Regulation X requires lenders disclose to borrowers the percent by which an interest rate can increase or decrease in an adjustable-rate mortgage. The HUD-1 and HUD-1A have been modified to display the range of each interest rate increase or decrease,…
Due to some investor requirements and client requests, DocuTech will begin providing Cx8091 generically for all loans secured by a share in cooperative housing located in New York. In making this Agreement generic, the following changes will also be made:
…
Alabama has only one legal provision directly related to mortgage broker agreements, which is as follows:
“Licensee [i.e. a broker licensed under the Alabama Mortgage Brokers Licensing Act] shall:
(a) Prior to the collection of a mortgage broker fee from a borrower,…
Along with the Federal Equal Credit Opportunity Act (15 USCA §§1691 et seq.) and Regulation B (12 CFR §§1002 et seq.), several states have enacted their own laws which require a creditor to provide “adverse action” disclosures to credit applicants when such applicants’ application have been denied,…
Last month, DocuTech added two new executives who provide leadership in the development of new products and partnerships with leading technology providers in the industry. This month, we would like to introduce you to two new members of the DocuTech team who will be responsible for adding new ConformX users and ensuring their implementations and user experience are smooth and easy….
DocuTech is pleased to announce a LOS Transition Program for its clients designed and implemented by MarketWise Advisors, LLC. MarketWise is a consulting firm that specializes in mortgage technology with a long history in helping mortgage lenders select and implement loan origination systems….
On April 13, 2012 the Consumer Financial Protection Bureau (“CFPB”) released a bulletin announcing its policy on the use and supervision of service providers. The CFPB expects those it regulates to pay close attention to the service providers they utilize to ensure they comply with federal consumer protection laws to ensure consumer’s interests are protected and they are not harmed by misconduct….
Origination points, among other items, are disclosed in Cx13498. In the past, DocuTech has disclosed only the itemized origination points, which make up a part of the entire origination charge set forth in Block 1 of the Good Faith Estimate (GFE)….
Current versions of the generic New Jersey Commitment Letter contain the following language, found on page 2 of the letter:
“Please note that a binder is unacceptable and the insurance carrier must have a Bests policyholder’s rate of at least ‘B/VI’ to be acceptable by us.”
This sentence is now being altered to state the following:
“Please note that an insurance carrier must have an A.M….
On March 12, 2012 the Federal Reserve Board (FRB) updated their Federal agency contact list published in the “Consumer Handbook on Adjustable-Rate Mortgages” (CHARM) booklet and in the “What You Should Know About Home Equity Lines of Credit” (HELOC) brochure that they publish pursuant to the requirements under 12 CFR §§226.19(b)(1) &…
