Oregon administrative law sets forth specific requirements concerning lock-in agreements, as follows:
“For residential mortgage transactions . . . a mortgage banker that does not fund a loan or mortgage broker that does not fund a loan must prepare and maintain the following:
(c) In the case of residential or single family loans,…
Ask lenders what two issues they spend the most time dealing with, and the answer is often compliance and dealing with the large amounts of paper generated during the mortgage process.
Compliance regulations are constantly changing – and the burden of proving compliance is becoming greater,…
On August 1, 2011, DocuTech announced a change to the NC Refinance – Statement of Borrower Benefits disclosure, Cx2031. The previous announcement stated DocuTech would be using Cx12531 (Tangible Net Benefit Worksheet) in place of Cx2031 as Cx12531 provided more detailed information about the benefits the borrower will be receiving upon refinancing their loan….
The language in the New Jersey Private Well Water Test Results Certification of Receipt (Cx4441) will be modified to more properly reflect statutory requirements, as well as revised citations that accurately reference these requirements.
The current language of the form is as follows:
“Per the Private Well Testing Act,…
Per Administrative Notice (AN) 4551 (1980-D), an annual fee will be charged on all Rural Development loans obligated on or after October 1, 2011.
In a move to increase productivity and better support a paperless mortgage office, Orlando, Fla.-based R P Funding converted to DocuTech Corp.’s ConformX® for compliant mortgage documents. The lender selected DocuTech, a leading provider of compliance services and documentation technology for the mortgage industry, due to the full integration with their loan origination software (LOS) and ability to improve closing efficiency and speed by 30 percent.
Texas Senate Bill 1124 (2011 Tex. Sess. Law Serv. Ch. 655), a behemoth act of state legislation of over 70 pages in length, “relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009,” will become effective law on September 1,…
The date that is currently generated in the execution section of some of the Louisiana Mortgages (cx327 Conventional, cx485 Second Lien, cx1356 HELOC, and cx15651 Louisiana Housing Second Lien) on or near the last page is pulling the “Closing Date” field,…
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….
