It has been nearly two years since the mandatory implementation of HUD’s 2010 RESPA rule. You might think that things would now be quiet along the RESPA front, but there is still uncertainty regarding several of its provisions and the industry continues to grapple with compliance. …
Pursuant to this year’s state-specific disclosure audit, as well as client requests, the following edits are being made to several disclosures that are provided for loan transactions secured by property in Maryland:
1. A new “MD Written Acknowledgement of Delivery of the Note” (cx16099) will be provided in closing document packages pursuant to the “safe-harbor” provisions of Md….
Currently “Discount Points” are printing in item 4 of the Vermont Mortgage Loan Commitment Agreement (cx4671). Since the amount for itemized line 802 in ConformX is only to be used for “Discount Points” charged on the loan, itemized line 802 currently prints on the form in item 4….
Witness signatures are not required on Michigan security instruments. Therefore the witness lines were removed years ago from the ConformX Michigan Mortgage (cx331) as allowed by Fannie Mae.
Since they are unnecessary, the witness lines have now also been removed from the Michigan FHA Mortgage (cx384) and Michigan Second Lien Mortgage (cx489). …
The “Request for Reconveyance” section will be removed from the Oregon FHA Deed of Trust (cx399), effective October 20, 2011. A request for reconveyance is required by Oregon law as follows:
“Within 30 days after performance of the obligation secured by the trust deed,…
Tex. Fin. Code §343.105 requires a lender, mortgage banker, or licensed mortgage broker to provide to each applicant for a home loan a written notice, with specific language, warning the applicants that making a false or misleading statement is punishable under Texas law….
DocuTech will be making the following changes to certain documents, effective October 14, 2011:
1. The Kentucky Fair Housing Disclosure (Cx11145) will now print generically for all Kentucky closing loan packages. This disclosure is required under 104 Ky….
Due to the restructuring of Federal agencies, including the transfer of authority from the OTS to the OCC and the launch of the CFPB this July; and changes to agencies’ addresses including the FDIC’s address change, DocuTech is updating “What you should know about Home Equity Lines Of Credit” (cx9925) to disclose the most current contact information for these government agencies….
One of the amendments to Regulation X included in 76 FR 40612 was to clarify that only charges actually provided or purchased should be listed on page 3 of the HUD-1 Settlement Statement.
Currently the Good Faith Estimate amount is being displayed in the HUD-1 comparison chart for the hardcoded rows (lines that always print in the chart) even if the fee was not actually charged at Closing. …
Typically when prices drop, retailers see sales rise as consumers take advantage of stronger buying power. But the mortgage market is in a curious place. Interest rates are at historic lows, but sales remain flat. The reasons are many –…
