An “Information Document” is required under Ohio Rev. Code Ann. § 1345.05(a)(4) & (G) and Ohio Admin. Code 109:4-3-29 is to be provided to borrowers at the time of applying for a loan, or within 5 days of application if such is not made in person….
Cx374 is the FHA version of Cx321, the FNMA/FHLMC Iowa Mortgage security instrument. In keeping with our practice of maintaining optimal document consistency, we have added signature lines on FHA Cx374 under Non-Uniform Covenant 21, Homestead Exemption Waiver. This will mirror the signature functionality that we currently have on FNMA/FHLMC Cx321 under the Homestead Exemption Waiver,…
Cx3095 IRS Form 4506-T Request for Transcript of Tax Return has been updated to match the September 2013 version of the form. Estimated processing time disclosed on the form has been reduced from 30 calendar days to 10 business days….
Per ML 2013-29, for FHA-insured refinance mortgages with case numbers assigned on or after November 1, 2013, the lender must obtain the borrower’s written permission before unused borrower funds from an escrow account on an existing mortgage can be applied to the newly originated loan instead of giving the money directly to the borrower….
Certain Maine disclosures have been updated pursuant to our ongoing state disclosure audit. Cx3279, ME Right to Own Attorney Disclosure, has been updated with new language to make the form more clear and to specify to whom the selection is certified on the form….
The “Instructions for Completing HUD – 1 and HUD – 1A Settlement Statements,” found on the HUD website (http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/ramh/res/resappa), states that:
“The HUD – 1A settlement statement is to be used as a statement of actual charges and adjustments to be given to the borrower at settlement,…
As an extension of our continuing security instrument audit, and as a result of DocuTech’s ongoing commitment to being a leader in mortgage-industry compliance, we are initiating a comprehensive update to the notary acknowledgment language on our security instruments.
Although current acknowledgement language in use by DocuTech is legally compliant,…
Cx13190 and Cx16407 are given prior to or upon making a high-cost mortgage loan (HCL) or a higher-priced mortgage loan (HPML), respectively. The purpose of these documents is to demonstrate that the borrower receives a reasonable, tangible net benefit from the new loan,…
Cx7924, Section 184 Individual Allotted Trust Land Rider (No Lease), has been updated with minor changes to reflect the new HUD model form 50120 released in February of this year. The date in the footer has been updated and relocated to the right side of the bottom margin to reflect the model form….
New Documents
CO Commitment Agreement (Cx17939) – We will be providing a new commitment agreement pursuant to the provisions of Colo. Rev. Stat. Ann. §§ 12-61-915(2), 38-10-124, & 38-40-102(1) (West 2013). Of these three provisions, Section 38-10-124 is the more restrictive and requires (in part) the following:
“(2) ….
Mass. Gen. Laws Ann. ch. 183A, § 4(5) (West 2013) requires, in relevant part, that “each mortgagee holding a recorded mortgage upon a [condominium] unit shall give written notice of the mortgagee’s name and mailing address to the organization of unit owners,” in order for the mortgagee to receive notices concerning changes affecting the unit,…
When a creditor desires to verify the social security number (SSN) of a loan applicant, he may do so by submitting to the Social Security Administration an executed copy of the “Social Security Administration Authorization for the Social Security Administration (SSA) to Release Social Security Number (SSN) Verification” form (SSA-89),…
Va. Code Ann. § 58.1-803(D) (West 2013) states the following:
“On deeds of trust or mortgages, the purpose of which is to refinance an existing debt, which debt is secured by a deed of trust or mortgage on which the tax imposed hereunder has been paid,…
D.C. Code Ann. §§ 26-1113(a) & (b) (2013) requires a licensee under Chapter 11, Title 26 of the District of Columbia’s Code (Ibid. §§ 26-1101 through 26-1121) to provide a borrower with a financing agreement (which is executed by the lender),…
In May of this year, MD SB 199 (2013) became law, with an effective date of October 1, 2013. Section 1 of this bill amends Md. Code Ann., Real Prop. § 7-112 to allow for the insertion of automatic subordination language into a security instrument,…
W. Va. Code Ann. § 39-1-2a[a] (West 2013) requires the following (in relevant part):
“In addition to the other requirements prescribed by law, no instrument by which the title to real estate or personal property, or any interest therein or lien thereon,…
A new Regulation Z requirement promulgated by the CFPB (see forthcoming 12 CFR § 1026.36[g]) requires the name and NMLS number of the loan originator organization and the individual loan originator (with primary responsibility for the origination of the loan) to appear on the following documents,…
Cx22 has been updated to match the August 2013 version of IRS Form W-9. Changes reflect the addition of the Exempt Payee Code and the Exemption from FACTA Reporting Code in the box on Page 1 of the form, as well as changes to the instructions on subsequent pages to explain exempt payee codes and exemption from FACTA reporting codes….
Cal. Fin. Code § 50203(a) (West 2013) stipulates that a “licensee may not require a borrower to pay fees or charges prior to the residential mortgage loan closing,” with certain exceptions. One of these exceptions (under Subsection [a][4]) is for a commitment fee,…
Rural Development Form 1980-18 is required before the Federal Government will issue a guarantee for a Single Family Home Loan. Cx1295 includes the portion for Government completion; Cx3818 is the lender certification form by itself. Both documents have been updated to reflect the changes made to the 05/2013 version of the form….
