As more parties demand transparency and increased data quality, lenders are reacting by migrating to a more paperless process and investing in electronic document management technology. [DocuTech customer] Castle & Cooke switched from a paper- and labor-intensive process to a more automated one when they contracted document preparation vendor DocuTech….
Bankers as Buyers is an annual report prepared by the William Mills Agency, along with the assistance of analysts and bankers nationwide, “to help financial institutions and those companies serving them validate their strategic IT direction,…
One of the more confusing aspects of the new RESPA rule has been the treatment of transfer taxes. HUD staff members have informally discussed the fact that transfer tax disclosure issues have generated many of the questions submitted to the department. …
DocuTech is a trusted resource for the mortgage industry, and our staff are constantly providing insight and advice through interviews and articles in the press.
Did you miss us? Below are some of the highlights we have shared with lenders just like you this year….
Worksheets seem to be an item of interest among mortgage originators since the implementation of the new Good Faith Estimate at the beginning of the year. DocuTech’s compliance department has received many inquires about worksheets and recently HUD has given some guidance for those wishing to use worksheets in their initial disclosure packages. …
(Note: This is a revised article from several months ago addressing this topic. The article has been updated to include information about new data integrity checks added to the ConformX application)
On October 1,…
Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions,…
The Safe Act was signed into law in 2008. This wide-ranging legislation provides regulators better tools to control and track originators. The legislation had several goals related to mortgage originators:
The establishment of a national licensing system was accomplished with the creation of the Nationwide Mortgage Licensing System (NMLS) in 2009….
Can you afford to have pretty good data? Can you afford tolerable investor pricing variances? Can you afford to usually be compliant?
There’s an old saying that argues, “It’s better to be lucky than good.” While true in many instances,…
As a loan closer I was used to facing daily challenges that I relied on others to help out with. There are a handful of different variables that affect each and every day….
Our Arkansas Disclosure and Certification (Cx12918), provided pursuant to Arkansas Rule 5010-2, is no longer required due to recent changes to the Arkansas Fair Mortgage Lending Act. Previously the doc printed generically in all AR Closing packages. It will no longer print in any ConformX document packages….
VA Circular 26-10-01 requires loan applications taken on or after May 1, 2010 must either provide an origination statement itemizing the fees included in 801 or list each of the individual fees included in the 801 fee amount separately directly on the HUD-1. …
There is probably nothing associated with the new RESPA regulation that is causing mortgage originators more headaches than the disclosure of origination charges on the new Good Faith Estimate (“GFE”) and Uniform Settlement Statement (“HUD”). …
In the last two years, the mortgage lending industry has undergone dramatic changes to meet new regulatory requirements and customer expectations. As with any major change in an industry, this wide-sweeping event has created opportunities for companies entering the lending arena,…
On January 20, 2010, FHA announced several policy changes designed to strengthen its capital reserves. The changes are the latest in a series of changes designed to help FHA mitigate risk while fulfilling its mission to expand homeownership. The changes include:
For more information about these changes see FHA’s press release located at: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016…
DocuTech has launched a new section to its compliance web page where users can find information that will help them comply with the new changes to RESPA. The resources found on this web page include:
Recordings and PDF files from the RESPA webinars DocuTech presented on the new Good Faith Estimate and the new HUD-1 Settlement Statement….
The third page of the HUD-1/A Settlement Statement (“HUD”) contains the comparisons of fees disclosed on the GFE and the HUD and a restatement of the loan terms which were first disclosed on page one of the GFE. …
The NY Pre-Application Disclosure for Licensed Bankers (Cx5100) has been updated according to statute 3 NYCRR 38.3(b)(1) to include the following required information regarding discount points:
DISCOUNT POINTS:
Discount points should lower the interest rate paid on the loan but may not lower the overall cost of the loan….
A new SC Mortgage Loan Originator Unique Identifier Addendum (Cx14667) will start to print in all South Carolina Initials, TILA Redisclosure, and Closing packages starting 1/5/2010. The document is to comply with the new requirements of SC Code 37-22-210(F) which requires the unique identifier assigned by the Nationwide Mortgage Licensing System and Registry on all mortgage loan forms….
A new FHA Mortgage Loan Correspondent Disclosure (Cx14650) was added to ConformX loan packages on 1/1/2010.
Per 3 NYCRR 38.13(d), the following language should print for all NY FHA Initial Disclosures:
“I am an approved FHA Mortgage Loan Correspondent….
