Just a quick update on the progress of the combined RESPA/TILA disclosures being vetted by the CFPB. In January the CFPB released two more versions of the settlement statement for public review. These were the 7th and 8th forms sent out for informal review and comment. …
IDAHO FALLS, IDAHO, Feb. 13, 2012 – To support the company’s continuing growth following the acquisition of LSSI in December, DocuTech Corp. (DocuTech), a leader in compliance services for mortgage documents, has opened a new office in Scottsdale,…
Customers frequently ask DocuTech questions regarding best practices when making disclosures to borrowers. One of the most asked questions has to do with the problem with multiple applicants on a single loan and whether each applicant needs to receive disclosures or whether it is sufficient to provide the disclosures to one borrower without any compliance concerns. …
So far, the CFPB has been busy taking over regulatory duties inherited from the Fed and other agencies. With the appointment of Richard Cordray as director of the CFPB, the question now becomes, “What are the top priorities for new regulations?”
In January,…
Formatting of the “Understanding which charges can change at settlement” section on the ConformX Good Faith Estimate (cx14221) has been modified. The light shading has been removed as permitted by the HUD RESPA Rule FAQ’s and each item in the chart has been bulleted. …
The IRS updated Form 4506 “Request for Copy of Tax Return” (cx23) and Form 4506-T “Request for Transcript of Tax Return” (cx3095). The new 2012 versions include various textual changes, including a cautionary statement to only sign if all applicable lines have been completed….
At the present time, the Connecticut “Interest Rate Lock Commitment” references “discount points.” In order to make the document conform more with the language used in Connecticut law, all references in the document to “discount points” will be changed to “points,” as referenced in the following language from Conn….
The ConformX software release on January 13, 2012, will support three different ways to disclose temporary interest buydowns on the Truth-in-Lending Disclosure Statement.
A new field called “Buydown Truth-in-Lending Behavior” will be prompted for on the Mandatory Fields screen for all loans with a temporary interest rate buydown….
On November 16, HUD published a proposed rule in the Federal Register (page 70921) to implement the Fair Housing Act’s discriminatory effects standards. The summary states that “HUD… has long interpreted the Act to prohibit housing practices with a discriminatory effect,…
Oregon Senate Bill 0382 (2011), effective January 1, 2012, amended OR Rev. Stat. §205.234 concerning recordable document first page requirements. The amended statute requires the address of the grantor and the grantee to print on the first page of a recordable document. …
