Compliance

Document Updates: All Security Instruments – Notary Section

Per client request, blank lines will be added to the notary acknowledgment sections on the standard security instruments in ConformX for “STATE OF”, “COUNTY OF”, and “My Commission Expires:” if the corresponding security instrument notary section fields are empty.

Blank lines already print inside the notary acknowledgment paragraph text for items like the Security Instrument Notary Acknowledgment Date and Security Instrument Notary Acknowledgment Borrower Names if the corresponding fields are blank….

Read More

Document Updates: All FHA Security Instruments

FHA requires the security instrument for loans submitted for insurance to be formatted according to requirements set forth in FHA Single Family Handbook 4155.2 ch. 6.B & 12.A. To summarize and generalize these requirements, the instruments must be based on the FHA Model Mortgage Form (see Ibid….

Read More

Document Update: Informed Consumer Choice Disclosure Notice (Cx41)

The FHA Informed Consumer Choice Disclosure Notice was recently updated to support changes to the Annual MIP duration. The post-June 3rd version of this form is triggered for loans with an FHA Case Number Assignment Date of “06/03/2013” or later in ConformX….

Read More

Document Updates: MI Principal Residence Exemption Tax Forms (Cx995, Cx996, and Cx997)

Cx995 “MI Principal Residence Exemption (PRE) Affidavit” has been updated to reflect the 04-13 version of Michigan State Form 2368.   The update included removing the text “our Web site at” that was previously found in the last line of the document….

Read More

Document Changes: Good Faith Estimate Formatting (Cx14221)

Per client request, the ConformX GFE has been modified to support a few additional fees in Blocks 3, 6, and 11 while still printing on three pages. This enhancement was accomplished by:

•Widening the center area of each of the pages and narrowing the left and right columns….

Read More

Document Updates: MI Mortgage FHA (Cx384)

The Federal Housing Administration (FHA) requires lenders, who are insuring loans through FHA’s various programs, to use the FHA Model Mortgage Form and adapt it per instructions (see FHA Single Family Handbook 4155.2 ch. 6.2 & 12.A).

The instructions for Covenant 17 in the FHA Model Mortgage (which can be found in the Model Mortgage),…

Read More

Document Updates: TX Notice Concerning Extensions of Credit (Cx4549)

This document is practically required under Tex. Const. art. 16, § 50(g), with additional guidance concerning it set forth in 7 Tex. Admin. Code § 153.51, to be given at least twelve days before a cash-out refinance loan (aka “Texas 50[a][6]” lien) is closed….

Read More

CFPB Adopts Ability to Repay Rule Amendments

By Richard J. Andreano, Jr., On February 5th, 2013
Reprinted With Permission From Ballard Spahr Posted In CFPB Monitor

Posted in CFPB Rulemaking, MortgagesOn May 29, 2013, the CFPB adopted amendments to the final ability to repay rule.…

Read More

Fannie Mae and Freddie Mac Reform

The secondary market needs government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac – to produce conventional, high quality loans in order to propel the mortgage reform process and fuel the housing recovery. Scott K. Stucky, chief operating officer, explores how past GSE success can evolve into post-meltdown success in an opinion-editorial piece featured on AmericanBanker.com….

Read More

A Holy Alliance: Financial Institutions and Vendors

May’s “Compliance Matters” blog post, written by Fred Gooch, general counsel and vice president of Compliance, takes a closer look at maintaining vendor relationships under the Consumer Financial Protection Bureau’s (CFPB) unprecedented and stringent vendor management policies….

Read More