PrimeLending converted to DocuTech’s ConformX, a Web-based solution that transforms an Internet connection into a 24 hour closing document provider in 2010 as part of an LOS conversion to Dorado’s ChannelMaster. Since then, the lender has relied on DocuTech for dynamic,…
Cx1566 is a duplicate of the “Assumption of HUD/FHA-Insured Mortgages Release of Personal Liability” form set forth in FHA Single Family Handbook 4330.1 REV-5, App. 13(A), which is required to be given to applicants when they apply for certain mortgages (see Ibid….
Va. Code Ann. § 55-519 (West 2013) requires a seller to deliver to a borrower a particular disclosure statement, promulgated by the Virginia Real Estate Board, with representations by the seller of the conditions of the property being sold. Under Ibid….
Imagine a borrower who has purchased his home with a purchase money mortgage loan (Loan A). He then takes out a subordinate mortgage loan on the home (Loan B) to, say, finance home repairs. Between these two loans, he has placed two liens on his property: a primary lien (Loan A) and a junior lien (Loan B)….
In 2012, 2012 Virginia Laws ch. 74 was passed, amending Va. Code Ann. § 17.1-223(A) to allow clerks to reject a “deed” for recording if it did not (inter alia) include, when applicable, the Virginia State Bar number of the attorney who prepared the deed….
On July 3, 2012, Governor Edmund G. Brown’s (D) Reorganization Plan, which consolidates several California state agencies, was approved by the California legislature. Among other provisions of this plan, the Department of Corporations (DOC) and the Department of Financial Institutions (DFI) are merged (and transformed into Divisions) into a new Department of Business Oversight (DBO),…
Due to one of our customer’s suggestions, we will be updating the text in Cx4985, which assigns a proprietary lease in a cooperative from a borrower to a lender. These updates include:
1. Adding an additional Clause 5 to the last paragraph,…
New requirements concerning higher-priced mortgage loans (HPMLs), defined and regulated by Federal Regulation Z, went into effect on June 1, 2013 (see article entitled “The June 2013 CFPB Regulations,” available at http://www.docutechcorp.com/the-june-2013-cfpb-regulations, for more details). Among these requirements is a stipulation that,…
According to various provisions in the Mortgage Electronic Registration System’s (MERS) “Quality Assurance Procedures Manual” (2012), MERS requires their MIN to be disclosed “in the proper location on the Note, MOM [MERS as Original Mortgagee] security instrument, or assignment to MERS,” as well as other recordable documents….
N.Y. Real Prop. Tax § 954(1) permits a mortgagor, who has established a real property tax escrow account in connection with his loan, to designate a mortgage investing institution to receive tax bills on the subject property, so that such institution can process tax payments through the escrow account….
