FHA Negative Equity Positions Disclosure (Cx15200), was provided pursuant to the provisions of FHA ML 2014-23 & 2010-23. According to Transmittal: Handbook 4000.1 (06/15/15), both MLs were superseded, and there is no longer a provision in the Handbook which requires the disclosures in this document….
On July 10, 2018 the Federal National Mortgage Association (“FNMA”) introduced “Enterprise-Paid Mortgage Insurance” (“EPMI”) as an alternative to the more traditional borrower-paid and lender-paid private mortgage insurance plans (“BPMI” and “LPMI”, respectively). FNMA is rolling-out EPMI in a pilot program for testing,…
As previously announced, NC HB 852 (2017) was recently passed which (inter alia) amends N.C. Gen. Stat. Ann. § 47-17.1 to state the following:
“The register of deeds of any county in North Carolina shall not accept for registration,…
In their “Daily Digest Bulletin” dated July 10, 2018 the California Department of Business Oversight announced the following:
“The DBO has posted to its website translated mortgage disclosure forms in Spanish, Chinese, Tagalog, Vietnamese, and Korean. These forms can be used by a financial organization that negotiates primarily in any of the above languages the [sic] modification of any of the terms of a loan or extension of credit secured by residential real property….
The Illinois Private Mortgage Insurance Disclosure (our Cx1311) is required to be given when PMI is required for a “principal single family residence of the mortgagor” (765 ILCS 930/5). However, Section 930/30 says:
If federal law is enacted governing or otherwise regulating private mortgage insurance,…
Docutech is updating a few generic private mortgage insurance (PMI) disclosures to correspond with a ConformX system enhancement that allows allows PMI to be charged during the construction phase. The Homeowner’s Protection Act (HPA) requires certain PMI disclosures in connection with a residential mortgage transaction—including construction loans….
On June 28, 2018 Gov. Jerry Brown (D) signed into law CA AB 375 (2017), enacting “The California Consumer Privacy Act of 2018”, which will be codified at Cal. Civ. Code §§ 1798.100 et seq. (see http://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=201720180AB375)….
As previously announced, the Georgia Department of Banking and Finance finalized new regulations affecting a wide range of financial institution activities (see https://compliance.docutech.com/2018/06/28/compliance-news-georgia-dept-of-banking-and-finance-finalize-new-regulations/). This includes new Ga. Comp. R. & Regs. 80-11-6-.02(5)(b) & (d), which require a notice concerning the transfer of servicing,…
This agreement is provided pursuant to the provisions of Conn. Gen. Stat. § 36a-498(c) through (e), with Subsection 36a-498(d) requiring the agreement to contain the following elements:
“An agreement under subsection (c) of this section shall meet all of the following requirements to be valid and enforceable:
(1) The agreement shall be dated,…
Several obsolete FHA documents are being retired.
1) The following FHA security instruments, used for loans with case number assignment dates prior to September 14, 2015, will be completely retired:
2) FHA security instruments effective for loans with case numbers assigned on or after September 14,…
