The third page of the HUD-1/A Settlement Statement (“HUD”) contains the comparisons of fees disclosed on the GFE and the HUD and a restatement of the loan terms which were first disclosed on page one of the GFE. …
The NY Pre-Application Disclosure for Licensed Bankers (Cx5100) has been updated according to statute 3 NYCRR 38.3(b)(1) to include the following required information regarding discount points:
DISCOUNT POINTS:
Discount points should lower the interest rate paid on the loan but may not lower the overall cost of the loan….
A new SC Mortgage Loan Originator Unique Identifier Addendum (Cx14667) will start to print in all South Carolina Initials, TILA Redisclosure, and Closing packages starting 1/5/2010. The document is to comply with the new requirements of SC Code 37-22-210(F) which requires the unique identifier assigned by the Nationwide Mortgage Licensing System and Registry on all mortgage loan forms….
A new FHA Mortgage Loan Correspondent Disclosure (Cx14650) was added to ConformX loan packages on 1/1/2010.
Per 3 NYCRR 38.13(d), the following language should print for all NY FHA Initial Disclosures:
“I am an approved FHA Mortgage Loan Correspondent….
The Uniform Residential Loan Application (FNMA Form 1003/FHLMC Form 65, Cx4193) has been updated to the latest version, required 01/01/2010. The “Interviewer” area has been updated to become a “Loan Originator” section. The changes stem from the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act)….
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….
