Ky. Rev. Stat. §286.8-270 requires a mortgage loan broker to disclose to borrowers all material facts of which the mortgage loan broker has knowledge that might reasonably affect the borrowers rights, interests, or ability to receive the borrowers intended benefit from [a] residential mortgage loan….
New escrow requirements were imposed by the Federal government upon mortgage loans considered higher-priced under 12 CFR § 1026.35 (a HPML) and secured by a primary lien on real property, requiring escrow accounts to be maintained for at least five years (see article entitled “The June 2013 CFPB Regulations” on our website;…
In regards to hybrid mortgages where the fixed rate period of the mortgage is longer than five years, there are three different dates that may be disclosed in the “Maximum During FIRST FIVE YEARS” column of the payment table on the Truth-in-Lending Disclosure (TIL) that are acceptable to Redwood Residential Acquisition Corporation (also known as Redwood Trust):
1….
As previously announced in http://www.docutechcorp.com/the-june-2013-cfpb-regulations, the data integrity messages in ConformX have been updated for Higher-Priced Mortgage Loans without an escrow account. Prior to June 1, 2013, there were two messages that could potentially display for Higher-Priced Mortgage Loans that did not have an escrow account established. …
Form HUD-92541 is required by various rules promulgated by FHA, in connection with construction properties (see, for example FHA Single Family Handbook 4145.1 REV-2, CHG-1 ch. 3 & 6-3; Handbook 4150.2, CHG-1, ch. 4-3 & 5-1; and Handbook 4155.2 ch….
As announced previously, the “FHA Case Number Assignment Date” field triggers updated versions of two standard FHA documents in ConformX when applicable:
1) “Important Notice to Homebuyers” form HUD 92900-B (Cx40) and
2) “Informed Consumer Choice Disclosure Notice” (Cx41)….
DocuTech’s Chief Operations Officer, Scott K. Stucky, published in AMERICAN BANKER Magazine, addresses how GSE’s and the Private Mortgage market need each other for future growth and sustainability.
“It’s been five years since the mortgage meltdown. Mistakes were made and expectations were lowered. …
Cx4480, the New Jersey Interest Rate Lock-In Agreement, has been modified to clarify that a refund of the lock-in fee will not be applied as a credit to other fees, and to add additional conditions concerning for the guarantee of other fees which are based on the “substantial fault of the borrower” definition found in N.J….
Ohio Rev. Code Ann. § 1345.05(A)(4) & (G) (West 2012) and Ohio Admin. Code 109:4-3-29 (2012) both require an “Informational Document,” published by the Ohio Attorney General (available for download at: http://www.ohioattorneygeneral.gov/Files/Forms/Forms-for-Business-and-Nonprofit/Required-Mortgage-Loan-Disclosure-Forms ) to be available for distribution to consumers when they apply for a mortgage loan….
When a creditor desires to verify the social security number (SSN) of a loan applicant, he may do so by submitting to the Social Security Administration an executed copy of the “Social Security Administration Authorization for the Social Security Administration (SSA) to Release Social Security Number (SSN) Verification” form (SSA-89),…
