HUD has posted a revised version of form HUD-92800.5b, Conditional Commitment Direct Endorsement Statement of Appraised Value, with an expiration date of 03/31/2014 on HUDCLIPS. The new form reflects recent policy changes which reduced the validity period for appraisals from 6 months to 120 days….
On February 14, 2011 HUD issued Mortgagee Letter 2011-10 addressing changes to the Annual Mortgage Insurance Premiums. Included in this Mortgagee Letter was the addition of Annual Mortgage insurance for loans with amortizations <=15 years with LTV’s at or below 90%….
DocuTech will be making two changes to its generic Buydown Agreement (Cx25). The third paragraph in the Agreement will be modified to state the following:
‘In order to comply with FNMA guidelines and protect the availability of the buydown funds,…
Cx 1496 – Notice of Transfer is currently printing for Bank of America and Wells Fargo Investors. This document, however, is not required to be used by either of these investors. DocuTech uses Cx 21 – Assignment Sale or Transfer of Servicing for this same purpose….
Minor changes were made to IRS Form 4506 (cx23) to update to the latest version of the form. The updated document will be available August 16, 2011.
August 12, 2011
DR 117373…
Some loans imported to ConformX contain descriptive text for the key factors that adversely affect the borrowers’ credit scores. Others use the credit bureau reason codes and print the Credit Score Matrix (cx5416) so the borrower can understand what the codes mean….
Technical corrections and clarifying amendments to Regulation X were included in 76 FR 40612. Please see related article “Summary of RESPA Technical Corrections” in this month’s DocuTech Newsletter for an outline of the details.
Effective August 10,…
2011 Me. Legis. Serv. Ch. 427 repealed Me. Rev. Stat. Ann. tit. 9-A, §8-206-J, which, under Subsection (2)(B), had restricted late charges on residential mortgage loans to 5% of the amount of the late payment, which payment is at least 10 days delinquent….
N.C. Gen. Stat. §24-10.2(c) prohibits a lender from “flipping” a consumer home loan. “Flipping” is the act of making a consumer home loan that refinances a previous consumer home loan when the new loan does not have a reasonable, tangible net benefit to the borrower….
A modification of the FNMA Form 1003 Uniform Residential Loan Application (cx4193) occurred May 27, 2011 to print the Loan Origination Company Name, NMLS Identifier, and Address in the Loan Origination Company boxes near the end of the fourth page if they had a value,…
The signature lines on the Inter Vivos Revocable Trust Addendum to Note (cx1219) are being revised to more closely follow the definition of “Borrower” recited in the document. Signature lines for the Trustees, Settlors and any other natural persons signing the note will now appear on the addendum….
Modifications have been made to the standard Escrow Waiver (cx28) and Partial Escrow Waiver (cx9826) to disclose additional details as listed in the updated Fannie Mae Selling Guide B2-1.4-04, Escrow Accounts. The additions include:
• informing the borrowers of any applicable fees associated with the waiver of escrows;…
A new Wisconsin Loan Commitment document (cx15918) has been created to meet the requirements of Wis. Admin. Code, DFI-BKG §§40.01(5) – (6) & 43.02(12) – (13) and will print in Wisconsin Initial Disclosure packages when a Commitment Fee is entered on the loan. …
The Maine Certificate of Smoke and Carbon Monoxide Alarms (cx14523), which is required by Me. Rev. Stat. Ann. tit. 25, §§2464 & 2468, has been updated to the model form provided by the Maine Office of State Fire Marshal. The modified version includes the Fire Marshal’s seal and states that the buyer will properly install operational smoke detectors and carbon monoxide detectors if they are not already present,…
The Pennsylvania Variable Rate Loan Disclosure, cx3759, has been modified. The title, first sentence, and acknowledgement section will reflect that the document is now an addendum to the loan application instead of a stand-alone disclosure. In addition, the updated PA Addendum to Uniform Residential Loan Application will only print if the number of units is less than two and the loan amount is under or equal to $221,540,…
R.I. HB 5510 and SB 1079 (2011), which were signed by Governor Lincoln D. Chaffee (I) on July 13, 2011, amend R.I. Gen. Law §34-23-6 (“Section”), which provides for the issuance of a disclosure specifying that certain loan fees are not refundable if the underlying loan contract is prepaid in full….
A new document entitled “ME Alternative Mortgage Transaction Disclosure” has been created and will print by default in all Maine initial disclosure packages if the loan has an adjustable interest rate, an interest only payment feature, or a balloon payment….
The “Notice to Borrower Regarding Special Flood Hazard Area”, cx11, has been modified to remove several sections that are not included in the model form found in 12 CFR Pt. 339, App. A and are not required on the notice….
A new document entitled “CT Mortgage Rate Lock-In Confirmation”, cx15855, has been created.
Due to client concerns regarding the heightened employee vacation volume during the week of July 4th, the scheduled update to the California Per Diem Interest Disclosure, cx878, will be postponed one week. The modified document will be available in ConformX on July 16,…
