Compliance
Document Updates: Request for SFH Loan Guarantee – Form RD 3555-21 (Cx18893)
Provided pursuant to 7 C.F.R. § 3555.107(i) and RD HB-1-3555, ch. 10 & 15, Form RD 3555-21 discloses (in Section 6) a breakdown of the amounts which loan funds will be applied to (e.g., principal amount,…
Compliance News: Revised FHA Single Family Handbook 4000.1 (2020)
On November 18, 2020 the Department of Housing and Urban Development published revisions to FHA Single Family Handbook 4000.1 (see SFH Handbook 4000.1 | HUD.gov / U.S. Department of Housing and Urban Development (HUD)). Some of these revisions include removing a restriction against an attorney-in-fact for military personnel from signing both the initial and closing copies of the loan application,…
Document Updates: TN Lock-In Agreement (Cx14675)
Our standard Tennessee Lock-In Agreement (Cx14675) is provided in all Tennessee Initial Disclosures with an existing rate lock, in order to satisfy Tenn. Comp. R. & Regs. 0180-17-.01, .04 & .05 of the Tennessee Residential Lending, Brokerage, and Servicing Act….
Document Updates: SC Borrower Complaints (Cx4694)
The provision under S.C. Code Ann. § 37-23-70(D) and according to the South Carolina Department of Affairs, at the time of application for a mortgage loan, the mortgage broker, originator, or employee shall provide the borrower with a document specifying the agency’s designation….
Document Changes: MA Counseling Disclosure (Cx13391)
Mass. Gen. Laws ch. 184, § 17B 1/2 requires that:
“At or before closing [a subprime loan at a variable or adjustable rate of interest], the mortgagee shall obtain evidence that the mortgagor has completed an approved counseling program.”…
Document Updates: Redesigned Uniform Residential Loan Application (Cx20667)
The following changes are being made to the redesigned FNMA Form 1003/FHLMC Form 65 (our Cx20667) following further testing that has been done during the FNMA/FHLMC Limited Production Period:
- The Continuation Sheet will now only print if applicable,
…
Document Updates: Delaware Security Instruments (Cx316, Cx475, Cx1345, & Cx19365)
As previously announced, Delaware recently amended Del. Code Ann. tit. 25, § 2108 by including a new subsection which holds that a mortgage that states that it is “intended to constitute a purchase money mortgage creates a rebuttable presumption that the mortgage is a purchase money mortgage” and,…
Compliance News: Pennsylvania Adjusts Base Figure Amount (2021)
The Pennsylvania Department of Banking and Securities has announced in 50 Pa.B. 6269 (Nov. 7, 2020) that they will be adjusting the “base figure” from $260,404 to $263,975 (see http://www.pacodeandbulletin.gov/Display/pabull?file=/secure/pabulletin/data/vol50/50-45/1544.html). The “base figure” is defined in 41 P.S….