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,…
Item “7B. MAIL CERTIFICATE OF ELIGIBILITY TO:” on the Request for Certificate of Eligibility (Veterans Affairs Form 26-1880, Cx3957) is only to be filled in if the certificate is to be mailed to an address different from the one listed in item “7A….
N.Y. Comp. R. & Regs. tit. 3, §38.12 requires a mortgage broker (or a mortgage banker or an exempt entity which is acting as a mortgage broker) who is acting as a real estate broker in the same loan transaction,…
On February 16, 2012, the Federal Housing Administration (FHA) published the final rule, “Suspension of Section 238(c) Single-Family Mortgage Insurance in Military Impacted Areas,” in the Federal Register (FR 2012-3667 www.gpo.gov/fdsys/pkg/FR-2012-02-16/pdf/2012-3667.pdf). The Section 238(c) program was suspended effective March 19,…
Pursuant to DocuTech’s annual state-specific disclosure audit, the following changes will be made to various Ohio-specific disclosures:
1. OH Homebuyers’ Protection Act (Cx11195). This disclosure is required by Ohio Rev. Code Ann. §1345.05(A)(4) & (G) and Ohio Admin Code §109:4-3-29 and must be given to consumers when they apply for a mortgage loan….
The Texas Department of Savings and Mortgage Lending (“SML”) published various revisions to Chapters 80 and 81, Title 7 of Texas’ administrative code in the Texas Register (see 37 Tex. Reg 3291 and 4866), which revisions affected the content and requirements of several disclosures….
The Good Faith Estimate in ConformX will be modified to print on letter sized paper. The GFE is currently designed to print on legal sized paper. If it is printed on letter sized paper, the font size of the GFE contents is made smaller in order for the contents to fit the smaller sized paper….
The standard ConformX Assignments of Deed of Trust and Assignments of Mortgage are being updated. Language is being removed from these documents to clarify that the note is not being assigned with the assignment and must be negotiated separately. Text similar to the following will be removed from both the standard MERS and non-MERS Assignments:
“…together with the note(s) and obligations therein described,…
In a recent bankruptcy case (In re Crane, BR 11-90592, 2012 WL 669595 [Bankr. C.D. Ill., Feb. 29, 2012]), the United States Bankruptcy Court for the Central District of Illinois held that for a mortgage to provide constructive notice to a bona fide purchaser or a trustee in bankruptcy,…
Cx2783 is a multi-state document which is provided for various states which require a written agreement in connection with the collection of advance fees (e.g. application, appraisal, and credit report fees).
One of the states that require this agreement is Tennessee,…
On March 6, 2012 Governor Bob McDonnell (R-VA) approved VA HB 761. This Bill amended, in part, Va. Code Ann. §17.1-223(A) to allow clerks to reject any deeds submitted for recording, “unless the deed states on the first page of the document that it was prepared by the owner of the real property or by an attorney licensed to practice law in [Virginia] where such statement by an attorney shall include the name and Virginia State Bar number of the attorney who prepared the deed.”
Chapter 2,…
On December 21, 2011, the Bureau of Consumer Financial Protection (CFPB) published an interim rule in the Federal Register (76 FR 79308-01), substantively compiling the various rules issued by various agencies which enforce the Fair Credit Reporting Act (codified as 15 USCA §§1681 et seq.),…
The FHA Deed of Trust for Nebraska has been modified so the Request for Reconveyance is no longer attached as the last page. Pursuant to Nebraska and Federal law, the Request for Reconveyance is not required as part of the DOT and it has been removed….
