When a mortgage loan applicant will be using money or equity conveyed to them as a gift to help pay for mortgage loan fees or the down-payment, the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Mortgage Partnership Finance (MPF),…
Note: For an overview of the rationale for providing Cx13441, please see our article, “To Have and To Hold, In Title and in Compliance . . .” by clicking here .
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The FHA example on the Informed Consumer Choice Disclosure Notice (Cx41) will be updated to reflect the Annual Mortgage Insurance Premium (Annual MIP) for this type of FHA loan effective for case numbers assigned on or after April 1, 2013….
FNMA provides a standard Affidavit and Agreement (FNMA Form 3185) for primary lien Texas cash-out refinance loans (commonly referred to as “Texas 50[a][6] loans”), in order for lenders to ensure that their loan complies with the provisions of Tex. Const….
FHA Single Family Annual Mortgage Insurance Premium (Annual MIP) changes were announced in Mortgagee Letter 2013-04 including:
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Additional functionality has been added to four of the VA documents that print in ConformX Initial Disclosure packages:
1) VA Form 26-1880 Request for a Certificate of Eligibility for VA Home Loan Benefits (Cx3957):
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We will be enhancing the notary acknowledgment section of Cx4986. Since a vast majority of loans secured by co-operative property that go through our system are secured by properties in New Jersey and New York, we will be enhancing the acknowledgment so that it matches the model acknowledgment set forth under N.Y….
Some of the spacing on the standard Request for Copy of Tax Return (IRS Form 4506) and For Your Protection Get a Home Inspection (HUD-92564-CN) will be modified to create more room at the bottom of the page. These changes will allow clients utilizing both barcodes and Loan Originator information in their document footers to print these documents on letter size paper without text spilling over onto additional pages….
Several changes are being made to both the multi-state and state-specific text of Cx43. These changes are as follows:
1. Multi-state: Minor textual changes are being made to this document for grammatical reasons. Currently, the affidavit has a mix between first and second person narratives and,…
Witness signatures are not required on Nebraska security instruments. Therefore the witness lines were removed years ago from the ConformX Conventional Nebraska Mortgage (Cx338) as allowed by Fannie Mae. Since they are unnecessary, the witness lines have now also been removed from the Nebraska FHA Mortgage (Cx391.)
This change will take effect on March 16,…
The Document Preparation Matrix summarizes, state-by-state, the ‘practice of law’ regarding mortgage document preparation. Important research references discussing mortgage document preparation and what actions may constitute the unauthorized practice of law are provided. State guidance can vary widely from stating that a corporation lending money may prepare documents in connection with that loan (Arizona) to requiring that an attorney be involved in a direct or supervisory capacity in drafting or reviewing all documents affecting transfer of title to real property (Delaware). …
Cx11242 is required under the Rhode Island Home Loan Protection Act (R.I. Gen. Laws §§ 34-25.2-1 through 34-25.2-15), but more specifically under R.I. Code R. 11-2-3:5(A)(v) (2012) and must be given in connection with a home loan which refinances a previous loan which was consummated within the prior 60 months….
This document is given pursuant to Cal. Civ. Code § 2954(a) (West 2012) and contains a section where the borrower elects either to establish a voluntary impound account for the payment of taxes and insurance or to pay for such charges directly….
Unlike most disclosures, which are required by either a statutory or administrative law, Cx13569 is required by enacted legislation that has not been codified (2008 Me. Legis. Serv. 687, § 2 [West]).
This legislation requires the Department of Administrative and Financial Services,…
Pursuant to our policy of including lender signature lines on documents only as required by either applicable law or an official/model form, we will be removing the lender signature line and area from Cx4671, which is provided pursuant to the provisions of Vt….
Cx3738 is given pursuant to the provisions of 7 Pa. Cons. Stat. Ann. § 6121(10) (West 2012) at application. Pursuant to company policy of only including lender signature lines on documents when either explicitly required by applicable law or when as a part of a model form,…
The PATRIOT Act Disclosure is provided pursuant to the provisions of 31 USCA § 5318 (West 2012) and 31 CFR § 1020.220(a)(5) (2012). Under the latter subsection of law, a notice is required to be provided to customers before they open an account,…
DocuTech has been providing Cx1002, 3467, and 3481 in either Initial or Closing Disclosure packages generically, due to the requirements of Utah Code Ann. §7-17-4, in which a notice is required to be given by a lender to the borrower(s) of a loan,…
Rural Development Form 1980-17 has been updated. The latest version of the form includes the RHS Borrower ID, and references the annual fee on page 2, item 3.
The update to the new version will take effect in ConformX on February 26,…
Cx999 is provided pursuant to the provisions of Cal. Civ. Code § 2954.6 (West 2012). Among other things, this section requires a lender or broker to notify the borrower of whether the borrower has the right to cancel either private mortgage insurance or mortgage guaranty insurance. …
