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….
Pursuant to the findings of our annual state-specific disclosure audit, our “DE Mortgage Loan Broker Regulations” (cx3593) and “DE Broker Agreement” (cx3583) will now be generated only when a loan is secured by owner-occupied property.
Both documents are required to given in connection with a “mortgage loan,” which is defined under Del….
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….
