In July we announced an update to our Addendum to Loan Application (Cx13441) for use in all states except Vermont (see http://www.docutechcorp.com/document-changes-addendum-to-loan-application-cx13441 for details).
Upon further review, it has been determined that the NJ Addendum to Loan Application (Cx11886) has substantively been replaced by Cx13441,…
N.J. Admin. Code tit. 3, § 1-16.10(b) requires the following:
“Before accepting any loan application, the broker shall make written disclosure to the borrower in a separate service agreement setting forth:
1. The amount of the broker’s application fee,…
As a result of our yearly audit of state-specific disclosure requirements, we will be providing the following three new disclosures for Alaska:
AK Depository Institution Insurance Disclosure (Cx17687)
This document will be provided,…
Cx14101 is provided pursuant to the provisions of Ill. Admin. Code tit. 38, § 1050.1335(a)(2) (2013). Pursuant to our yearly state-specific disclosure audit, we will be revising the content of Cx14101 in the following ways:
1. Replacing the last two paragraphs in the document,…
According to VA Lender’s Handbook ch. 10.08, properties which are appraised as “new construction” must be covered by either a one-year VA builder’s warranty, or a ten-year insurance-backed protection plan. An exception to these guaranties is made when the builder is not involved with VA financing on a frequent basis and he will not provide either type of guaranty….
Due to state provisions which prohibit persons from requiring borrowers to obtain insurance through particularly agents (so-called “anti-coercion” provisions), we have been providing various multi-state anti-coercion disclosure documents, in which the borrowers are generally informed that they may obtain their insurance products through an agency of their choice,…
Cx4303 is provided in connection with home equity line of credit loans (HELOCs) due to the following requirement:
“Prior to any licensee [under the Minnesota Regulated Loan Act] taking a lien upon the borrower’s homestead, as defined in chapter 510,…
Iowa Code Ann. § 537.3208 requires, in connection with a consumer credit transaction, that a cosigner receive a prescribed notice concerning the cosigner’s liability in connection with such a transaction, before the cosigner becomes obligated under the transaction agreement.
A “consumer credit transaction” is a broad term encompassing consumer credit sales,…
The Federal National Mortgage Association (FNMA) publishes uniform notes, security instruments, and other legal documents for use by lenders in order to sell their loans to FNMA. Among these documents is a uniform “Texas Home Equity Note Fixed-Rate – First Lien” promissory note (FNMA Form 3244.1)….
On June 26, 2013 the United States Supreme Court, in United State v. Windsor, 2013 WL 3196928 (2013), upheld the ruling handed down by the United States 2nd Circuit Court of Appeals, which struck down Section 3 of the Defense of Marriage Act (110 Stat….
In addition to the edits being made to Cx3148, which were previously announced (see http://www.docutechcorp.com/document-changes-va-3200-note-fixed-cx58-and-3501-1-yr-treasury-modified-for-va-arm-cx3148), we will also be changing the text of Section 11 of the document.
Our VA promissory notes and security instruments largely follow the FNMA uniform notes and instruments,…
The Maine Bureau of Financial Institutions and the Bureau of Consumer Credit Protection have issued duplicate regulations concerning “alternative mortgage transactions,” which are basically loans subject to Article IX of the Maine Consumer Credit Code (Me. Rev. Stat. Ann. tit….
Wis. Stat. Ann. § 138.052 sets forth escrow account requirements for primary lien mortgages secured by a 1-to-4 family dwelling, which is used by the borrower as his or her residence.
Subsection (5m) of such section in particular describes the methods by which a borrower can request and authorize an escrow agent (i.e….
A lock-in agreement is allowed to be executed between a borrower and a licensed mortgage lender under Chapter 11, Title 26 of the District’s Code, in connection with loans secured by a dwelling located in the District of Columbia, under D.C….
FHA Single Family Handbook ch. 6.B.3.a requires the following:
“Lenders must use the Model Note Form, and footnotes accompanying the form, adapting the form only as necessary to conform to state or local requirements.” (emphasis in original)
The Model ARM Note is set forth in Ibid….
Ala. Code § 5-25-21(b)(3) & (b)(5) prohibit a licensee under the Mortgage Brokers Licensing Act from failing “to disburse funds in accordance with a written commitment to make a mortgage loan” and from collecting “any mortgage broker fees before a conditional commitment is obtained from the lender by the mortgage broker.”
Alabama law further defines a commitment as follows:
“COMMITMENT….
Combined Form HUD-92544 and VA Form 26-1859 is required under a slew of different laws, regulations, and rules, including (but not limited to) 24 CFR § 203.14; FHA Single Family Handbook 4145.1 REV-2, CHG-1, ch. 3-3; 38 USCA § 3705;…
In regards to the form and content of legal instruments, the Department of Veteran’s Affairs (VA) only stipulates that “lenders may use any note and mortgage forms they wish for VA loan” and that such instruments meet four criteria, as set forth in VA Lender’s Handbook ch….
Tex. Const. art. 16, § 50 states the following in regards to home equity loans (aka “Texas 50[a][6] loans”):
“(a) The homestead of a family, or of a single adult person, shall be, and is hereby protected from forced sale,…
In addition to consolidating the Department of Corporations and the Department of Financial Institutions into the new Department of Business Oversight (see announcement at: http://www.docutechcorp.com/document-updates-various-california-disclosures), California has consolidated the Department of Real Estate (DRE) into the Department of Consumer Affairs (DCA) and will be moving their main address from 2201 Broadway,…
