New York Insurance Law §6501(c)(3) states that for a cooperative ownership in real estate (co-op) the issuance of mortgage insurance must be based on the “purchase price of the ownership interest and the proprietary lease.” FNMA Selling Guide B7-1-01 states that the determination of value for properties in New York is different from Fannie Mae’s standard definition of value that is used to calculate the LTV ratio….
As part of Docutech’s efforts to enhance all documents for eSign capability, these documents are now available with a generic option for eSign:
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Fannie Mae Requirements of Document Custodians Guide section 8.3 Consolidated Mortgages states that “All persons signing the Consolidated Note must sign the CEMA as well.” We have determined that Cx1583 NY Consolidation, Extension and Modification Agreement and Cx23134 NY HELOC Consolidation,…
Pursuant to our monthly audit of federal agency forms, we have updated Cx47 “Warranty of Completion of Construction – HUD-92544.” Since the VA has not yet posted an updated version of VA form 26-1859, only the FHA version of Cx47 has been updated at this time….
Several state disclosures contain optional coding that allows the user to print a Disclosed By Company Label (FI 46034) in place of the standard “Lender” label, and Disclosed By Company Name (FI 106104) in place of the standard Lender Name and Extension (FI 15360)….
Wis. Stat. § 428.207(2)(b) states:
(b) A lender may not include a prepayment penalty in a covered loan unless the lender offers the customer the option of choosing a loan product without a prepayment penalty. The terms of the offer shall be in writing and initialed by the customer….
In November of 2023, the Idaho Department of Finance issued a notice of rulemaking that would no longer require lenders to disclose to the borrower the services that will be provided to the borrower. If the rulemaking became effective, the rule (IDAPA 12.01.10.050(1)) would be completely removed. …
We are enhancing our document capabilities for guarantor documents that will be signed by an attorney in fact using power of attorney. This is an ongoing project that will continue going forward as we identify documents that need code changes to allow for this functionality….
In accordance with NYCRR & Regs. tit. 3, § 80.10(b), the following disclosure should be provided for revolving credit line secured by a junior mortgage :
“The cost of title insurance and mortgage recording tax shall be based on the maximum amount of the credit line available to the borrower,…
Currently, our Inter Vivos Revocable Trust Rider (Cx21131) prints with signature options that are coded in the document. After some research involving the various possible signature formats and options available, we are replacing the coded signatures with our standard software generated signatures that print all parties who typically sign Riders….
