Cx1566 is a duplicate of the “Assumption of HUD/FHA-Insured Mortgages Release of Personal Liability” form set forth in FHA Single Family Handbook 4330.1 REV-5, App. 13(A), which is required to be given to applicants when they apply for certain mortgages (see Ibid….
Va. Code Ann. § 55-519 (West 2013) requires a seller to deliver to a borrower a particular disclosure statement, promulgated by the Virginia Real Estate Board, with representations by the seller of the conditions of the property being sold. Under Ibid….
Imagine a borrower who has purchased his home with a purchase money mortgage loan (Loan A). He then takes out a subordinate mortgage loan on the home (Loan B) to, say, finance home repairs. Between these two loans, he has placed two liens on his property: a primary lien (Loan A) and a junior lien (Loan B)….
In 2012, 2012 Virginia Laws ch. 74 was passed, amending Va. Code Ann. § 17.1-223(A) to allow clerks to reject a “deed” for recording if it did not (inter alia) include, when applicable, the Virginia State Bar number of the attorney who prepared the deed….
On July 3, 2012, Governor Edmund G. Brown’s (D) Reorganization Plan, which consolidates several California state agencies, was approved by the California legislature. Among other provisions of this plan, the Department of Corporations (DOC) and the Department of Financial Institutions (DFI) are merged (and transformed into Divisions) into a new Department of Business Oversight (DBO),…
Due to one of our customer’s suggestions, we will be updating the text in Cx4985, which assigns a proprietary lease in a cooperative from a borrower to a lender. These updates include:
1. Adding an additional Clause 5 to the last paragraph,…
New requirements concerning higher-priced mortgage loans (HPMLs), defined and regulated by Federal Regulation Z, went into effect on June 1, 2013 (see article entitled “The June 2013 CFPB Regulations,” available at http://www.docutechcorp.com/the-june-2013-cfpb-regulations, for more details). Among these requirements is a stipulation that,…
According to various provisions in the Mortgage Electronic Registration System’s (MERS) “Quality Assurance Procedures Manual” (2012), MERS requires their MIN to be disclosed “in the proper location on the Note, MOM [MERS as Original Mortgagee] security instrument, or assignment to MERS,” as well as other recordable documents….
N.Y. Real Prop. Tax § 954(1) permits a mortgagor, who has established a real property tax escrow account in connection with his loan, to designate a mortgage investing institution to receive tax bills on the subject property, so that such institution can process tax payments through the escrow account….
Per client request, blank lines will be added to the notary acknowledgment sections on the standard security instruments in ConformX for “STATE OF”, “COUNTY OF”, and “My Commission Expires:” if the corresponding security instrument notary section fields are empty.
Blank lines already print inside the notary acknowledgment paragraph text for items like the Security Instrument Notary Acknowledgment Date and Security Instrument Notary Acknowledgment Borrower Names if the corresponding fields are blank….
FHA requires the security instrument for loans submitted for insurance to be formatted according to requirements set forth in FHA Single Family Handbook 4155.2 ch. 6.B & 12.A. To summarize and generalize these requirements, the instruments must be based on the FHA Model Mortgage Form (see Ibid….
The FHA Informed Consumer Choice Disclosure Notice was recently updated to support changes to the Annual MIP duration. The post-June 3rd version of this form is triggered for loans with an FHA Case Number Assignment Date of “06/03/2013” or later in ConformX….
Cx995 “MI Principal Residence Exemption (PRE) Affidavit” has been updated to reflect the 04-13 version of Michigan State Form 2368. The update included removing the text “our Web site at” that was previously found in the last line of the document….
Per client request, the ConformX GFE has been modified to support a few additional fees in Blocks 3, 6, and 11 while still printing on three pages. This enhancement was accomplished by:
•Widening the center area of each of the pages and narrowing the left and right columns….
The Federal Housing Administration (FHA) requires lenders, who are insuring loans through FHA’s various programs, to use the FHA Model Mortgage Form and adapt it per instructions (see FHA Single Family Handbook 4155.2 ch. 6.2 & 12.A).
The instructions for Covenant 17 in the FHA Model Mortgage (which can be found in the Model Mortgage),…
This document is practically required under Tex. Const. art. 16, § 50(g), with additional guidance concerning it set forth in 7 Tex. Admin. Code § 153.51, to be given at least twelve days before a cash-out refinance loan (aka “Texas 50[a][6]” lien) is closed….
Ky. Rev. Stat. §286.8-270 requires a mortgage loan broker to disclose to borrowers all material facts of which the mortgage loan broker has knowledge that might reasonably affect the borrowers rights, interests, or ability to receive the borrowers intended benefit from [a] residential mortgage loan….
New escrow requirements were imposed by the Federal government upon mortgage loans considered higher-priced under 12 CFR § 1026.35 (a HPML) and secured by a primary lien on real property, requiring escrow accounts to be maintained for at least five years (see article entitled “The June 2013 CFPB Regulations” on our website;…
In regards to hybrid mortgages where the fixed rate period of the mortgage is longer than five years, there are three different dates that may be disclosed in the “Maximum During FIRST FIVE YEARS” column of the payment table on the Truth-in-Lending Disclosure (TIL) that are acceptable to Redwood Residential Acquisition Corporation (also known as Redwood Trust):
1….
As previously announced in http://www.docutechcorp.com/the-june-2013-cfpb-regulations, the data integrity messages in ConformX have been updated for Higher-Priced Mortgage Loans without an escrow account. Prior to June 1, 2013, there were two messages that could potentially display for Higher-Priced Mortgage Loans that did not have an escrow account established. …
