On October 24, 2011 the Federal Housing Finance Agency, Fannie Mae and Freddie Mac announced they would make a series of changes to the Home Affordable Refinance Program to make more borrowers eligible for the program that allows them to refinance their underwater home mortgages….
A loan brokerage agreement is required under Cal. Fin. Code §50701 when a borrower requests that their loan be arranged (but not provided) by a mortgage lender. DocuTech provides Cx2784 for this requirement.
Following the results of a review,…
Cx3841 is provided to clients acting as brokers, for loans secured by property located in South Carolina, Virginia, and Washington, pursuant to the following provisions:
1. S.C. Code Ann. §§40-58-75 & 40-58-78(A) and S.C. Reg. 28-400(C)(2);
2….
12 CFR §1026.18(f)(2) requires the following in regards to the Truth-in-Lending Disclosure:
“If the annual percentage rate may increase after consummation in a transaction secured by the consumer’s principal dwelling with a term greater than one year, the following disclosures:
(i) The fact that the transaction contains a variable-rate feature.”
For the past 10 years,…
Cx3883 is required under both Tex. Fin. Code Ann. §156.004 and 7 Tex. Admin. Code §80.9, the
latter of which provides the document that is required to be used, which is
also published on the website of the Texas Department of Savings and Mortgage
Lending
(http://www.sml.texas.gov/ResidentialMortgageLoanOriginator/rmlo_mb_forms.html;…
Cx5771 is given pursuant to the provisions of Mass. Gen. Laws Ann. ch. 183, §28C and Mass. Regs. Code tit. 209, §§53.03, 53.04, & 53.07, which require a lender to prove that a new home loan (as defined in Ibid….
Pursuant to our annual state-specific disclosure audit, the following changes will be made to New York-specific documents:
1. New York Application Disclosure (Cx9710):
This is a new document, created pursuant to the provisions of N.Y….
Although compliant with Illinois law (specifically Ill. Admin. Code tit. 38, §1050.1010), a textual change will be made to Cx1909 to specify that the borrower is not obligated to pay the Broker Loan Fee when the mortgage transaction contains lender-paid broker compensation,…
Each year, DocuTech performs a quality control audit of all its state-specific disclosures, not only to ensure that these disclosures are in compliance with applicable state and federal law, but also to improve their quality.
DocuTech’s Maryland Broker Contract,…
FHA Single Family Lender’s Guide 4155.2, ch. 6.B.2.a requires lenders to use the FHA “Model Mortgage Form,” in accordance to the instructions set forth in Ibid. ch.12.A.2, for FHA-insured mortgages. Subsection (b) of the instructions, which provides for modifying the language that precedes the uniform covenants in the “Model Mortgage Form,” states the following (in relevant part):
“The lender should use FNMA/FHLMC language ….
