According to Cal. Bus. & Prof. Code §10240(a), a real estate broker is required to deliver to the borrower a statement in writing containing certain information, including amounts for appraisal fees, escrow fees, and title charges. Subsection (c) states that if the borrower receives a “good faith estimate” satisfying the requirements of the Real Estate Settlement Procedures Act of 1974 with other specified disclosures,…
We have recently received questions about our Washington Loan Brokerage Agreement (Cx19136). This disclosure is provided pursuant to Wash. Rev. Code Ann. § 19.146.040, which states:
Every contract between a mortgage broker, or a loan originator, and a borrower must be in writing and contain the entire agreement of the parties….
Vermont Secretary of State/Office of Professional Regulations has recently proposed new Administrative Rules for Notaries Public, which are scheduled to go into effect on February 26, 2025. These rules create standards for issuing commissions as well as special endorsements to notaries public to perform notarial acts on electronic records and for remotely located individuals….
Due to recent client requests, we have enhanced functionality in Cx14216, which is our copy of VA Form 26-1805 “Request for Determination of Reasonable Value (Real Estate)”. Some field logic has been altered, including the following:
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As announced here, we made some changes for Section 184/184A loans. We are adding some additional documents for Section 184/184A loans. According to the Section 184A processing guidelines, a lender must submit documentation that the property has completed construction for newly constructed properties prior to closing,…
As announced here, we previously made adjustments to some of the document logic on New York HELOC Mortgage (Cx1327) for the checkboxes that are part of the BORROWER’S STATEMENT REGARDING THE PROPERTY.
In light of those recent adjustments,…
SC Code 37-23-70(D) says:
(D) At the time of application for a mortgage loan, the mortgage broker, originator, or employee shall provide the borrower with a document specifying the agency designated to receive complaints or inquiries about the origination and making of the loan,…
According to the signature requirements from Freddie Mac Seller Guide 5103.7(b)(i)(A), “[e]ach beneficiary of a Land Trust who is a Borrower must sign the Note in that beneficiary’s individual capacity.” Since it is the Land Trust beneficiaries who are required to sign the Note,…
ConformX has the following global Data Integrity Error that fires in non-Closing packages:
ConformX does not support cooperative loans that are for HELOCs, investment properties, junior liens, construction loans, PUDs, condominiums, or for any loans that are not conventional (i.e.,…
We have updated the logic tied to one of the checkboxes on Cx2889. We are changing the field associated with the checkbox for “There is a beneficial change for the Borrower in the duration of the loan.” to Field 121766 “Net Tangible Benefit –…
