205 ILCS 635/5-8 prohibits a licensee from making, providing, or arranging a mortgage loan with a prepayment penalty unless the licensee first offers a loan without a prepayment penalty, the offer is in writing, and the borrower initials the offer to indicate that the they have declined….
We have modified the language and format of our standard California Request for Fair Lending Information, Cx18014, to more closely mirror the requirements of Cal. Code Regs. tit. 21, § 7114.1. The changes include the removal of the Ethnicity section,…
Under 12 CFR § 1026.38(j)(1)(v) and 12 CFR Pt. 1026, Supp. I, Paragraph 38(j)(1)(v) – 2, “payoff[s] of other secured or unsecured debt” must be disclosed in the area subsequent to Line K.03 (“Closing Costs Paid at Closing (J)”) of the CD,…
We have modified our standard multi-state Security Instrument Riders for use with Home Equity Line of Credit packages. The specific documents (and their associated Cx IDs) are as follows:
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As previously announced, the VA have posted new regulations applicable to all VA refinance loans other than an interest-rate reduction refinance loan (“IRRRL”). The VA is informally classifying these refinance loans as:
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An essential aspect of our new support for cooperative loans (details of which can be found here, here, and here) is that we currently only support these loans to the extent accepted by FNMA….
ORS 1345.05(A)(4) requires the Ohio Attorney General to publish a disclosure that describes acts and practices in connection with residential mortgages that are unfair, deceptive, or unconscionable and to make such disclosure available on its website. Subsection (G) of the same section requires lenders to make this disclosure available to consumers that are applying for a mortgage loan….
Md. Code Ann., Tax-Prop. § 12-108(g) exempts from a recordation tax certain refinance security instruments “to the extent that it secures the refinancing of an amount not greater than the unpaid principal amount secured by an existing [instrument] at the time of refinancing ….
As a part of our efforts (see here and here) to expand the scope of our support for loans secured by a borrower’s ownership shares and lease in a cooperative unit (“cooperative loans”), we are pleased to announced that we will be rolling out support for these types of loans in Alaska,…
On December 17, 2018 the Department of Veterans Affairs (“VA)” published VA Circ. 26-18-30 and an interim final rule in the Federal Register (83 FR 64459 [2018]) implementing some of the requirements recently passed under the “Economic Growth,…
