Yesterday, FNMA SEL-2018-09 announced the following:
“. . . we have updated the Uniform Underwriting and Transmittal Summary (Form 1008). We worked jointly with Freddie Mac to update this form. As a reminder, it is only required for manually underwritten loans….
Step Rate Decrease
Non-ARM loans with more than one rate that increases over time are labeled as “Step Rate” in the “Product” description on the Loan Estimate (LE) and Closing Disclosure (CD) per 12 CFR § 1026.37 (a)(10)(i)(B):
“Step rate….
Docutech is updating the formats of LA Mortgage (Cx327), LA Mortgage Second (Cx485), and FHA LA Mortgage (Cx19376) to reflect the current Louisiana – Single Family – Fannie Mae/Freddie Mac Uniform Instrument (Form 3019) model found at https://www.fanniemae.com/singlefamily/security-instruments#….
IRS Form W-9 “Request for Taxpayer Identification Number and Certification” (Cx22) includes a certification of the signer that “I am a U.S. citizen or other U.S. person (defined below)”. The instructions include the following related information:
“Definition of a U.S….
The Office of the Comptroller of the Currency, Federal Reserve Board, and the Bureau of Consumer Financial Protection published a final rule in the Federal Register amending the exemption threshold used to determine whether a higher-priced mortgage loan is subject to the appraisal requirements applicable to “higher-risk mortgages,” which requirements are set forth under 15 USCA § 1639h and implemented by regulations promulgated by each of these agencies….
The Federal Reserve Board and the Bureau of Consumer Financial Protection published a final rule in the Federal Register which amends both versions of Regulation Z (12 CFR Pts. 226 and 1026) and increases the exemption threshold amount outlined in Subsections 3(b) of both regulations by increasing it from $55,800 to $57,200,…
Docutech has received several inquiries for guidance on whether a prepaid interest credit (negative prepaid interest) may be used to reduce the amount disclosed for the Total of Payments (TOP) on the Closing Disclosure and the Total Interest Paid After Five Years (TP5Y) on the Loan Estimate….
As previously announced, the Rhode Island Department of Business Regulation amended their regulations which implement the “Home Loan Protection Act” (see https://compliance.docutech.com/2018/11/05/compliance-news-changes-to-rhode-islands-home-loan-protection-act-regulations/). Part of these changes included modifications to the following disclosures provided pursuant to the Act:
We will be modifying these forms to match the model forms promulgated in new Bulletin 2018-4 (available at: http://www.dbr.state.ri.us/news/banking.php)….
5 Del. Admin. Code §2104-1.0 requires that brokers have a “separate, signed, written agreement with the applicant, independent of the loan agreement.” As a result, we have added a Broker Signature Line to Cx3585 to ensure compliance with the above mentioned regulation….
New Jersey’s law changed N.J. Stat. Ann. § 17:11C-74(24)(a) & (b) and (c)(3) & (c)(6) to effectively differentiate a “discount point” from a “broker fee” by holding that a “discount point” is charged by a lender, while a “broker fee”…
