DocuTech is pleased to announce a LOS Transition Program for its clients designed and implemented by MarketWise Advisors, LLC. MarketWise is a consulting firm that specializes in mortgage technology with a long history in helping mortgage lenders select and implement loan origination systems….
On April 13, 2012 the Consumer Financial Protection Bureau (“CFPB”) released a bulletin announcing its policy on the use and supervision of service providers. The CFPB expects those it regulates to pay close attention to the service providers they utilize to ensure they comply with federal consumer protection laws to ensure consumer’s interests are protected and they are not harmed by misconduct….
Origination points, among other items, are disclosed in Cx13498. In the past, DocuTech has disclosed only the itemized origination points, which make up a part of the entire origination charge set forth in Block 1 of the Good Faith Estimate (GFE)….
Current versions of the generic New Jersey Commitment Letter contain the following language, found on page 2 of the letter:
“Please note that a binder is unacceptable and the insurance carrier must have a Bests policyholder’s rate of at least ‘B/VI’ to be acceptable by us.”
This sentence is now being altered to state the following:
“Please note that an insurance carrier must have an A.M….
Document Updates: CHARM Booklets and What You Should Know About Home Equity Lines of Credit (Cx9925)
On March 12, 2012 the Federal Reserve Board (FRB) updated their Federal agency contact list published in the “Consumer Handbook on Adjustable-Rate Mortgages” (CHARM) booklet and in the “What You Should Know About Home Equity Lines of Credit” (HELOC) brochure that they publish pursuant to the requirements under 12 CFR §§226.19(b)(1) &…
Vt. Stat. Ann. tit. 8, §2220 requires the following:
“In advance of taking any fee or collecting any charges for a mortgage loan, or at the time the prospective borrower submits a signed application, a written disclosure shall be provided by the lender to the prospective borrower setting forth all provisions relating to interest rates applicable to the loan,…
Cx14279 is required under Nev. Rev. Stat. §645B.305 to be provided by mortgage brokers when acting in such capacity in a loan transaction. The following changes will be made to this document in order to make it more compatible with the loan origination compensation rules set forth in 12 CFR §1026.36(d)(2):
The FHA example on the Informed Consumer Choice Disclosure Notice (Cx41) has been updated to reflect the Up-Front Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance Premium (Annual MIP) for this type of loan effective for case numbers assigned on or after April 9,…
If dates are not imported or entered into ConformX for the “Year or period requested” section of IRS Forms 4506 “Request for Copy of Tax Return” and 4506-T “Request for Transcript of Tax Return”, the first two dates are defaulted to the last two years of tax returns….
Tex. Fin. Code Ann. §157.007 (Acts 2011, 82nd Leg., ch. 655 version) and 7 Tex. Admin. Code §81.7 require a mortgage banker, which is also a mortgage loan originator, to include a specific disclosure in an application package for a residential mortgage loan….