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….
Fredric J. Gooch – General Counsel/VP Compliance, DocuTech Corporation
Summer is here and the temperatures are heating up across the country. The regulatory environment also continues to heat up as new rules and regulations seem to be coming at a hot summer pace. …
– Integration enables use of advanced technology to enhance lending process –
Pleasant Valley Home Mortgage Reaps Benefits of Compliance, Capability, Advanced Technology with DocuTech’s ConformX
Who: Pleasant Valley Home Mortgage, Moorestown, N.J. Joseph Fox, chief operating officer
When: Implemented ConformX in August 2009
What: Moorestown, N.J.-based Pleasant Valley Home Mortgage opened its doors in the midst of the United States’ worst housing crash since the Great Depression….
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,…
Section 1100F of the Dodd-Frank Wall Street Reform and Consumer Protection Act amends section 615(a) of the Fair Credit Reporting Act (“FCRA”) to require creditors to disclose certain credit score information on their adverse action notices provided under FCRA. The Dodd-Frank Act designates that Section 1100F becomes effective on the “designated transfer date” of July 21, 2011. This article will summarize the adverse action requirements under FCRA and the Equal Credit Opportunity ACT (“ECOA”) and discuss the changes required under Dodd-Frank.
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.