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….
On January 17, 2008 the Maine Department of Professional and Financial Regulation released Joint Advisory Ruling #114 to clarify disclosure requirements promulgated under the “Act to Protect Maine Homeowners from Predatory Lending.” A copy of the ruling can be found at this link.…
On January 2, 2008 new mortgage lending reguations (940 CMR 8.00 et. seq.) became effective in Massachusetts. The revised section 8.05 removes the previous disclosure requirements for the MA Mortgage Lender Disclousure and the MA Mortgage Broker Disclosure. …
Maine adopted a new rule requiring lenders to provide a “Reasonable, Tangible Net Benefit Disclosure Form” at or before closing. This new form is required to be given for all loans made after December 31, 2007. DocuTech has created the ME Reasonable Tangible Net Benefit Disclosure Form to meet this requirement and it will print in all Maine Initial Disclosure packages. …
The Colorado Division of Real Estate has issued Emergency Rule 4CCR 725-3 restricing the use of prepayment penalties. The new rule prohibits prepayment penalties that extend past the adjustment date of any teaser rate, payment rate or interest rate included in a mortgage loan. …
MERS released Policy Bulletin Number 2007-2 announcing that effective immediately, all MERS documents for New York must contain the street address of MERS. DocuTech has added the required address to the MERS version of our New York mortgages and New York assignments to fill this requirement….
New lending regulations fall under two umbrellas—clarifying what constitutes a higher priced, high-cost or predatory loan and reforming the rules to disclose the costs of a mortgage. To avoid penalties for inadvertently funding a high-cost loan or messing up a disclosure,…
