On March 12, 2012 the Federal Reserve Board (FRB) updated their Federal agency contact list published in the “Consumer Handbook on Adjustable-Rate Mortgages” (CHARM) booklet and in the “What You Should Know About Home Equity Lines of Credit” (HELOC) brochure that they publish pursuant to the requirements under 12 CFR §§226.19(b)(1) &…
Vt. Stat. Ann. tit. 8, §2220 requires the following:
“In advance of taking any fee or collecting any charges for a mortgage loan, or at the time the prospective borrower submits a signed application, a written disclosure shall be provided by the lender to the prospective borrower setting forth all provisions relating to interest rates applicable to the loan,…
Cx14279 is required under Nev. Rev. Stat. §645B.305 to be provided by mortgage brokers when acting in such capacity in a loan transaction. The following changes will be made to this document in order to make it more compatible with the loan origination compensation rules set forth in 12 CFR §1026.36(d)(2):
1….
The FHA example on the Informed Consumer Choice Disclosure Notice (Cx41) has been updated to reflect the Up-Front Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance Premium (Annual MIP) for this type of loan effective for case numbers assigned on or after April 9,…
If dates are not imported or entered into ConformX for the “Year or period requested” section of IRS Forms 4506 “Request for Copy of Tax Return” and 4506-T “Request for Transcript of Tax Return”, the first two dates are defaulted to the last two years of tax returns….
Tex. Fin. Code Ann. §157.007 (Acts 2011, 82nd Leg., ch. 655 version) and 7 Tex. Admin. Code §81.7 require a mortgage banker, which is also a mortgage loan originator, to include a specific disclosure in an application package for a residential mortgage loan….
Due to the provisions of 2011 Me. Legis. Serv. Ch. 427, several parts of Maine’s Consumer Credit Code were changed, in order to make them conform more with Federal Law. Among these changes was the repeal of Article 8, Title 9-A of Maine’s Revised Statutes,…
Finance charges are defined and set forth in 12 CFR §1026.4 and are included as a part of the Annual Percentage Rate (APR; see Ibid. §§1026.14, 1026.22, & Pt. 1026, App. J,), both of which are disclosed in the Truth-in-Lending Disclosure and other documents….
2012 is already looking like an incredibly busy year for all of us here at DocuTech. Fresh on the heels of last year’s acquisition of LSSI, DocuTech has added two new executives to the team.
Gregg Holsapple is the company’s new vice president of Product Management….
On January 4, 2012, President Barack Obama used a recess appointment to appoint Richard Cordray as the first director of the Consumer Financial Protection Bureau (CFPB).
Like many implementations of the Dodd-Frank bill, the use of a recess appointment was controversial….
