Wells Fargo Newsflash C11-061 dated October 26, 2011 modified earlier Newsflash C11-048 by removing the state limitation on the two month escrow cushion for the RD annual fee. The newer Newsflash in part states:
An escrow reserve of two months’ annual fee payments is required for all GRH Loans delivered to Wells Fargo for purchase.…
A mortgage origination agreement is required to be provided to a borrower and kept in a licensee’s files under Miss. Code Ann. §81-18-33. DocuTech has been providing its own version of such an agreement (Cx3315), however, in keeping with our policy to provide model or official documents where possible,…
The following changes will be made to DocuTech’s New Jersey lock-in agreement:
1. A new Clause E will be added to the “I Do Want an Interest Rate Lock-In at This Time,” which will disclose the commitment fee that will be locked-in (if any)….
In order to mitigate confusion arising from certain balloon loan verbiage contained in DocuTech’s Private Mortgage Insurance disclosures (Cx29, 862 and 4668), these disclosures will be changed to only print this verbiage if the subject loan contains a balloon payment….
Pursuant to the findings of our state-specific disclosure audit this year, the following changes will be made to five of our Texas-specific disclosures:
1. The language and format of “TX Mortgage Banker Disclosure” (Cx2999; required by Tex. Fin….
Copies of the FNMA Form 1003 with only one borrower on them (where the co-borrower information is empty) should have “Not Jointly” checked under section “VI. Assets and Liabilities” to indicate the application was not filled in on a combined basis….
Pursuant to the findings of our annual state-specific disclosure audit, our “DE Mortgage Loan Broker Regulations” (cx3593) and “DE Broker Agreement” (cx3583) will now be generated only when a loan is secured by owner-occupied property.
Both documents are required to given in connection with a “mortgage loan,” which is defined under Del….
Pursuant to this year’s state-specific disclosure audit, as well as client requests, the following edits are being made to several disclosures that are provided for loan transactions secured by property in Maryland:
1. A new “MD Written Acknowledgement of Delivery of the Note” (cx16099) will be provided in closing document packages pursuant to the “safe-harbor” provisions of Md….
Currently “Discount Points” are printing in item 4 of the Vermont Mortgage Loan Commitment Agreement (cx4671). Since the amount for itemized line 802 in ConformX is only to be used for “Discount Points” charged on the loan, itemized line 802 currently prints on the form in item 4….
Witness signatures are not required on Michigan security instruments. Therefore the witness lines were removed years ago from the ConformX Michigan Mortgage (cx331) as allowed by Fannie Mae.
Since they are unnecessary, the witness lines have now also been removed from the Michigan FHA Mortgage (cx384) and Michigan Second Lien Mortgage (cx489). …
The “Request for Reconveyance” section will be removed from the Oregon FHA Deed of Trust (cx399), effective October 20, 2011. A request for reconveyance is required by Oregon law as follows:
“Within 30 days after performance of the obligation secured by the trust deed,…
Tex. Fin. Code §343.105 requires a lender, mortgage banker, or licensed mortgage broker to provide to each applicant for a home loan a written notice, with specific language, warning the applicants that making a false or misleading statement is punishable under Texas law….
DocuTech will be making the following changes to certain documents, effective October 14, 2011:
1. The Kentucky Fair Housing Disclosure (Cx11145) will now print generically for all Kentucky closing loan packages. This disclosure is required under 104 Ky….
Due to the restructuring of Federal agencies, including the transfer of authority from the OTS to the OCC and the launch of the CFPB this July; and changes to agencies’ addresses including the FDIC’s address change, DocuTech is updating “What you should know about Home Equity Lines Of Credit” (cx9925) to disclose the most current contact information for these government agencies….
One of the amendments to Regulation X included in 76 FR 40612 was to clarify that only charges actually provided or purchased should be listed on page 3 of the HUD-1 Settlement Statement.
Currently the Good Faith Estimate amount is being displayed in the HUD-1 comparison chart for the hardcoded rows (lines that always print in the chart) even if the fee was not actually charged at Closing. …
The following configuration changes will be made to the following Colorado disclosures, effective October 11, 2011:
CO Loan Product Choice (Cx2749): This disclosure is required under Colo. Rev. Stat. Ann. §5-3.5-102(1)(g)(III) to be given by a lender in connection with a covered loan….
The Federal Reserve Board issued an interim rule on December 22, 2010, amending Regulation Z and clarifying certain aspects of the September 24, 2010 interim rule. The Board revisited 12 CFR §226.18(s)(2)(i)(B)(2) to clarify that creditors must disclose the maximum possible rate that will apply at any time during the first five years after the date on which the first regular periodic payment will be due,…
Prior to May 5, 2011, Mont. Code Ann. §32-9-124(3) required a loan originator who worked for a mortgage broker to provide a “Mortgage Loan Origination Disclosure,” with statutorily required language, to a borrower before providing to him any residential mortgage services….
Illinois recently enacted the “Illinois Religious Freedom Protection and Civil Union Act” (2010 Ill. Legis. Serv. P.A. 96-1513), which extends to civil unions “the obligations, responsibilities, protections, and benefits afforded or recognized by the law of Illinois to spouses.”…
Oregon administrative law sets forth specific requirements concerning lock-in agreements, as follows:
“For residential mortgage transactions . . . a mortgage banker that does not fund a loan or mortgage broker that does not fund a loan must prepare and maintain the following:
(c) In the case of residential or single family loans,…
