The Rhode Island Home Loan Protection Act Disclosure Tangible Net Benefit form has been modified. The logic that triggers the “RECEIPT OF CASH IN EXCESS OF THE COSTS AND FEES” checkbox to be marked has been refined to look at both the HUD-1A and HUD-1 Cash to Borrower amounts when applicable,…
Rural Development Form 1980-21 has been updated. The new version of the form (Rev. 02-13) recently posted at http://forms.sc.egov.usda.gov/efcommon/eFileServices/eForms/RD1980-21.PDF has the following Debt Collection Improvement Act (DCIA) statement removed from page 2:
“I (we) certify and acknowledge that if the Agency pays a loss claim on the requested loan to the lender,…
Pursuant to our annual audit, the Florida Interest Rate Lock Agreement will be modified. Most of the edits to this document are minor edits to the text, such as punctuation and capitalization, for grammatical purposes. There are, however, a couple of substantial changes that will be made:
a….
New liability fields were created for indicating on the 1003 whether or not a liability should be excluded. Previously ConformX only used the excluded indicator for calculations, and the indicator was not available for use on documents. These new fields will be used to allow for a visual indicator on the docs if a liability is being excluded from totals….
The execution of the Indiana Mortgage (FHA form) is governed by Ind. Code. Ann. § 32-1-23, which no longer requires signatures on a mortgage to be witnessed. The lines for witness signatures have been removed from the form to better follow the requirements of Indiana state law….
Cx4387 is primarily given pursuant to the provisions of 15 USCA § 1681s-2(a)(7) (West 2012) & 12 CFR § 1022.1(b)(2)(ii); it is based upon the Model B-1 Form found in 12 CFR Pt. 1022, App. B. It is required to be provided by a financial institution if it provides negative credit information about a customer to a credit reporting agency….
Cx886 is given pursuant to the provisions of Cal. Civ. Code § 1799.91 (West 2012), which require a specific-language disclosure to be provided to “each person who does not in fact receive any of the money, property, or services which are the subject matter of [a] consumer credit contract ….
Rural Development Form 1980-21 is governed by RHS § 1980.353, which requires additional borrowers beyond two (2) to be documented on a separate form. Additional borrower information was previously provided as an addendum to RD Form 1980-21. In order to more fully comply with Rural Housing Service requirements,…
Cx15312 is a duplicate of the Model B-3/H-3 Form provided by the Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau pursuant to the provisions of 15 USCA § 1681m(h) (West 2012) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1),…
Or. Admin. R. 441-865-0060(1)(c) (2012) requires a mortgage banker or mortgage broker to maintain in their files either a written statement from a borrower acknowledging that the interest rate for their loan will float, or a copy of an executed lock agreement,…
This is a reminder that state-specific versions of Cx13441 will be configured to print in Initial Disclosure packages for all loans secured by property in Maine and Maryland, due to this year’s election results concerning same-sex marriage.
For details about this Addendum and the election results,…
An update to Department of Veterans Affairs Form 26-1820 (Cx52) was announced in VA Circular 26-12-9, dated November 9, 2012. In cases where a Veteran is unable to occupy the property because of his/her active duty status as a member of the Armed Forces,…
A “Non-Owner Occupancy Rider” is required in connection with a FHA security instrument in the rare circumstance when owner occupancy is not required by the FHA, due to a “hardship,” such as a seasonal employee being unable to find affordable housing near his temporary worksite (see FHA Single Family 4155.2 ch….
In Maryland, borrowers have the option of having their property taxes (whether imposed by the State, county, or a municipal corporation) paid by default in semi-annual installments or, by election, in an annual installment (see Md. Code Ann., Tax-Prop. §§ 1-101[aa] &…
The California Fair Lending notice is governed by Cal. Code Regs. tit. 21, §7114, which sets forth which addresses print on the notice based on the providing institution’s license type. Under the regulation, three addresses are listed for the Department of Corporations….
The Mortgagee’s Assurance of Completion (HUD-92300) prints for FHA loans with escrow holdbacks. The formatting of Cx3556 has been modified. It will now print on letter sized paper, similar to the original copy of the form posted at http://portal.hud.gov/huddoc/92300.pdf….
Cx4479 is provided pursuant to the provisions of N.J. Stat. Ann. §46-10A-6 , N.J. Admin. Code §§3:1-16.1 et seq. (more particularly §§3:1-16.5 & 3:1-16.6), and N.J. Dept. of Bank and Ins., Bulletin #07-12. Being one of our oldest documents, numerous additions have been made to it from various clients over the years,…
Earlier this year, the “Moving Ahead for Progress in the 21st Century Act” (“MAP-21”; Pub. L. 112-141; 126 Stat. 205 [H.R. 4348 2012]) became law. Section 100239(a)(6) of MAP-21 amends 42 USCA §4012a(6), so that it will require the following:
“NOTICE.-
(A) IN GENERAL.- Each lender shall disclose to a borrower that is subject to this subsection that-
(i) flood insurance is available from private insurance companies that issue standard flood insurance policies on behalf of the national flood insurance program or directly from the national flood insurance program;…
Florida law requires that a broker provide to a borrower, at the time a broker agreement is executed between the two parties (but at least three business days before closing), disclosures that the broker cannot execute loan commitments or lock-in agreements,…
Cx7276 is a list of housing counseling agencies located in Michigan and is provided in all Initial Disclosure packages for loans secured by property in this state, pursuant to the provisions of Mich. Comp. Laws Ann. §445.1637. This list is based upon the online list generated by the Federal Department of Housing and Urban Development (“HUD;” see http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=MI)….
