Finance charges are defined and set forth in 12 CFR §1026.4 and are included as a part of the Annual Percentage Rate (APR; see Ibid. §§1026.14, 1026.22, & Pt. 1026, App. J,), both of which are disclosed in the Truth-in-Lending Disclosure and other documents….
A loan brokerage agreement is required under Cal. Fin. Code §50701 when a borrower requests that their loan be arranged (but not provided) by a mortgage lender. DocuTech provides Cx2784 for this requirement.
Following the results of a review,…
Cx3841 is provided to clients acting as brokers, for loans secured by property located in South Carolina, Virginia, and Washington, pursuant to the following provisions:
1. S.C. Code Ann. §§40-58-75 & 40-58-78(A) and S.C. Reg. 28-400(C)(2);
2….
12 CFR §1026.18(f)(2) requires the following in regards to the Truth-in-Lending Disclosure:
“If the annual percentage rate may increase after consummation in a transaction secured by the consumer’s principal dwelling with a term greater than one year, the following disclosures:
(i) The fact that the transaction contains a variable-rate feature.”
For the past 10 years,…
Cx3883 is required under both Tex. Fin. Code Ann. §156.004 and 7 Tex. Admin. Code §80.9, the
latter of which provides the document that is required to be used, which is
also published on the website of the Texas Department of Savings and Mortgage
Lending
(http://www.sml.texas.gov/ResidentialMortgageLoanOriginator/rmlo_mb_forms.html;…
Cx5771 is given pursuant to the provisions of Mass. Gen. Laws Ann. ch. 183, §28C and Mass. Regs. Code tit. 209, §§53.03, 53.04, & 53.07, which require a lender to prove that a new home loan (as defined in Ibid….
Pursuant to our annual state-specific disclosure audit, the following changes will be made to New York-specific documents:
1. New York Application Disclosure (Cx9710):
This is a new document, created pursuant to the provisions of N.Y….
Although compliant with Illinois law (specifically Ill. Admin. Code tit. 38, §1050.1010), a textual change will be made to Cx1909 to specify that the borrower is not obligated to pay the Broker Loan Fee when the mortgage transaction contains lender-paid broker compensation,…
Each year, DocuTech performs a quality control audit of all its state-specific disclosures, not only to ensure that these disclosures are in compliance with applicable state and federal law, but also to improve their quality.
DocuTech’s Maryland Broker Contract,…
FHA Single Family Lender’s Guide 4155.2, ch. 6.B.2.a requires lenders to use the FHA “Model Mortgage Form,” in accordance to the instructions set forth in Ibid. ch.12.A.2, for FHA-insured mortgages. Subsection (b) of the instructions, which provides for modifying the language that precedes the uniform covenants in the “Model Mortgage Form,” states the following (in relevant part):
“The lender should use FNMA/FHLMC language ….
DocuTech’s Compliance Department is pleased to announce the publication of the newest edition of its disclosure matrix: “Disclosure Matrix 2012 – Short Form.” This Matrix lists:
* The ConformX name and number of each generic Federal- and State-specific disclosure DocuTech provides;…
Minn. Stat. Ann. §58.16(2)(a) requires a residential mortgage originator to enter into a written contract with each borrower from whom the originator either requires an advance fee or for whom the originator offers to act as an agent to help obtain a loan secured by a lien on real estate….
Cx995 “MI Principal Residence Exemption (PRE) Affidavit” has been updated to reflect the latest version of State Form 2368. In addition, Cx997 “MI Request to Rescind Principal Residence Exemption (PRE)” has been updated to reflect the latest version of State Form 2602….
Cx2999 is required to be given by a mortgage banker (who is also a residential mortgage loan originator) to a residential mortgage loan applicant at the time of application, pursuant to Tex. Fin. Code §157.007 and 7 Tex. Admin. Code §81.7….
Kan. U.C.C. Stat. Ann. §16a-2-502 limits the amount of late charges that may be assessed in connection with a consumer credit transaction (which is subject to the provisions of Kansas’ Uniform Consumer Credit Code [UCCC]) to 5% of the unpaid amount of a delinquent installment,…
The provisions of the Kansas Uniform Consumer Credit Code (UCCC) apply to “consumer loans” which, in relevant part, are defined as debt secured by an interest in land. However, “consumer loans” do not include first mortgages, unless:
1….
For loans secured by property located in the District of Columbia, DocuTech provides Cx2485 “DC Real Property Recordation and Transfer Tax FP 7/C.” which is a duplicate of the official FP 7/C tax form published by the D.C. Office of Tax and Revenue (http://otr.cfo.dc.gov/otr/cwp/view,a,1330,q,594401.asp),…
Formatting of the “Understanding which charges can change at settlement” section on the ConformX Good Faith Estimate (cx14221) has been modified. The light shading has been removed as permitted by the HUD RESPA Rule FAQ’s and each item in the chart has been bulleted. …
The IRS updated Form 4506 “Request for Copy of Tax Return” (cx23) and Form 4506-T “Request for Transcript of Tax Return” (cx3095). The new 2012 versions include various textual changes, including a cautionary statement to only sign if all applicable lines have been completed….
At the present time, the Connecticut “Interest Rate Lock Commitment” references “discount points.” In order to make the document conform more with the language used in Connecticut law, all references in the document to “discount points” will be changed to “points,” as referenced in the following language from Conn….
