The FNMA 1003 continuation sheets have been modified to keep individual items from splitting between two pages. For example, previously the name of a liability company could print at the bottom of a page and the corresponding street, city, state,…
The Federal Housing Administration (FHA) recently and dramatically revised their mortgage insurance premium (MIP) policy in FHA Mortgagee Letter 2013-04. This new policy applies to all FHA loans assigned a case number on or after June 3rd, 2013. Consequently, such changes necessitate modifications to certain FHA or Housing and Urban Development (HUD) disclosure forms including:
1….
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. …
Our Cx6177 is a reproduction of FNMA Form 3528.44 and Cx6178 is a reproduction of FNMA Form 3044.1. Pursuant to an audit of these documents, changes will be made to our forms to make the language located in the body of the documents exactly match that of the FNMA forms,…
Cx1507 is our generic document for a mortgagee or service organization to request receipt of original tax bills on the specified property. The form can also be used to forward tax bills to an entity besides the mortgagee, such as a tax processor….
Cx3759 has been provided pursuant to 41 Pa. Stat. Ann. § 301(e)(10) (West 2011), which had required the following in connection with a variable rate loan:
“ (10) No residential mortgage lender may take a residential mortgage providing for a variable interest rate unless it has clearly and conspicuously disclosed to the mortgage debtor in the mortgage application:
(i) That the mortgage rate is subject to change in the future….
Cx14292, 14293, and 14294 are provided generically for loans in which borrower-paid, single premium private mortgage insurance (PMI) is present, pursuant to the provisions of the Homeowner’s Protection Act (codified as 12 USCA §§ 4901 through 4910; see our announcement from October 16,…
The Inter Vivos Revocable Trust Rider is provided pursuant not only to general legal practice concerning security instruments, but also to FNMA’s requirements, as set forth in FNMA 2013 Selling Guide B2-2-05 & B8-5-02.
Pursuant to an audit of this Rider,…
Md. Code Ann., Real Prop. § 3-104.1(b) (West 2012) requires both the license number of the mortgage originator who originated a loan (who is licensed under the so-called “Mortgage Originator Law”) and of the mortgage lender who makes the loan (who is licensed under the Maryland Mortgage Lender Law) to be disclosed in the security instrument….
Both Cx15481 and 15482 have been provided pursuant to 41 Pa. Stat. Ann. § 301(e)(9) & (e)(10) (West 2011), which had required the following in connection with a variable rate loan:
“(9) A statement attached to the mortgage and to any evidence of debt issued in connection therewith printed or written in a size equal to at least 10 point bold type,…
The Department of Veteran Affairs recently updated their “Verification of VA Benefits” Form (VA Form 26-8937), which supersedes the previous revision (September 2006). There are two substantive changes to the form:
1) Replace the fourth bullet in the “INSTRUCTIONS TO LENDER” section that previously stated:
“is surviving spouse of a veteran who died on active duty or as a result of a service-connected disability,” to instead read: “is surviving spouse of a veteran and in receipt of DIC payments” and
2) Update the web link in the “Respondent Burden” section near the end of the form….
Cx359 is our generic, conventional deed of trust for primary lien loans secured by property in West Virginia. It is also a duplicate of FNMA Form 3049, published on FNMA’s website (https://www.fanniemae.com/singlefamily/security-instruments).
Due to an audit of this document,…
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….
