FHA Single Family Handbook ch. 6.B.3.a requires the following:
“Lenders must use the Model Note Form, and footnotes accompanying the form, adapting the form only as necessary to conform to state or local requirements.” (emphasis in original)
The Model ARM Note is set forth in Ibid….
Ala. Code § 5-25-21(b)(3) & (b)(5) prohibit a licensee under the Mortgage Brokers Licensing Act from failing “to disburse funds in accordance with a written commitment to make a mortgage loan” and from collecting “any mortgage broker fees before a conditional commitment is obtained from the lender by the mortgage broker.”
Alabama law further defines a commitment as follows:
“COMMITMENT….
Combined Form HUD-92544 and VA Form 26-1859 is required under a slew of different laws, regulations, and rules, including (but not limited to) 24 CFR § 203.14; FHA Single Family Handbook 4145.1 REV-2, CHG-1, ch. 3-3; 38 USCA § 3705;…
In regards to the form and content of legal instruments, the Department of Veteran’s Affairs (VA) only stipulates that “lenders may use any note and mortgage forms they wish for VA loan” and that such instruments meet four criteria, as set forth in VA Lender’s Handbook ch….
A key regulation lenders have been watching is the upcoming QM/Ability-to-Repay rule. The goal of the QM/Ability-to-Repay rule amendment is to implement certain underwriting standards to ensure loans are being produced that consumers have the ability to repay. However, the QM rule will not limit lenders from only issuing QM loans,…
Tex. Const. art. 16, § 50 states the following in regards to home equity loans (aka “Texas 50[a][6] loans”):
“(a) The homestead of a family, or of a single adult person, shall be, and is hereby protected from forced sale,…
In addition to consolidating the Department of Corporations and the Department of Financial Institutions into the new Department of Business Oversight (see announcement at: http://www.docutechcorp.com/document-updates-various-california-disclosures), California has consolidated the Department of Real Estate (DRE) into the Department of Consumer Affairs (DCA) and will be moving their main address from 2201 Broadway,…
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IDAHO FALLS, IDAHO, June 26, 2013 – In a move to simplify the mortgage process and enhance compliance, Tulsa, Okla.-based BOK Financial Corporation has selected DocuTech Corp.’s ConformX software to handle their mortgage origination documents….
Castle & Cooke Mortgage’s Texas offices implemented DocuTech and its ConformX software to ease its closing processes while simultaneously satisfying the state law requirement of attorney document preparation and review of Texas mortgage loan documentation. Texas employees have seen an increase in their day-to-day efficiency through DocuTech’s integration with their current and future loan origination software (LOS) and closing and state-mandated procedures….
Standard Mortgage and Movement Mortgage each converted to DocuTech’s ConformX, a Web-based solution that transforms an Internet connection into a 24 hour closing office, because of the software’s seamless integration with each company’s LOS provider, PCLender. Since implementation in 2012 for Standard Mortgage,…
