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….
The ConformX software release on January 13, 2012, will support three different ways to disclose temporary interest buydowns on the Truth-in-Lending Disclosure Statement.
A new field called “Buydown Truth-in-Lending Behavior” will be prompted for on the Mandatory Fields screen for all loans with a temporary interest rate buydown….
Oregon Senate Bill 0382 (2011), effective January 1, 2012, amended OR Rev. Stat. §205.234 concerning recordable document first page requirements. The amended statute requires the address of the grantor and the grantee to print on the first page of a recordable document. …
Pursuant to this year’s state-specific disclosure audit, the following changes will be made to some of the disclosures provided in document packages for loans secured by property located in Illinois:
1. The Illinois Mortgage Escrow Account Act (cx1207),…
The OK Mortgage Broker/Borrower Agreement (Cx3322) has been provided to clients to help them comply with the provisions of Okla. Stat. Ann. tit. 59, §2095.15(D)(3), which requires that a broker must disclose any administrative fee before collecting it.
However,…
A completed Uniform Residential Loan Application (FNMA Form 1003) helps a loan originator to determine if a loan applicant has a spouse who has a concurrent ownership interest in the property that will be secured by the loan applied for,…
Louisiana will begin requiring certain title insurance identification information on recorded mortgages starting January 1, 2012. LA Rev. Stat. Ann. §22:513.1 will require each mortgage insured by a loan title insurance policy to contain the following identifying information:
(1) The name,…
A date section has been added to the top of the standard “Notice of Assignment, Sale or Transfer of Servicing Rights” (cx21). Various investors and clients have requested the date be added to track when the notice was given.
In addition,…
Rural Development announced yesterday afternoon that the upfront guarantee fee for all refinance transactions will increase from 1 percent to 1.5 percent effective Wednesday, December 7, 2011.
New Conditional Commitment requests for refinance transactions will be issued by the Agency utilizing a 1.5 percent upfront guarantee fee and a 0.3 percent annual fee. …
The IRS made a small update to Form W-9 “Request for Taxpayer Identification Number and Certification” (cx22).
The new December 2011 revision does not contain the word “(required)” at the end of the phrase “Check appropriate box for federal tax classification:” near the top of the first page of the form….
Wells Fargo Newsflash C11-061 dated October 26, 2011 modified earlier Newsflash C11-048 by removing the state limitation on the two month escrow cushion for the RD annual fee. The newer Newsflash in part states:
An escrow reserve of two months’ annual fee payments is required for all GRH Loans delivered to Wells Fargo for purchase.…
A mortgage origination agreement is required to be provided to a borrower and kept in a licensee’s files under Miss. Code Ann. §81-18-33. DocuTech has been providing its own version of such an agreement (Cx3315), however, in keeping with our policy to provide model or official documents where possible,…
The following changes will be made to DocuTech’s New Jersey lock-in agreement:
1. A new Clause E will be added to the “I Do Want an Interest Rate Lock-In at This Time,” which will disclose the commitment fee that will be locked-in (if any)….
