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,…
Beginning July 9th, DocuTech will be providing a revised version of our Cx878 California Per Diem Interest Disclosure, which will now be based upon a sample disclosure provided by the California Department of Corporations.
The “good faith example” has been modified for Adjustable Rate Mortgages to include the Margin and Index values. In addition, new optional field prompts have been added to ConformX Iowa Initial Disclosures on loans with Discount Points to populate the “Without Payment Reduction Fee” side of the example.
DocuTech Corporation is pleased to announce that it has finished its 2011 Late Fee Matrix. The Matrix sets forth the generic late fee defaults that print in our client’s mortgage loan documents based upon the state that the secured property is located in and the loan’s terms….
The DocuTech Compliance Department has been conducting a review of the standard FHA Security Instruments. As part of this process, the non-uniform covenants in several of these documents have been modified to more closely match the non-uniform covenants in the FNMA Security Instruments as required by FHA Single Family Guide 4155.2 ch. 6 B.2.e.
The “Property Insurance” section of the Federal Truth-in-Lending Disclosure Statement currently reads as follows:
Formatting and functionality of the FNMA Form 1003 Uniform Residential Loan Application (cx4193) has been updated.
The ConformX FHA Informed Consumer Choice Disclosure Notice, Cx41, has been edited to add the following sentence to the footer: “*For case numbers assigned on or after April 18, 2011, 15-year mortgages require a downpayment in excess of 22 percent in order to avoid making monthly mortgage insurance premiums.”
Recent changes to two state laws have prompted us to change the late fee restrictions that apply to these states.
Alabama H.B. 3 amends the late fee restrictions set forth in Ala. Code §5-19-4(a) for consumer credit transactions….
