifications as set forth by FHA….
For loans with closing dates on or after January 10, 2014, premiums for most credit insurances are generally prohibited from being financed into a loan, to wit:
“(1) A creditor may not finance, directly or indirectly, any premiums or fees for credit insurance in connection with a consumer credit transaction secured by a dwelling (including a home equity line of credit secured by the consumer’s principal dwelling)….
Wash. Rev. Code Ann. § 60.04.255(1) (West 2013) requires every real property lender to provide a copy of the informational material described in Ibid. § 60.04.250 “to all persons obtaining loans, the proceeds of which are to be used for residential construction or residential repair or remodeling.” A “real property lender” is defined as “a bank,…
Fla. Stat. Ann. § 494.007, while not requiring a commitment to be issued, does stipulate that “if a commitment is issued,” such commitment should contain certain disclosures, such as its expiration date, the face mortgage amount of the loan, the amount of any commitment fee (and whether it is refundable),…
For loans guaranteed by the Department of Veterans’ Affairs (“VA loans”), when the income from a non-military employed person is used to qualify for a loan, 38 CFR § 36.4340(f) and VA Lender’s Handbook ch. 4, 2-e require a lender to verify that such person has been employed by their present employer for at least two years….
