Previously, only the names and signature lines for the actual borrower(s) of a loan secured by shares in a co-operative apartment were printing on the “Irrevocable Stock Power – COOP” (Cx4986), “Affidavit of No Further Encumbrances – COOP” (Cx4989), “Notice of Assignment of Security Agreement – Managing Agent – COOP” (Cx4991),…
A special type of ownership in real property is created when it is conveyed to a married borrower. In most states, this type of ownership is known as a “tenancy by the entirety,” wherein both the borrower and the borrower’s spouse obtain a concurrent ownership in the property if the four unities of joint ownership (time,…
Following our December 2011 acquisition of Lender Support Systems, Inc.’s (LSSI) Docs3D mortgage document software, 100 percent of Docs3D users have converted to ConformX.
Lenders cited DocuTech’s simple implementation process and easy-to-use, reliable software that automates the importing of loan data without requiring extra data entry and keeps pace with changing compliance rules as reasons why they decided to convert to DocuTech’s document and disclosure software….
The Consumer Financial Protection Bureau (CFPB) has proposed amendments to 12 CFR § 1026.36, which governs the compensation loan originators can receive for certain closed-end mortgage transactions. Per the requirements of the Dodd-Frank Act,…
Cx13568 has been provided for the past several years due to the provisions of Wash. Rev. Code Ann. §§ 26.60.010 through 26.60.901 (West 2012) concerning domestic partnerships. In addition to Cx13568, we have also been providing a multi-state “Addendum to Loan Application” (Cx13441),…
Under 12 CFR §1002.7(d)(1), creditors do not consider the mere submission of a joint financial statement or other evidence of jointly held assets as an application for joint credit. While not required under Federal law, “Notice of Intent to Apply for Joint Credit” (Cx3393) is provided in ConformX Initial Disclosure packages so lenders can receive clarification as to whether borrowers who are providing evidence of jointly held assets are applying for joint credit….
2012 Hawaii Laws Act 182 (H.B. 1875) recently amended Haw. Rev. Stat. § 667-41 (West 2012), which now requires that a “public information notice,” which explains the judicial and nonjudicial processes and procedures for foreclosing upon a mortgage, be provided to “the public,…
Following its December 2011 acquisition of Lender Support Systems, Inc.’s (LSSI) Docs3D mortgage document software, DocuTech, a leader in mortgage compliance services for mortgage documents, has converted 100 percent of Docs3D users to its ConformX software.
Lenders cited DocuTech’s simple implementation process and easy-to-use,…
S.C. Reg. 28-400(C)(2) requires mortgage brokers to keep on file mortgage broker agreements entered into with borrowers. Mortgage broker agreements are required to contain certain disclosures and terms, such as the amount of any fees, the nature of the services the broker provides to the borrower,…
Under Me. Rev. Stat. Ann. tit. 33, §507, if a processor or underwriter of a loan “engages in the business of private mortgage insurance,” a supervised lender or a loan broker is required to disclose to a loan applicant this fact….
