There are various provisions under Arkansas law prohibiting coercive practices in regards to various insurances obtained in connection with mortgage loans, as follows:
Ark. Code Ann. § 23-32-206(a) (West 2012) prohibits several entities from requiring a mortgagor to purchase casualty insurance in an amount “in excess of the fair market value of the buildings or appurtenances on the mortgaged premises.”
Ibid….
Previously, only the names and signature lines for the actual borrower(s) of a loan secured by shares in a co-operative apartment were printing on the “Irrevocable Stock Power – COOP” (Cx4986), “Affidavit of No Further Encumbrances – COOP” (Cx4989), “Notice of Assignment of Security Agreement – Managing Agent – COOP” (Cx4991),…
Cx13568 has been provided for the past several years due to the provisions of Wash. Rev. Code Ann. §§ 26.60.010 through 26.60.901 (West 2012) concerning domestic partnerships. In addition to Cx13568, we have also been providing a multi-state “Addendum to Loan Application” (Cx13441),…
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….
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,…
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,…
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….
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….
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….
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….
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….
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….
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….
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”)….
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….
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-”…
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,…
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….
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….
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….
