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….
While not a legally required document, many lenders have borrowers sign an “Occupancy Statement,” in which the borrowers certify, under penalties of perjury, their intended use of the subject property, whether as a principal dwelling, a second home, or as an investment property….
Cx3581 is provided pursuant to the provisions of Tex. Fin. Code § 156.303(a), which states the following (in relevant part):
“The commissioner [of the Department of Savings and Mortgage Lending] may order disciplinary action against a licensed or registered residential mortgage loan company when the commissioner,…
Cal. Civ. Code § 1916.5(a) stipulates the following:
“No increase in interest provided for in any provision for a variable interest rate contained in a security document, or evidence of debt issued in connection therewith, by a lender other than a supervised financial organization is valid unless that provision is set forth in the security document,…
1) New functionality has been added to ConformX to allow the following inter vivos revocable trust settlor signature section currently printing on the standard “Inter Vivos Revocable Trust Acknowledgment” (Cx3142) to print directly on the security instrument and security instrument riders for loans with an inter vivos revocable trust:
…
New Hampshire recently made a substantial amendment to its Consumer Credit Law in H.B. 594-FN (N.H. 2013). This change affects when the GFE, in its entirety, must be completed. Previously, New Hampshire required the GFE tradeoff table (page three of the GFE) to be completed “where a yield spread premium is to be paid in connection with a mortgage transaction.” With the amendment,…
Both Cx13457 and 14089 provide the adjustable-rate mortgage (ARM) disclosures required under 12 CFR § 1026.19(b). One of the disclosures set forth in this Subsection is as follows:
“The maximum interest rate and payment for a $10,000 loan originated at the initial interest rate (index value plus margin,…
Ark. Code Ann. § 4-59-101(d) (West 2012), a part of Arkansas’ Statute of Frauds, states the following:
“(1) No action may be maintained by or against any person or entity on any agreement to extend credit or to renew or modify existing credit in an amount greater than ten thousand dollars ($10,000) or to make any other accommodation relating to such credit,…
Arkansas, Georgia, and North Carolina generally allow attorney fees to be excluded from each of their “Points and Fees Test” for their equivalents of high-cost mortgage loans, “if the borrower has the right to select the attorney from an approved list or otherwise.” (Ark….
FNMA Ann. SEL-2013-04 amended FNMA 2013 Selling Guide B3-3.1-06 to require a separate IRS Form 4506-T to be signed if business returns are used to document the borrower’s income:
“Fannie Mae requires lenders to have each borrower (regardless of income source) complete and sign a separate IRS Form 4506-T at or before closing….
N.H. Rev. Stat. Ann. § 417:4(XVI) states, in part, the following:
“(a) No creditor or lender engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property may require,…
Form HUD-92561, in which a borrower agrees with HUD to not use, for hotel or transient use purposes, the condominium unit secured by his loan, is required under FHA Single Family Handbook 4155.1 ch. 2.B.4 and 4.B.4.e to be given in connection with multi-unit and investment properties….
The ARM Disclosures are provided pursuant to the provisions 12 CFR § 1026.19(b), which require certain disclosures and a booklet to be provided to consumers in connection with variable-rate transactions secured by the consumer’s principal dwelling with a term greater than one year….
