On November 20, 2013, the CFPB issued its final rule for its two new Integrated Mortgage Disclosures, which is effective August 1, 2015. The new rule applies to most closed-end consumer mortgages. The new disclosures will not be required for home equity lines of credit,…
According to FHA Single Family Handbook 4155.2 ch. 6.B.2, security instruments for loans to be insured by FHA must be based on the FHA Model Mortgage Form (found in Ibid. ch. 12.A.1), with modifications as set forth by FHA….
For loans with closing dates on or after January 10, 2014, premiums for most credit insurances are generally prohibited from being financed into a loan, to wit:
“(1) A creditor may not finance, directly or indirectly, any premiums or fees for credit insurance in connection with a consumer credit transaction secured by a dwelling (including a home equity line of credit secured by the consumer’s principal dwelling)….
Cover Story in the November issue of Secondary Marketing Executive
The challenge with the Qualified Mortgage (QM) rule and Fannie Mae and Freddie Mac stems from lenders looking to lend outside the rule’s guidelines, but is the risk worth it?…
Wash. Rev. Code Ann. § 60.04.255(1) (West 2013) requires every real property lender to provide a copy of the informational material described in Ibid. § 60.04.250 “to all persons obtaining loans, the proceeds of which are to be used for residential construction or residential repair or remodeling.” A “real property lender” is defined as “a bank,…
Fla. Stat. Ann. § 494.007, while not requiring a commitment to be issued, does stipulate that “if a commitment is issued,” such commitment should contain certain disclosures, such as its expiration date, the face mortgage amount of the loan, the amount of any commitment fee (and whether it is refundable),…
For loans guaranteed by the Department of Veterans’ Affairs (“VA loans”), when the income from a non-military employed person is used to qualify for a loan, 38 CFR § 36.4340(f) and VA Lender’s Handbook ch. 4, 2-e require a lender to verify that such person has been employed by their present employer for at least two years….
DocuTech has partnered with Veri-Tax, a supplier of verification and ability-to-pay solutions, to automate the 4506-T IRS verification process in ConformX. This integration will enable ConformX users to submit tax transcript requests through Veri-Tax within the ConformX document software for simple 4506-T fulfillment….
DocuTech and Stearns Lending hosted a luncheon featuring Rep. Paul Ryan (R-Wis.) and 20 mortgage bankers on Tuesday, Oct. 29 in Washington, D.C. The open discussion touched on the negative impact of the Qualified Mortgage (QM) rule on small and mid-sized lenders,…
The following table provides an update of the changes we are making to our documents in order to comply with the forthcoming January 2014 CFPB regulations. Those readers who have not read our previous updates and legal analysis concerning these new regulations are encouraged to view these before reviewing this table (these are available by clicking here for the initial announcements here for the last update)….
