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….
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….
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),…
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….
In regards to hybrid mortgages, where the fixed rate period of the mortgage is longer than five years, there are three different dates that may be disclosed in the “Maximum During FIRST FIVE YEARS” column of the payment table on the Truth-in-Lending Disclosure (TIL) that are acceptable to U.S….
Or. Admin. R. 441-865-0060(1)(c) & 441-870-0030(2) require borrowers to be given either a notice stating that their interest rate will float or an agreement locking in the interest rate of the loan. The Oregon Division of Finance and Corporate Securities has published a sample rate lock-in agreement on their website (http://www.cbs.state.or.us/external/dfcs/forms.html#mortgage;…
The ConformX Delaware security instruments and assignments will be modified to meet the different recording requirements for each of the three counties in Delaware.
The font size of the text in the body of the Delaware recordable documents will increase to 12 point for all counties….
USDA Rural Development announced that the Annual Fee for all loans will increase from 0.30 percent to 0.40 percent effective October 1, 2012. In addition, the Upfront Guarantee Fee for all refinance transactions will increase from 1.50 percent to 2.00 percent effective October 1,…
Per a review of DocuTech’s multistate Inter Vivos Revocable Trust Rider, signature lines for each settlor of an inter vivos revocable trust will be added to Cx1482.
The acknowledgment before the signature lines will state the following:
“BY SIGNING BELOW,…
