Most states prohibit lenders from requiring borrowers to purchase insurance through a particular insurance agent. Borrowers are, therefore, free to choose the agent through whom they would like to purchase insurance, though these states do allow lenders the right to approve or disapprove of such agents,…
According to Ind. Code Ann. §23-2-5-9, every contract with a loan broker for services must be in writing. Pursuant to which, an approved broker agreement is published by the Indiana Securities Division of the Department of State on their website (http://www.in.gov/sos/securities/2803.htm),…
Miss. Code Ann. §89-5-24, which sets forth the formatting requirements for Mississippi documents that are recorded, has been amended by MS H.B. 600. The bill can be viewed at http://billstatus.ls.state.ms.us/documents/2011/html/HB/0600-0699/HB0600SG.htm.
The following changes were made by the bill:
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The Kentucky Human Rights Commission has published a new Fair Housing Brochure which must be provided at all real-estate related transactions at the time of sale, purchase, or financing of real property. The old brochure is still cited and required under 104 KAR 1:010,…
Cal. Fin. Code §§4052 & 4053 prohibit a financial institution from disclosing or sharing a consumer’s nonpublic personal information with either an affiliate of the institution or a nonaffiliated third party, unless the financial institution has provided the consumer with a privacy notice and the consumer has subsequently consented to the sharing of their information….
12 CFR §1002.9 requires an “ECOA Notice” to be provided to credit applicants within a certain amount of time after either receiving, or taking action on, an application. This “ECOA Notice” is included with other disclosures required under Regulation B,…
Until recently, Cx13539 was required under the provisions of Wash. Rev. Code Ann. §§19.144.020 & 31.04.102 and Wash. Admin. Code §§208-600-200 & 208-620-510. This document was a duplicate of the “1 Page Disclosure Summary” forms published by the Washington State Department of Financial Institutions on their website (http://www.dfi.wa.gov/banks/forms.htm),…
Based on the results of DocuTech’s yearly state-specific disclosure audit, the configurations for several documents will be changed as follows:
1. GA Foreclosure Disclosure (Cx1011). This document is provided pursuant to the provisions of Ga. Code Ann. §7-1-1014(3) and Ga….
The following changes will be made to DocuTech’s CA Rate Lock Agreement, which is provided pursuant to Cal. Fin. Code §50203(a)(3)(A) & (B):
1. The Agreement currently only prints when a client has set the “California License Type” field to “CA Residential Mortgage Lending Act” in ConformX,…
2012 Wash. Legis. Serv. Ch. 3 (S.S.B. 6239), which allows for same-sex marriages, will become effective on June 7, 2012. Partners in civil unions and same-sex marriages have the same marital property rights as traditional marriages, and mortgage companies require partners in such arrangements to join in signing the security instrument….
The New Jersey Interest Rate Lock-in Agreement has been modified to include a provision that, when a loan commitment has been issued without a rate lock-in agreement, the rate will float until five business days before closing, when it will be set,…
The format of one sentence on the New York Lock-in Agreement has been modified. The notice indicating forfeit of some or all of the lock-in fee upon the applicant providing incomplete or incorrect credit information is now entirely in upper case letters and underlined,…
Ky. Rev. Stat. Ann. §286.8-120(7) requires the following in regards to commitments:
“All ‘letters of commitment,’ or any other contracts or agreements between prospective borrowers and a mortgage loan company or a loan broker, where the borrowers employ services,…
DocuTech’s “TX Important Notice to Home Loan Borrowers” (Cx3591) will be updated to match the form provided by the Texas Office of Consumer Credit Commissioner on their website (http://www.occc.state.tx.us/pages/Legal/Laws/reg/rule_apps/App139.pdf).
This notice is required to be given in connection with a Texas home loan,…
Regulation Z requires lenders disclose to borrowers of an adjustable rate mortgage the index or formula used in making payment or interest adjustments, a source of information about the index or formula, and statements that consumers should ask about the current margin value and current interest rate. …
Regulation X requires lenders disclose to borrowers the percent by which an interest rate can increase or decrease in an adjustable-rate mortgage. The HUD-1 and HUD-1A have been modified to display the range of each interest rate increase or decrease,…
Due to some investor requirements and client requests, DocuTech will begin providing Cx8091 generically for all loans secured by a share in cooperative housing located in New York. In making this Agreement generic, the following changes will also be made:
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Alabama has only one legal provision directly related to mortgage broker agreements, which is as follows:
“Licensee [i.e. a broker licensed under the Alabama Mortgage Brokers Licensing Act] shall:
(a) Prior to the collection of a mortgage broker fee from a borrower,…
Along with the Federal Equal Credit Opportunity Act (15 USCA §§1691 et seq.) and Regulation B (12 CFR §§1002 et seq.), several states have enacted their own laws which require a creditor to provide “adverse action” disclosures to credit applicants when such applicants’ application have been denied,…
Origination points, among other items, are disclosed in Cx13498. In the past, DocuTech has disclosed only the itemized origination points, which make up a part of the entire origination charge set forth in Block 1 of the Good Faith Estimate (GFE)….
