R.I. HB 5510 and SB 1079 (2011), which were signed by Governor Lincoln D. Chaffee (I) on July 13, 2011, amend R.I. Gen. Law §34-23-6 (“Section”), which provides for the issuance of a disclosure specifying that certain loan fees are not refundable if the underlying loan contract is prepaid in full….
A new document entitled “ME Alternative Mortgage Transaction Disclosure” has been created and will print by default in all Maine initial disclosure packages if the loan has an adjustable interest rate, an interest only payment feature, or a balloon payment….
The “Notice to Borrower Regarding Special Flood Hazard Area”, cx11, has been modified to remove several sections that are not included in the model form found in 12 CFR Pt. 339, App. A and are not required on the notice….
A new document entitled “CT Mortgage Rate Lock-In Confirmation”, cx15855, has been created.
Due to client concerns regarding the heightened employee vacation volume during the week of July 4th, the scheduled update to the California Per Diem Interest Disclosure, cx878, will be postponed one week. The modified document will be available in ConformX on July 16,…
Beginning July 9th, DocuTech will be providing a revised version of our Cx878 California Per Diem Interest Disclosure, which will now be based upon a sample disclosure provided by the California Department of Corporations.
The “good faith example” has been modified for Adjustable Rate Mortgages to include the Margin and Index values. In addition, new optional field prompts have been added to ConformX Iowa Initial Disclosures on loans with Discount Points to populate the “Without Payment Reduction Fee” side of the example.
DocuTech Corporation is pleased to announce that it has finished its 2011 Late Fee Matrix. The Matrix sets forth the generic late fee defaults that print in our client’s mortgage loan documents based upon the state that the secured property is located in and the loan’s terms….
The DocuTech Compliance Department has been conducting a review of the standard FHA Security Instruments. As part of this process, the non-uniform covenants in several of these documents have been modified to more closely match the non-uniform covenants in the FNMA Security Instruments as required by FHA Single Family Guide 4155.2 ch. 6 B.2.e.
The “Property Insurance” section of the Federal Truth-in-Lending Disclosure Statement currently reads as follows:
Formatting and functionality of the FNMA Form 1003 Uniform Residential Loan Application (cx4193) has been updated.
The ConformX FHA Informed Consumer Choice Disclosure Notice, Cx41, has been edited to add the following sentence to the footer: “*For case numbers assigned on or after April 18, 2011, 15-year mortgages require a downpayment in excess of 22 percent in order to avoid making monthly mortgage insurance premiums.”
Recent changes to two state laws have prompted us to change the late fee restrictions that apply to these states.
Alabama H.B. 3 amends the late fee restrictions set forth in Ala. Code §5-19-4(a) for consumer credit transactions….
Per Utah 2011 House Bill 259, the word “RESPA” must print in a minimum of 16 point font on the first page of all Utah recordable documents for transactions that are subject to RESPA. This allows the county recorder to know which fee should be charged to record the document….
As part of DocuTech’s routine review and maintenance of state law mortgage document requirements, two new standard state Initial Disclosures will print effective 4/29/11.
UT Loan Notice cx15693
Informs borrowers that their mortgage or the servicing of their mortgage many be sold or assigned,…
