Cal. Civ. Code § 1916.5(a) stipulates the following:
“No increase in interest provided for in any provision for a variable interest rate contained in a security document, or evidence of debt issued in connection therewith, by a lender other than a supervised financial organization is valid unless that provision is set forth in the security document,…
Is the CFPB taking a page from the NCAA?
Augusts’ National Mortgage News blog focused on how companies can best mitigate a CFPB examination, taking a page from a recent college football hiccup. Fred Gooch, general counsel and vice president of Compliance,…
Scott K. Stucky, chief operating officer, recently wrote an article for BankNews.com focusing on the industry shift to an electronic mortgage process. Mr. Stucky identifies best practices for banks as they adopt processes in order to seamlessly transition from a static workflow to a streamlined digital workflow….
1) New functionality has been added to ConformX to allow the following inter vivos revocable trust settlor signature section currently printing on the standard “Inter Vivos Revocable Trust Acknowledgment” (Cx3142) to print directly on the security instrument and security instrument riders for loans with an inter vivos revocable trust:
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New Hampshire recently made a substantial amendment to its Consumer Credit Law in H.B. 594-FN (N.H. 2013). This change affects when the GFE, in its entirety, must be completed. Previously, New Hampshire required the GFE tradeoff table (page three of the GFE) to be completed “where a yield spread premium is to be paid in connection with a mortgage transaction.” With the amendment,…
Both Cx13457 and 14089 provide the adjustable-rate mortgage (ARM) disclosures required under 12 CFR § 1026.19(b). One of the disclosures set forth in this Subsection is as follows:
“The maximum interest rate and payment for a $10,000 loan originated at the initial interest rate (index value plus margin,…
Ark. Code Ann. § 4-59-101(d) (West 2012), a part of Arkansas’ Statute of Frauds, states the following:
“(1) No action may be maintained by or against any person or entity on any agreement to extend credit or to renew or modify existing credit in an amount greater than ten thousand dollars ($10,000) or to make any other accommodation relating to such credit,…
Arkansas, Georgia, and North Carolina generally allow attorney fees to be excluded from each of their “Points and Fees Test” for their equivalents of high-cost mortgage loans, “if the borrower has the right to select the attorney from an approved list or otherwise.” (Ark….
FNMA Ann. SEL-2013-04 amended FNMA 2013 Selling Guide B3-3.1-06 to require a separate IRS Form 4506-T to be signed if business returns are used to document the borrower’s income:
“Fannie Mae requires lenders to have each borrower (regardless of income source) complete and sign a separate IRS Form 4506-T at or before closing….
N.H. Rev. Stat. Ann. § 417:4(XVI) states, in part, the following:
“(a) No creditor or lender engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property may require,…
