Document Updates

Document Changes: Notice of Intent to Apply for Joint Credit (Cx3393)

Under 12 CFR §1002.7(d)(1), creditors do not consider the mere submission of a joint financial statement or other evidence of jointly held assets as an application for joint credit. While not required under Federal law, “Notice of Intent to Apply for Joint Credit” (Cx3393) is provided in ConformX Initial Disclosure packages so lenders can receive clarification as to whether borrowers who are providing evidence of jointly held assets are applying for joint credit….

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New Document: Hawaii Public Information Notice (Cx16995)

2012 Hawaii Laws Act 182 (H.B. 1875) recently amended Haw. Rev. Stat. § 667-41 (West 2012), which now requires that a “public information notice,” which explains the judicial and nonjudicial processes and procedures for foreclosing upon a mortgage, be provided to “the public,…

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Document Removal: South Carolina Duplicate Broker Disclosure

S.C. Reg. 28-400(C)(2) requires mortgage brokers to keep on file mortgage broker agreements entered into with borrowers. Mortgage broker agreements are required to contain certain disclosures and terms, such as the amount of any fees, the nature of the services the broker provides to the borrower,…

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New Document: Maine Private Mortgage Insurance Disclosure (Cx16590)

Under Me. Rev. Stat. Ann. tit. 33, §507, if a processor or underwriter of a loan “engages in the business of private mortgage insurance,” a supervised lender or a loan broker is required to disclose to a loan applicant this fact….

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New Disclosure: MS Lock-in Agreement (Cx16587)

Pursuant to Miss. Code Ann. §81-18-28 and 5-2 Miss. Code R. §1.11, DocuTech will now be providing a generic lock-in agreement for loans secured by property located in Mississippi. This agreement is split into several sections.

The first section is a preamble with a general recital typical in most agreements….

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Document Changes: Addition of Date to Several Disclosures

Pursuant to an audit of our disclosures, we will be adding “Date:” to the general loan information section of the following disclosures:

1. FHA Amendatory Clause/Real Estate Certification (Cx38)
2. Informed Consumer Choice Disclosure Notice (Cx41)
3….

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New Document for Maryland: Anti-Coercion Insurance Disclosure (Cx2778)

Pursuant to the provisions of Md. Code Ann., Com. Law §12-124(a)(5) and Md. Code Ann., Ins. §27-214(a), the multi-state Anti-Coercion Insurance Disclosure will be configured to print in all Initial Disclosure packages for all types of loans secured by property located in Maryland….

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Document Changes: CA Per Diem Interest Disclosure (Cx878)

There are two California laws for which Cx878 is given pursuant to. The first is Cal. Civ. Code §2948.5(b), which actually requires the disclosure as well as most of its contents. The second is Cal. Fin. Code §50204(o), which requires a licensee to have “evidence of compliance”with Ibid….

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Document Changes: VA Lock-in Agreement (Cx14674)

The VA Lock-in Agreement is provided pursuant to the provisions of 10 Va. Admin. Code §5-160-30(B). The Agreement discloses to borrowers whether private mortgage insurance (PMI) is or is not required to be paid by them in connection with their loan….

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Update: FNMA and FHLMC Notes and Security Instruments

The scheduled update to the borrower signature line sections of the Fannie Mae and Freddie Mac standard forms in ConformX to have the word “-DATE-” removed from underneath the signature lines will be postponed while additional related functionality is added to the ConformX software in November and custom investor Notes and Security Instruments are reviewed….

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Document Configuration Changes: Borrower-Paid Single Premium Private Mortgage Insurance Cancellation Disclosures (Cx14292, 14293, and 14294)

12 USCA §4903 requires certain disclosures to be given to borrowers when private mortgage insurance (“PMI”) is required in connection with a residential mortgage transaction, which explain to the borrower that PMI may be cancelled either by their initiative or automatically in accordance to the provisions of the Homeowner’s Protection Act (“HPA”)….

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Document Changes: Texas Renewal and Extension Exhibits (Cx4284 and 14951)

For cosmetic and clarification purposes, the following changes will be made to DocuTech’s standard Texas Renewal and Extension Exhibits:

1. A clause will be inserted into the first sentence of the second paragraph, explicitly stating that the liens being renewed are not extinguished….

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Document Changes: FNMA and FHLMC Notes and Security Instruments

In order to more closely match the signature lines included on the standard Fannie Mae and Freddie Mac Notes, Security Instruments, Addenda, and Riders, the borrower signature line sections of all of these Fannie Mae and Freddie Mac standard forms in ConformX will have the word “-DATE-”…

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Document Changes: Minor Changes to TILA Right to Rescission Forms (Cx8204, 8205, & 8206)

In order to make DocuTech’s versions of the Right to Rescission Forms more closely resemble the model Right to Rescission forms set forth in 12 CFR Pt. 1026, App. H, the first sentence in the second paragraph of the “How to Cancel” section will be changed

This change will be made to both the generic versions of Cx8204,…

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Cx1029 – Connecticut Private Mortgage Insurance Disclosure

The Connecticut Private Mortgage Insurance disclosure has been updated to more accurately reflect the current text of the Homeowner’s Protection Act (12 USCA §§ 4901 et seq.) The new disclosure includes an updated definition of “original value” and “good payment history” and a more accurate description of loan conditions for cancellation of PMI….

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Document Changes: Certification and Authorization (Cx13)

The Certification and Authorization document, in which the borrower authorizes various entities to collect personal information about the borrower, is being significantly revised to better conform with various Federal and state laws. These changes are as follows:

1….

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Document Changes: MA Borrower’s Interest Worksheet (Cx5771)

DocuTech’s “MA Borrower’s Interest Worksheet” is given pursuant to Mass. Gen. Laws Ann. ch. 183, §28C and Mass. Regs. Code tit. 209, §§53.03, 53.04, & 53.07, which require lenders to determine whether a home loan is in the interest of their borrowers….

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Document Changes: RI Right to Choose Title Agent/Attorney (Cx3847)

Cx3847 is provided in Initial Disclosure packages for loans secured by property in Rhode Island, pursuant to the provisions of R.I. Gen. Laws §§19-9-5 & 19-9-6. The following changes are being made to this document in order to make it more streamlined and easier to understand:

1….

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Document Changes: Two Changes to ALL Security Instruments

The following two changes will be made to all generic security instruments:

1. Change of Citation: For those security instruments which reference Regulation X (e.g. Conventional FNMA First Lien and FHA instruments), the current citation to the Department of Housing and Urban Development’s version of this regulation (24 CFR Part 3500) will be changed to the Consumer Financial Protection Bureau’s version (12 CFR Part 1024),…

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Document Changes: Truth-in-Lending Document ID Number Consolidation

The Federal Truth-in-Lending Disclosures, Itemizations of Amount Financed, and Notice of Right to Cancel forms print copies per Borrower, Non-Purchasing Entity (NPE), and Inter Vivos Trust (Trust) for rescindable loan transactions printed through ConformX.

These forms will be modified to consolidate the NPE and Trust copies into the same forms as the Borrower copies….

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