Rep. Paul Ryan, R-Wis., the Republican vice presidential nominee, wants to do away with Fannie Mae and Freddie Mac and privatize the secondary mortgage market. But while there may be a lot of sympathy for that idea,…
The following two changes will be made to all generic security instruments:
1. Change of Citation: For those security instruments which reference Regulation X (e.g. Conventional FNMA First Lien and FHA instruments), the current citation to the Department of Housing and Urban Development’s version of this regulation (24 CFR Part 3500) will be changed to the Consumer Financial Protection Bureau’s version (12 CFR Part 1024),…
The Federal Truth-in-Lending Disclosures, Itemizations of Amount Financed, and Notice of Right to Cancel forms print copies per Borrower, Non-Purchasing Entity (NPE), and Inter Vivos Trust (Trust) for rescindable loan transactions printed through ConformX.
These forms will be modified to consolidate the NPE and Trust copies into the same forms as the Borrower copies….
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 U.S….
Or. Admin. R. 441-865-0060(1)(c) & 441-870-0030(2) require borrowers to be given either a notice stating that their interest rate will float or an agreement locking in the interest rate of the loan. The Oregon Division of Finance and Corporate Securities has published a sample rate lock-in agreement on their website (http://www.cbs.state.or.us/external/dfcs/forms.html#mortgage;…
The ConformX Delaware security instruments and assignments will be modified to meet the different recording requirements for each of the three counties in Delaware.
The font size of the text in the body of the Delaware recordable documents will increase to 12 point for all counties….
National Mortgage News, July 23, 2012
The latest draft of the Consumer Financial Protection Bureau’s origination disclosure reform rule is initially drawing mixed reviews, with some agreement that the further simplification it suggests could be helpful,…
USDA Rural Development announced that the Annual Fee for all loans will increase from 0.30 percent to 0.40 percent effective October 1, 2012. In addition, the Upfront Guarantee Fee for all refinance transactions will increase from 1.50 percent to 2.00 percent effective October 1,…
by Mercedes Kelley Tunstall – Ballard Spahr LLP
The Consumer Financial Protection Bureau is moving to broaden the scope of mortgages that would be viewed as “high cost” and therefore subject to special disclosure requirements.
In a notice of proposed rulemaking issued on July 9,…
Social media is no longer just a popular pass-time of college students and young adults sharing “check-ins” and photos. Today, social media is often one of the most effective channels used to communicate between businesses and customers.
As of this year,…
