On December 30, 2009 HUD published Mortgagee Letter 2009-53 which removes the 1% origination fee cap on FHA-insured loans.  This change was made to be consistent to changes to the way origination fees are disclosed on the new Good Faith Estimate required on January 1,…
A new Indiana Notice to Borrower/Prospective Borrower prescribed by the Homeowner Protection Unit of the Office of the Attorney General has been added to all Indiana Initial Disclosure packages.
Per Indiana HB 1176, the notice must be provided to all applicants after December 31,…
While the elusive e-mortgage always seems just around the corner, lenders nationwide are realizing and embracing the move of electronic documents for filing, delivery and storage.
ConformX has supported electronic documents for years, providing lenders the capability to generate documents in either PDF or SMART document formats. Now, DocuTech customers have the option of working with two new partners to manage the filiing, delivery and storage of the loan documents.
Per Utah 2011 House Bill 259, the word “RESPA” must print in a minimum of 16 point font on the first page of all Utah recordable documents for transactions that are subject to RESPA. This allows the county recorder to know which fee should be charged to record the document….
Massachusetts issued Regulatory Bulletin 1.3-104 clarifying recently enacted borrower counseling and opt-in requirements for subprime adjustable rate loans made to first-time homebuyers. The Bulletin sets the parameters for determining when an adjustable rate loan to a first-time homebuyer will be considered a subprime loan* and also requires lenders to obtain written certification of counseling prior to obtaining a homebuyer’s opt-in statement….
Effective Date is May 1, 2009 03/18/2009. Lenders must represent and warrant that appraisals conducted in connection with single-family mortgage loans delivered to Fannie Mae and Freddie Mac, other than government-insured and -guaranteed loans, with application dates on or after May 1,…
On December 18, 2007 the Federal Reserve Board announced in a Press Release, that proposed changes to Regulation Z were open for comment. “Our goal is to promote responsible mortgage lending for the benefit of individual consumers and the economy,”…
A new disclosure requirement became effective February 28, 2008. Bill 167 – Mortgage Disclosure Amendment Act of 2007 – requires lenders licensed under the Mortgage Lender and Broker Act to provide an additional disclosure to borrowers applying for “non-conventional mortgage loans.”…
February 13, 2008
This afternoon, in a rare display of bipartisanship, President Bush signed landmark legislation enacting a $168 billion economic stimulus package. As previously reported, the measures enacted today included increases in GSE and FHA loan limits….
We have recently received several inquires about how ConformX deals with interest credits for Countrywide loans. In an announcement published on August 8, 2006, Countrywide iterated that interest credits may not be used to reduce finance charges, as they should be credits toward the first payment….
