Along with the Federal Equal Credit Opportunity Act (15 USCA §§1691 et seq.) and Regulation B (12 CFR §§1002 et seq.), several states have enacted their own laws which require a creditor to provide “adverse action” disclosures to credit applicants when such applicants’ application have been denied,…
Origination points, among other items, are disclosed in Cx13498. In the past, DocuTech has disclosed only the itemized origination points, which make up a part of the entire origination charge set forth in Block 1 of the Good Faith Estimate (GFE)….
Current versions of the generic New Jersey Commitment Letter contain the following language, found on page 2 of the letter:
“Please note that a binder is unacceptable and the insurance carrier must have a Bests policyholder’s rate of at least ‘B/VI’ to be acceptable by us.”
This sentence is now being altered to state the following:
“Please note that an insurance carrier must have an A.M….
On March 12, 2012 the Federal Reserve Board (FRB) updated their Federal agency contact list published in the “Consumer Handbook on Adjustable-Rate Mortgages” (CHARM) booklet and in the “What You Should Know About Home Equity Lines of Credit” (HELOC) brochure that they publish pursuant to the requirements under 12 CFR §§226.19(b)(1) &…
Vt. Stat. Ann. tit. 8, §2220 requires the following:
“In advance of taking any fee or collecting any charges for a mortgage loan, or at the time the prospective borrower submits a signed application, a written disclosure shall be provided by the lender to the prospective borrower setting forth all provisions relating to interest rates applicable to the loan,…
Cx14279 is required under Nev. Rev. Stat. §645B.305 to be provided by mortgage brokers when acting in such capacity in a loan transaction. The following changes will be made to this document in order to make it more compatible with the loan origination compensation rules set forth in 12 CFR §1026.36(d)(2):
1….
The FHA example on the Informed Consumer Choice Disclosure Notice (Cx41) has been updated to reflect the Up-Front Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance Premium (Annual MIP) for this type of loan effective for case numbers assigned on or after April 9,…
If dates are not imported or entered into ConformX for the “Year or period requested” section of IRS Forms 4506 “Request for Copy of Tax Return” and 4506-T “Request for Transcript of Tax Return”, the first two dates are defaulted to the last two years of tax returns….
Tex. Fin. Code Ann. §157.007 (Acts 2011, 82nd Leg., ch. 655 version) and 7 Tex. Admin. Code §81.7 require a mortgage banker, which is also a mortgage loan originator, to include a specific disclosure in an application package for a residential mortgage loan….
Due to the provisions of 2011 Me. Legis. Serv. Ch. 427, several parts of Maine’s Consumer Credit Code were changed, in order to make them conform more with Federal Law. Among these changes was the repeal of Article 8, Title 9-A of Maine’s Revised Statutes,…
Finance charges are defined and set forth in 12 CFR §1026.4 and are included as a part of the Annual Percentage Rate (APR; see Ibid. §§1026.14, 1026.22, & Pt. 1026, App. J,), both of which are disclosed in the Truth-in-Lending Disclosure and other documents….
A loan brokerage agreement is required under Cal. Fin. Code §50701 when a borrower requests that their loan be arranged (but not provided) by a mortgage lender. DocuTech provides Cx2784 for this requirement.
Following the results of a review,…
Cx3841 is provided to clients acting as brokers, for loans secured by property located in South Carolina, Virginia, and Washington, pursuant to the following provisions:
1. S.C. Code Ann. §§40-58-75 & 40-58-78(A) and S.C. Reg. 28-400(C)(2);
2….
12 CFR §1026.18(f)(2) requires the following in regards to the Truth-in-Lending Disclosure:
“If the annual percentage rate may increase after consummation in a transaction secured by the consumer’s principal dwelling with a term greater than one year, the following disclosures:
(i) The fact that the transaction contains a variable-rate feature.”
For the past 10 years,…
Cx3883 is required under both Tex. Fin. Code Ann. §156.004 and 7 Tex. Admin. Code §80.9, the
latter of which provides the document that is required to be used, which is
also published on the website of the Texas Department of Savings and Mortgage
Lending
(http://www.sml.texas.gov/ResidentialMortgageLoanOriginator/rmlo_mb_forms.html;…
Cx5771 is given pursuant to the provisions of Mass. Gen. Laws Ann. ch. 183, §28C and Mass. Regs. Code tit. 209, §§53.03, 53.04, & 53.07, which require a lender to prove that a new home loan (as defined in Ibid….
Pursuant to our annual state-specific disclosure audit, the following changes will be made to New York-specific documents:
1. New York Application Disclosure (Cx9710):
This is a new document, created pursuant to the provisions of N.Y….
Although compliant with Illinois law (specifically Ill. Admin. Code tit. 38, §1050.1010), a textual change will be made to Cx1909 to specify that the borrower is not obligated to pay the Broker Loan Fee when the mortgage transaction contains lender-paid broker compensation,…
Each year, DocuTech performs a quality control audit of all its state-specific disclosures, not only to ensure that these disclosures are in compliance with applicable state and federal law, but also to improve their quality.
DocuTech’s Maryland Broker Contract,…
FHA Single Family Lender’s Guide 4155.2, ch. 6.B.2.a requires lenders to use the FHA “Model Mortgage Form,” in accordance to the instructions set forth in Ibid. ch.12.A.2, for FHA-insured mortgages. Subsection (b) of the instructions, which provides for modifying the language that precedes the uniform covenants in the “Model Mortgage Form,” states the following (in relevant part):
“The lender should use FNMA/FHLMC language ….
