Form HUD-92561, in which a borrower agrees with HUD to not use, for hotel or transient use purposes, the condominium unit secured by his loan, is required under FHA Single Family Handbook 4155.1 ch. 2.B.4 and 4.B.4.e to be given in connection with multi-unit and investment properties….
The ARM Disclosures are provided pursuant to the provisions 12 CFR § 1026.19(b), which require certain disclosures and a booklet to be provided to consumers in connection with variable-rate transactions secured by the consumer’s principal dwelling with a term greater than one year….
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,…
As part of its annual technology issue, MReport’s August cover story features DocuTech as a game changer in the world of lending technology as mortgage professionals try to adapt, implement and comply with an onset of new rules. DocuTech is also lauded in the article for its 25 percent growth for each of the last three years,…
In July we announced an update to our Addendum to Loan Application (Cx13441) for use in all states except Vermont (see http://www.docutechcorp.com/document-changes-addendum-to-loan-application-cx13441 for details).
Upon further review, it has been determined that the NJ Addendum to Loan Application (Cx11886) has substantively been replaced by Cx13441,…
N.J. Admin. Code tit. 3, § 1-16.10(b) requires the following:
“Before accepting any loan application, the broker shall make written disclosure to the borrower in a separate service agreement setting forth:
1. The amount of the broker’s application fee,…
Come January, 2014 most of the final regulations proposed by the CFPB this year will take effect. We have been taking a pro-active approach in implementing these regulations, by identifying the areas of our business which will need to be modified to ensure compliance with them,…
As a result of our yearly audit of state-specific disclosure requirements, we will be providing the following three new disclosures for Alaska:
AK Depository Institution Insurance Disclosure (Cx17687)
This document will be provided,…
Cx14101 is provided pursuant to the provisions of Ill. Admin. Code tit. 38, § 1050.1335(a)(2) (2013). Pursuant to our yearly state-specific disclosure audit, we will be revising the content of Cx14101 in the following ways:
1. Replacing the last two paragraphs in the document,…
According to VA Lender’s Handbook ch. 10.08, properties which are appraised as “new construction” must be covered by either a one-year VA builder’s warranty, or a ten-year insurance-backed protection plan. An exception to these guaranties is made when the builder is not involved with VA financing on a frequent basis and he will not provide either type of guaranty….
