Modified IRS Form 4506
Minor changes were made to IRS Form 4506 (cx23) to update to the latest version of the form. The updated document will be available August 16, 2011.
August 12, 2011
DR 117373…
Compliance
08.10.11
Credit Score Matrix Added to Adverse Action Document Packages
Some loans imported to ConformX contain descriptive text for the key factors that adversely affect the borrowers’ credit scores. Others use the credit bureau reason codes and print the Credit Score Matrix (cx5416) so the borrower can understand what the codes mean….
08.09.11
New Field Prompts and Removal of Setting Related to New RESPA Clarifications
Technical corrections and clarifying amendments to Regulation X were included in 76 FR 40612. Please see related article “Summary of RESPA Technical Corrections” in this month’s DocuTech Newsletter for an outline of the details.
Effective August 10,…
08.08.11
Maine Loses a Late Fee Restriction
2011 Me. Legis. Serv. Ch. 427 repealed Me. Rev. Stat. Ann. tit. 9-A, §8-206-J, which, under Subsection (2)(B), had restricted late charges on residential mortgage loans to 5% of the amount of the late payment, which payment is at least 10 days delinquent….
08.08.11
Mortgage Technology Honors DocuTech as Top Service Provider for Innovations in Document Compliance
IDAHO FALLS, IDAHO, Aug. 3, 2011 – DocuTech Corp. (DocuTech), a leader in compliance services for mortgage documents, has once again been recognized by Mortgage Technology magazine as one of the year’s Top Service Providers.
DocuTech met the four major criteria set by Mortgage Technology for inclusion in the listing: continued service and technology advances,…
08.07.11
What Is the Hidden Cost of Mortgage Regulation?
(Excerpt from Tomorrow’s Mortgage Executive, July 2011)
Every major change to an industry’s regulatory environment comes with a cost. Sometimes the cost is direct and known ahead of time, but often the true cost does not become clear until after implementation….
08.07.11
Summary of RESPA Technical Corrections – 2011
by Timothy Raty, DocuTech Corporation – Mortgage Compliance Specialist
On August 10, 2011, technical changes applicable to 24 CFR §§3500 et seq. (“Regulation X”) will be put into effect(see 76 FR 40612). These technical changes are due both to ambiguities that were inadvertently included when Regulation X was amended in November,…
08.07.11
Is There An App For That?
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….
08.01.11
A Change in North Carolina’s “Flipping” Disclosure
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….
07.29.11
Loan Origination Company Identifier on the Uniform Residential Loan Application
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,…