American Banker, May 31, 2012
Before United Community Mortgage Services’ Kathy Weber can even describe how emerging technology is necessary to manage accuracy and compliance for the boatload of new mortgage documents required in the post-crash world, her description of the scope of the corresponding rules makes the argument for her….
IDAHO FALLS, IDAHO, May 30, 2012 – DocuTech Corp. (DocuTech), a leader in compliance services for mortgage documents, has signed 41 new clients, including a Top 25 lender, since the beginning of December 2011. The growth is fueled by DocuTech’s commitment to guaranteed compliance,…
Based on the results of DocuTech’s yearly state-specific disclosure audit, the configurations for several documents will be changed as follows:
1. GA Foreclosure Disclosure (Cx1011). This document is provided pursuant to the provisions of Ga. Code Ann. §7-1-1014(3) and Ga….
The following changes will be made to DocuTech’s CA Rate Lock Agreement, which is provided pursuant to Cal. Fin. Code §50203(a)(3)(A) & (B):
1. The Agreement currently only prints when a client has set the “California License Type” field to “CA Residential Mortgage Lending Act” in ConformX,…
2012 Wash. Legis. Serv. Ch. 3 (S.S.B. 6239), which allows for same-sex marriages, will become effective on June 7, 2012. Partners in civil unions and same-sex marriages have the same marital property rights as traditional marriages, and mortgage companies require partners in such arrangements to join in signing the security instrument….
The New Jersey Interest Rate Lock-in Agreement has been modified to include a provision that, when a loan commitment has been issued without a rate lock-in agreement, the rate will float until five business days before closing, when it will be set,…
The format of one sentence on the New York Lock-in Agreement has been modified. The notice indicating forfeit of some or all of the lock-in fee upon the applicant providing incomplete or incorrect credit information is now entirely in upper case letters and underlined,…
Ky. Rev. Stat. Ann. §286.8-120(7) requires the following in regards to commitments:
“All ‘letters of commitment,’ or any other contracts or agreements between prospective borrowers and a mortgage loan company or a loan broker, where the borrowers employ services,…
DocuTech’s “TX Important Notice to Home Loan Borrowers” (Cx3591) will be updated to match the form provided by the Texas Office of Consumer Credit Commissioner on their website (http://www.occc.state.tx.us/pages/Legal/Laws/reg/rule_apps/App139.pdf).
This notice is required to be given in connection with a Texas home loan,…
Regulation Z requires lenders disclose to borrowers of an adjustable rate mortgage the index or formula used in making payment or interest adjustments, a source of information about the index or formula, and statements that consumers should ask about the current margin value and current interest rate. …
