Who: Pleasant Valley Home Mortgage, Moorestown, N.J. Joseph Fox, chief operating officer
When: Implemented ConformX in August 2009
What: Moorestown, N.J.-based Pleasant Valley Home Mortgage opened its doors in the midst of the United States’ worst housing crash since the Great Depression….
Due to client concerns regarding the heightened employee vacation volume during the week of July 4th, the scheduled update to the California Per Diem Interest Disclosure, cx878, will be postponed one week. The modified document will be available in ConformX on July 16,…
Beginning July 9th, DocuTech will be providing a revised version of our Cx878 California Per Diem Interest Disclosure, which will now be based upon a sample disclosure provided by the California Department of Corporations.
Section 1100F of the Dodd-Frank Wall Street Reform and Consumer Protection Act amends section 615(a) of the Fair Credit Reporting Act (“FCRA”) to require creditors to disclose certain credit score information on their adverse action notices provided under FCRA. The Dodd-Frank Act designates that Section 1100F becomes effective on the “designated transfer date” of July 21, 2011. This article will summarize the adverse action requirements under FCRA and the Equal Credit Opportunity ACT (“ECOA”) and discuss the changes required under Dodd-Frank.
The “good faith example” has been modified for Adjustable Rate Mortgages to include the Margin and Index values. In addition, new optional field prompts have been added to ConformX Iowa Initial Disclosures on loans with Discount Points to populate the “Without Payment Reduction Fee” side of the example.
DocuTech Corporation is pleased to announce that it has finished its 2011 Late Fee Matrix. The Matrix sets forth the generic late fee defaults that print in our client’s mortgage loan documents based upon the state that the secured property is located in and the loan’s terms….
The DocuTech Compliance Department has been conducting a review of the standard FHA Security Instruments. As part of this process, the non-uniform covenants in several of these documents have been modified to more closely match the non-uniform covenants in the FNMA Security Instruments as required by FHA Single Family Guide 4155.2 ch. 6 B.2.e.
The “Property Insurance” section of the Federal Truth-in-Lending Disclosure Statement currently reads as follows:
Formatting and functionality of the FNMA Form 1003 Uniform Residential Loan Application (cx4193) has been updated.
The ConformX FHA Informed Consumer Choice Disclosure Notice, Cx41, has been edited to add the following sentence to the footer: “*For case numbers assigned on or after April 18, 2011, 15-year mortgages require a downpayment in excess of 22 percent in order to avoid making monthly mortgage insurance premiums.”
