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. …
Form HUD-92541 is required by various rules promulgated by FHA, in connection with construction properties (see, for example FHA Single Family Handbook 4145.1 REV-2, CHG-1 ch. 3 & 6-3; Handbook 4150.2, CHG-1, ch. 4-3 & 5-1; and Handbook 4155.2 ch….
As announced previously, the “FHA Case Number Assignment Date” field triggers updated versions of two standard FHA documents in ConformX when applicable:
1) “Important Notice to Homebuyers” form HUD 92900-B (Cx40) and
2) “Informed Consumer Choice Disclosure Notice” (Cx41)….
Cx4480, the New Jersey Interest Rate Lock-In Agreement, has been modified to clarify that a refund of the lock-in fee will not be applied as a credit to other fees, and to add additional conditions concerning for the guarantee of other fees which are based on the “substantial fault of the borrower” definition found in N.J….
Ohio Rev. Code Ann. § 1345.05(A)(4) & (G) (West 2012) and Ohio Admin. Code 109:4-3-29 (2012) both require an “Informational Document,” published by the Ohio Attorney General (available for download at: http://www.ohioattorneygeneral.gov/Files/Forms/Forms-for-Business-and-Nonprofit/Required-Mortgage-Loan-Disclosure-Forms ) to be available for distribution to consumers when they apply for a mortgage loan….
When a creditor desires to verify the social security number (SSN) of a loan applicant, he may do so by submitting to the Social Security Administration an executed copy of the “Social Security Administration Authorization for the Social Security Administration (SSA) to Release Social Security Number (SSN) Verification” form (SSA-89),…
FHA Single Family Handbook 4155.2 ch. 6 & 12 provide instructions on how to create mortgage forms which are acceptable to FHA. While the Uniform Covenants of such documents are required to follow (verbatim) the Uniform Covenants of the FHA Model Mortgage Form,…
2013 KS S.B. 129 (NS) was approved by Governor Sam Brownback (R) on April 16, 2013. This bill repealed (inter alia) Kan. Stat. Ann. § 12-207(b), which stipulated the following (parts in bold are applicable to this announcement):
“The interest rate limitation set forth in this subsection applies to all first mortgage loans and contracts for deed to real estate,…
Cx7276 is required to be given by lenders to mortgage loan applicants, pursuant to the Consumer Mortgage Protection Act (specifically Mich. Comp. Laws Ann. § 445.1637), which consists of a list of Department of Housing and Urban Development (HUD) approved housing counselors,…
