USDA Rural Development announced that the Annual Fee for all loans will increase from 0.30 percent to 0.40 percent effective October 1, 2012. In addition, the Upfront Guarantee Fee for all refinance transactions will increase from 1.50 percent to 2.00 percent effective October 1,…
Per a review of DocuTech’s multistate Inter Vivos Revocable Trust Rider, signature lines for each settlor of an inter vivos revocable trust will be added to Cx1482.
The acknowledgment before the signature lines will state the following:
“BY SIGNING BELOW,…
Item “7B. MAIL CERTIFICATE OF ELIGIBILITY TO:” on the Request for Certificate of Eligibility (Veterans Affairs Form 26-1880, Cx3957) is only to be filled in if the certificate is to be mailed to an address different from the one listed in item “7A….
N.Y. Comp. R. & Regs. tit. 3, §38.12 requires a mortgage broker (or a mortgage banker or an exempt entity which is acting as a mortgage broker) who is acting as a real estate broker in the same loan transaction,…
On February 16, 2012, the Federal Housing Administration (FHA) published the final rule, “Suspension of Section 238(c) Single-Family Mortgage Insurance in Military Impacted Areas,” in the Federal Register (FR 2012-3667 www.gpo.gov/fdsys/pkg/FR-2012-02-16/pdf/2012-3667.pdf). The Section 238(c) program was suspended effective March 19,…
Pursuant to DocuTech’s annual state-specific disclosure audit, the following changes will be made to various Ohio-specific disclosures:
1. OH Homebuyers’ Protection Act (Cx11195). This disclosure is required by Ohio Rev. Code Ann. §1345.05(A)(4) & (G) and Ohio Admin Code §109:4-3-29 and must be given to consumers when they apply for a mortgage loan….
The Texas Department of Savings and Mortgage Lending (“SML”) published various revisions to Chapters 80 and 81, Title 7 of Texas’ administrative code in the Texas Register (see 37 Tex. Reg 3291 and 4866), which revisions affected the content and requirements of several disclosures….
The Good Faith Estimate in ConformX will be modified to print on letter sized paper. The GFE is currently designed to print on legal sized paper. If it is printed on letter sized paper, the font size of the GFE contents is made smaller in order for the contents to fit the smaller sized paper….
The standard ConformX Assignments of Deed of Trust and Assignments of Mortgage are being updated. Language is being removed from these documents to clarify that the note is not being assigned with the assignment and must be negotiated separately. Text similar to the following will be removed from both the standard MERS and non-MERS Assignments:
“…together with the note(s) and obligations therein described,…
In a recent bankruptcy case (In re Crane, BR 11-90592, 2012 WL 669595 [Bankr. C.D. Ill., Feb. 29, 2012]), the United States Bankruptcy Court for the Central District of Illinois held that for a mortgage to provide constructive notice to a bona fide purchaser or a trustee in bankruptcy,…
Cx2783 is a multi-state document which is provided for various states which require a written agreement in connection with the collection of advance fees (e.g. application, appraisal, and credit report fees).
One of the states that require this agreement is Tennessee,…
On March 6, 2012 Governor Bob McDonnell (R-VA) approved VA HB 761. This Bill amended, in part, Va. Code Ann. §17.1-223(A) to allow clerks to reject any deeds submitted for recording, “unless the deed states on the first page of the document that it was prepared by the owner of the real property or by an attorney licensed to practice law in [Virginia] where such statement by an attorney shall include the name and Virginia State Bar number of the attorney who prepared the deed.”
Chapter 2,…
On December 21, 2011, the Bureau of Consumer Financial Protection (CFPB) published an interim rule in the Federal Register (76 FR 79308-01), substantively compiling the various rules issued by various agencies which enforce the Fair Credit Reporting Act (codified as 15 USCA §§1681 et seq.),…
The FHA Deed of Trust for Nebraska has been modified so the Request for Reconveyance is no longer attached as the last page. Pursuant to Nebraska and Federal law, the Request for Reconveyance is not required as part of the DOT and it has been removed….
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:
…
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,…
