January’s National Mortgage News Compliance Matters blog post, written by Fred Gooch, general counsel and vice president of Compliance, centered on the largest milestone of the Consumer Financial Protection Bureau (CFPB) since its inception in January 2011….
DocuTech recently announced that its flagship document compliance software, ConformX, sustained more than 50,000 document preview requests for baseline, stress and burn tests – the results of an in-house scalability test for a large, national lender.
The burn test conducted on ConformX yielded more than 109,000 fulfilled documents,…
Pursuant to our annual audit, the Florida Interest Rate Lock Agreement will be modified. Most of the edits to this document are minor edits to the text, such as punctuation and capitalization, for grammatical purposes. There are, however, a couple of substantial changes that will be made:
a….
New liability fields were created for indicating on the 1003 whether or not a liability should be excluded. Previously ConformX only used the excluded indicator for calculations, and the indicator was not available for use on documents. These new fields will be used to allow for a visual indicator on the docs if a liability is being excluded from totals….
The execution of the Indiana Mortgage (FHA form) is governed by Ind. Code. Ann. § 32-1-23, which no longer requires signatures on a mortgage to be witnessed. The lines for witness signatures have been removed from the form to better follow the requirements of Indiana state law….
Cx4387 is primarily given pursuant to the provisions of 15 USCA § 1681s-2(a)(7) (West 2012) & 12 CFR § 1022.1(b)(2)(ii); it is based upon the Model B-1 Form found in 12 CFR Pt. 1022, App. B. It is required to be provided by a financial institution if it provides negative credit information about a customer to a credit reporting agency….
Cx886 is given pursuant to the provisions of Cal. Civ. Code § 1799.91 (West 2012), which require a specific-language disclosure to be provided to “each person who does not in fact receive any of the money, property, or services which are the subject matter of [a] consumer credit contract ….
Rural Development Form 1980-21 is governed by RHS § 1980.353, which requires additional borrowers beyond two (2) to be documented on a separate form. Additional borrower information was previously provided as an addendum to RD Form 1980-21. In order to more fully comply with Rural Housing Service requirements,…
On January 10, 2013, the Consumer Finance Protection Bureau (CFPB) issued three final rules implementing various sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). These rules will be effective one year from the date of issuance,…
Cx15312 is a duplicate of the Model B-3/H-3 Form provided by the Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau pursuant to the provisions of 15 USCA § 1681m(h) (West 2012) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1),…
