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:
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….
by Fredric J. Gooch – General Counsel/VP Compliance, DocuTech Corporation
The Dodd-Frank Act was enacted to as a response to the financial crisis of the late 2000’s. Part of the blame for this crisis was a perceived lack of responsibility for the quality of securitized loans by loan originators….
by Lotstein Legal PLLC
The Department of Housing and Urban Development’s (HUD) RESPA team answers questions about the use of the 2010 Good Faith Estimate. Keep in mind the Frequently Asked Questions document and the RESPA ROUNDUP documents must all be consulted to get the benefit of HUD’s cumulative guidance….
by Timothy Raty – DocuTech, Regulatory Compliance Specialist
On August 26, 2009, the Federal Reserve Board proposed a new rule to be included in Regulation Z (12 CFR §§226 et seq.) that eliminates dual compensation paid to loan originators and prohibits the practice of “steering” consumers into making loans that were not “in their interest because the loans would result in greater compensation for the loan originator” (Federal Register,…
Qualified Residential Mortgages Are Here – Prepare Your Comments
Under the Dodd-Frank Act, lenders will have to retain five percent of every loan sold on the secondary market, except for those that meet the definition of “qualified residential mortgages” (QRM)….