Compliance Updates: June 2024 In Review

 

Our team of experts at Docutech continually review requirements for document changes and publish real-time updates. To help keep you in the know, the monthly Docutech Compliance Recap brings you the most recent compliance updates. 

Here’s our latest recap: 

Document Updates

  • Docutech will now utilize our standard Affidavit of Affixation (Cx43) for GA manufactured housing loans. We have also created Form T-234 Mobile-Manufactured Home Certificate of Permanent Location (Cx27577) as an additional document that can be printed for Georgia manufactured home loans upon request. Read more.
  • We are updating a field associated with the borrower’s name on several riders. In the security instrument, the term borrower is more closely associated with vesting as opposed to someone that is a credit applicant. As the rider is an amendment to the security instrument, we are updating an introductory section at the top of the page that identifies the borrower. Read more.
  • Two PUD and Condo riders were printing in standard second lien Texas Home Equity second lien packages. The duplicative non-Texas Home Equity copies have been set to only print when “Is this a Texas Home Equity Section 50(a)(6) loan?” (FI 29932) is set to ‘No’. Read more.
  • Beneficiary/Lender on Security Instrument Name (FI 294) and Beneficiary/Lender on Security Instrument Full Address (FI 15290, consisting of Address FI 296, City FI 293, State FI 295, and Zip FI 297) are optional fields available for use on all standard security instruments. Several documents have been modified to support the Beneficiary/Lender on Security Instrument Name and Address fields in additional areas of the documents. Read more.
  • In Docutech’s ongoing efforts for having consistency throughout its documents, the “Return To” section of Cx478 “Hawaii Mortgage Second” has been updated to reflect the formatting in Cx25290 “3012 HI Mortgage 2021.” Read more.
  • We have made a small adjustment to Cx1063 (Fixed Rate Note New Jersey Second) by adding the word “NOTE” in the title of the document, directly below “SECONDARY MORTGAGE LOAN” to identify that the instrument is a note. Additionally, we have added “SECONDARY MORTGAGE LOAN” to Cx21652 (New Jersey HELOC Agreement) in accordance with §17:11C-78(a) when lien position is second lien. Read more.
  • We are updating the following VA Form to reflect updates recently published by the VA. The affected form is VA Form 26-1852 – Description of Materials (Cx17488). The main update is the Respondent Burden Notice section at the top of the form. Read more.

For full details related to document and mortgage compliance updates, sign up for real-time Compliance updates at info.docutech.com/subscribe-compliance.

The above information is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.