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)….
In order to mitigate confusion arising from certain balloon loan verbiage contained in DocuTech’s Private Mortgage Insurance disclosures (Cx29, 862 and 4668), these disclosures will be changed to only print this verbiage if the subject loan contains a balloon payment….
Pursuant to the findings of our state-specific disclosure audit this year, the following changes will be made to five of our Texas-specific disclosures:
1. The language and format of “TX Mortgage Banker Disclosure” (Cx2999; required by Tex. Fin….
Copies of the FNMA Form 1003 with only one borrower on them (where the co-borrower information is empty) should have “Not Jointly” checked under section “VI. Assets and Liabilities” to indicate the application was not filled in on a combined basis….
Pursuant to the findings of our annual state-specific disclosure audit, our “DE Mortgage Loan Broker Regulations” (cx3593) and “DE Broker Agreement” (cx3583) will now be generated only when a loan is secured by owner-occupied property.
Both documents are required to given in connection with a “mortgage loan,” which is defined under Del….
Pursuant to this year’s state-specific disclosure audit, as well as client requests, the following edits are being made to several disclosures that are provided for loan transactions secured by property in Maryland:
1. A new “MD Written Acknowledgement of Delivery of the Note” (cx16099) will be provided in closing document packages pursuant to the “safe-harbor” provisions of Md….
Currently “Discount Points” are printing in item 4 of the Vermont Mortgage Loan Commitment Agreement (cx4671). Since the amount for itemized line 802 in ConformX is only to be used for “Discount Points” charged on the loan, itemized line 802 currently prints on the form in item 4….
Witness signatures are not required on Michigan security instruments. Therefore the witness lines were removed years ago from the ConformX Michigan Mortgage (cx331) as allowed by Fannie Mae.
Since they are unnecessary, the witness lines have now also been removed from the Michigan FHA Mortgage (cx384) and Michigan Second Lien Mortgage (cx489). …
The “Request for Reconveyance” section will be removed from the Oregon FHA Deed of Trust (cx399), effective October 20, 2011. A request for reconveyance is required by Oregon law as follows:
“Within 30 days after performance of the obligation secured by the trust deed,…
