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. …
DocuTech ended 2011 with a bang by acquiring the assets of Lender Support Systems, Inc.’s (LSSI) Docs3D mortgage document software from parent company, Emphasys Software.
The acquisition of LSSI’s Docs3D software and customer base will enable us to continue growing our existing presence among regional banks and credit unions….
At more than 2,300 pages long, including 250 amendments, the Dodd-Frank legislation will likely see more changes before all is said and done.
DocuTech COO Scott Stucky spoke with reporter Phill Britt on the impact of Qualified Residential Mortgage (QRM) in a November article on the progression of Dodd-Frank:
“Attached to the hip” with QRM is the Qualified Mortgage (QM) – loans that meet minimum underwriting standards to help ensure the consumer has a reasonable ability to repay the obligation,…
In a controversial move, President Barack Obama used a recess appointment to appoint Richard Cordray as the first director of the Consumer Financial Protection Bureau. This move which was seen as necessary to protect the public by the Democrats,…
Pursuant to this year’s state-specific disclosure audit, the following changes will be made to some of the disclosures provided in document packages for loans secured by property located in Illinois:
1. The Illinois Mortgage Escrow Account Act (cx1207),…
The OK Mortgage Broker/Borrower Agreement (Cx3322) has been provided to clients to help them comply with the provisions of Okla. Stat. Ann. tit. 59, §2095.15(D)(3), which requires that a broker must disclose any administrative fee before collecting it.
However,…
A completed Uniform Residential Loan Application (FNMA Form 1003) helps a loan originator to determine if a loan applicant has a spouse who has a concurrent ownership interest in the property that will be secured by the loan applied for,…
