Compliance
Global Mapping Updates: Fields “Loan Amount Less Than or Equal to Reg Z Threshold Amount” (81938) and “Higher-Risk HPML” (67269) for 2022
As in previous years, the Consumer Financial Protection Bureau (“CFPB”) has updated a couple of the dollar amounts specified in various parts of Federal Regulation Z (12 CFR Pt. 1026), which amounts are required to be adjusted annually for inflation….
Document Updates: New Additional Tax Transcript Functionality for 4506-C (Cx3095)
IRS Form 4506-C is used to request tax return information. Specifically, Form 4506-C was created to be utilized by authorized IVES participants to order tax transcripts with the consent of the taxpayer. Due to the IRS announcement regarding requiring “clean versions,”…
Document Updates: Instrument Number on DC Security Instruments (Cx315, Cx474, Cx2167, and Cx19366)
D.C. Code § 42-1103(b-1)(2) requires purchase money mortgages or purchase money deeds of trust to “reference the deed conveying title to the purchaser of the real property by date and instrument number.” Previously, as announced here https://compliance.docutech.com/2015/04/02/document-updates-district-of-columbia-security-instruments-cx315-cx368-cx474-cx1340/,…
Required Field Prompt Update: Mortgage Insurance Premium, 1st Renewal Percent for Section 184 loans
An annual premium of 0.25% must be collected for Section 184 Indian Home Loan Guarantee Program loans. The premium ends differently than for regular FHA loans. For Section 184 loans the annual premium is charged through the payment year when a 78% Loan-to-Value (LTV) is first reached,…
Document Updates: New Cover Sheet for Indiana Property Tax Benefits (Cx14885)
In order to provide clarity, we will be updating the Indiana Property Tax Benefits form (Cx14885) to include a cover sheet with instructions for the document. According to Ind. Code Ann. §6-1.1-12-43(d)(2), “A closing agent […] in reproducing the form,…
Document Updates: Forgivable Loans on the Amortization Schedule (Cx12)
This month in our 4.8.24 ConformX software release changes are being made to our Amortization Schedule (Cx12) for Forgivable loans. Forgivable loans that are not disclosed as a balloon payment will now reflect the forgivable amount on the Amortization schedule at the desired frequency….
Document Updates: Lock Agreements for CA, NY, and WA (Cx7442, Cx5099, and Cx2792)
We have recently reviewed our State lock agreements for signature requirements and eSignature functionality. As a result of this review, we are making the following changes:
Cx2792: Washington State Interest Rate Lock Agreement: This document does not require a Lender signature,…
Document Updates: Illinois Borrower Information Document (Cx1206), Illinois Mortgage Escrow Account Act (Cx1207), and Illinois Pledged Time Deposit Account Disclosure (Cx1014)
According to Ill. Admin. Code tit. 38 §1050.1110 the Option to Pledge a Time Deposit in Lieu of an Escrow Account (Cx1014) and the copy of the Illinois Mortgage Escrow Account Act (Cx1207) are required to be given to the applicant “[i]f the mortgage is not FHA-insured or VA-guaranteed and relates to the purchase of owner-occupied,…
Document Updates: VT Broker/Prospective Borrower Agreement (Cx3594)
Vermont Admin. Code 4-2-3:4(a) requires that before a Mortgage Broker takes any fee or collects any charges, or at the time the prospective borrower submits a signed application, whichever occurs first, the Broker and the prospective borrower must both sign a contract that sets forth (i) the particulars of the service to be performed,…