From time to time DocuTech is asked provide guidance on how a seller paid buydown should be disclosed on the Truth-in-Lending disclosures. This question has become more frequent with the implementation of the new payment table disclosure requirements introduced by the Federal Reserve Board effective on January 30,…
To say that 2011 has been an interesting year in the Mortgage Industry is an understatement! With slow origination volume in the 1st 2 quarters of the year, robo signing, new originator compensation rules, the formation of the Consumer Financial Protection Bureau and numerous other challenges it has been busy to say the least. …
Rural Development announced yesterday afternoon that the upfront guarantee fee for all refinance transactions will increase from 1 percent to 1.5 percent effective Wednesday, December 7, 2011.
New Conditional Commitment requests for refinance transactions will be issued by the Agency utilizing a 1.5 percent upfront guarantee fee and a 0.3 percent annual fee. …
The IRS made a small update to Form W-9 “Request for Taxpayer Identification Number and Certification” (cx22).
The new December 2011 revision does not contain the word “(required)” at the end of the phrase “Check appropriate box for federal tax classification:” near the top of the first page of the form….
Wells Fargo Newsflash C11-061 dated October 26, 2011 modified earlier Newsflash C11-048 by removing the state limitation on the two month escrow cushion for the RD annual fee. The newer Newsflash in part states:
An escrow reserve of two months’ annual fee payments is required for all GRH Loans delivered to Wells Fargo for purchase.…
A mortgage origination agreement is required to be provided to a borrower and kept in a licensee’s files under Miss. Code Ann. §81-18-33. DocuTech has been providing its own version of such an agreement (Cx3315), however, in keeping with our policy to provide model or official documents where possible,…
The following changes will be made to DocuTech’s New Jersey lock-in agreement:
1. A new Clause E will be added to the “I Do Want an Interest Rate Lock-In at This Time,” which will disclose the commitment fee that will be locked-in (if any)….
In order to mitigate confusion arising from certain balloon loan verbiage contained in DocuTech’s Private Mortgage Insurance disclosures (Cx29, 862 and 4668), these disclosures will be changed to only print this verbiage if the subject loan contains a balloon payment….
Pursuant to the findings of our state-specific disclosure audit this year, the following changes will be made to five of our Texas-specific disclosures:
1. The language and format of “TX Mortgage Banker Disclosure” (Cx2999; required by Tex. Fin….
Copies of the FNMA Form 1003 with only one borrower on them (where the co-borrower information is empty) should have “Not Jointly” checked under section “VI. Assets and Liabilities” to indicate the application was not filled in on a combined basis….
