by Lotstein Legal PLLC
www.lotsteinlegal.com
Just when you thought your technology was finally up to date, there is a whole new round of changes headed your way. Unfortunately, rolling out new technology in the mortgage industry is not as simple as a consumer upgrading a cell phone or downloading an app for that….
N.C. Gen. Stat. §24-10.2(c) prohibits a lender from “flipping” a consumer home loan. “Flipping” is the act of making a consumer home loan that refinances a previous consumer home loan when the new loan does not have a reasonable, tangible net benefit to the borrower….
A modification of the FNMA Form 1003 Uniform Residential Loan Application (cx4193) occurred May 27, 2011 to print the Loan Origination Company Name, NMLS Identifier, and Address in the Loan Origination Company boxes near the end of the fourth page if they had a value,…
The signature lines on the Inter Vivos Revocable Trust Addendum to Note (cx1219) are being revised to more closely follow the definition of “Borrower” recited in the document. Signature lines for the Trustees, Settlors and any other natural persons signing the note will now appear on the addendum….
Modifications have been made to the standard Escrow Waiver (cx28) and Partial Escrow Waiver (cx9826) to disclose additional details as listed in the updated Fannie Mae Selling Guide B2-1.4-04, Escrow Accounts. The additions include:
• informing the borrowers of any applicable fees associated with the waiver of escrows;…
A new Wisconsin Loan Commitment document (cx15918) has been created to meet the requirements of Wis. Admin. Code, DFI-BKG §§40.01(5) – (6) & 43.02(12) – (13) and will print in Wisconsin Initial Disclosure packages when a Commitment Fee is entered on the loan. …
The Maine Certificate of Smoke and Carbon Monoxide Alarms (cx14523), which is required by Me. Rev. Stat. Ann. tit. 25, §§2464 & 2468, has been updated to the model form provided by the Maine Office of State Fire Marshal. The modified version includes the Fire Marshal’s seal and states that the buyer will properly install operational smoke detectors and carbon monoxide detectors if they are not already present,…
The Pennsylvania Variable Rate Loan Disclosure, cx3759, has been modified. The title, first sentence, and acknowledgement section will reflect that the document is now an addendum to the loan application instead of a stand-alone disclosure. In addition, the updated PA Addendum to Uniform Residential Loan Application will only print if the number of units is less than two and the loan amount is under or equal to $221,540,…
R.I. HB 5510 and SB 1079 (2011), which were signed by Governor Lincoln D. Chaffee (I) on July 13, 2011, amend R.I. Gen. Law §34-23-6 (“Section”), which provides for the issuance of a disclosure specifying that certain loan fees are not refundable if the underlying loan contract is prepaid in full….
A new document entitled “ME Alternative Mortgage Transaction Disclosure” has been created and will print by default in all Maine initial disclosure packages if the loan has an adjustable interest rate, an interest only payment feature, or a balloon payment….
