N.C. Gen. Stat. Ann. §24-10.1 restricts the amount of late charge that lenders can assess in a home loan transaction to 4% of the delinquent payment. In addition, Ibid. §24-11(d1) restricts late charges for open-end credit plans to $5 (for outstanding balances of less than $100) or $10 (for outstanding balances over $100)….
HUD has posted a revised version of form HUD-92800.5b, Conditional Commitment Direct Endorsement Statement of Appraised Value, with an expiration date of 03/31/2014 on HUDCLIPS. The new form reflects recent policy changes which reduced the validity period for appraisals from 6 months to 120 days….
On February 14, 2011 HUD issued Mortgagee Letter 2011-10 addressing changes to the Annual Mortgage Insurance Premiums. Included in this Mortgagee Letter was the addition of Annual Mortgage insurance for loans with amortizations <=15 years with LTV’s at or below 90%….
DocuTech will be making two changes to its generic Buydown Agreement (Cx25). The third paragraph in the Agreement will be modified to state the following:
‘In order to comply with FNMA guidelines and protect the availability of the buydown funds,…
Cx 1496 – Notice of Transfer is currently printing for Bank of America and Wells Fargo Investors. This document, however, is not required to be used by either of these investors. DocuTech uses Cx 21 – Assignment Sale or Transfer of Servicing for this same purpose….
Minor changes were made to IRS Form 4506 (cx23) to update to the latest version of the form. The updated document will be available August 16, 2011.
August 12, 2011
DR 117373…
Some loans imported to ConformX contain descriptive text for the key factors that adversely affect the borrowers’ credit scores. Others use the credit bureau reason codes and print the Credit Score Matrix (cx5416) so the borrower can understand what the codes mean….
Technical corrections and clarifying amendments to Regulation X were included in 76 FR 40612. Please see related article “Summary of RESPA Technical Corrections” in this month’s DocuTech Newsletter for an outline of the details.
Effective August 10,…
2011 Me. Legis. Serv. Ch. 427 repealed Me. Rev. Stat. Ann. tit. 9-A, §8-206-J, which, under Subsection (2)(B), had restricted late charges on residential mortgage loans to 5% of the amount of the late payment, which payment is at least 10 days delinquent….
IDAHO FALLS, IDAHO, Aug. 3, 2011 – DocuTech Corp. (DocuTech), a leader in compliance services for mortgage documents, has once again been recognized by Mortgage Technology magazine as one of the year’s Top Service Providers.
DocuTech met the four major criteria set by Mortgage Technology for inclusion in the listing: continued service and technology advances,…
