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,…
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….
