Compliance Updates: March 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 has recently completed a revised set of FHA notes and security instruments based on the 2023 GSE forms. These new FHA forms conform generally to the 2023 GSE model forms except for specific modifications required by FHA as designated in their model note and mortgage and specified in their instructions. Read more.
    • As previously announced, Cx2485 “DC Real Property Recordation and Transfer Tax Form FP 7/C” was revised last Fall to match the updated model form located on the DC Office of Tax and Revenue website. To allow for these areas to be filled out, new fields have been created. Read more.
    • We are making some adjustments to our Cx2411 (HELOC Mortgage – HI) and Cx3027 (HELOC Deed of Trust – MT). Hawaii and Montana do not have requirements for witnesses to be present during the execution of the security instrument nor to be recorded with the county recording office. Due to the lack of requirements, we have removed the witness signature lines from these instruments. Read more.
    • To align with the Consumer Financial Protection Bureau’s Escrow Disclosure Public Guidance Documents, in Cx7605 “Escrow Account Disclosure Enhanced Fees,” Docutech has added additional language beneath the document title “Initial Escrow Account Disclosure Statement”. Fields have been added to Cx7605 to allow for these areas to be filled out. Read more.
    • For Louisiana Second Mortgages and Louisiana HELOCs, a new field has been created for Louisiana License Type (FI 187699). Read more.
    • A coding error that left an orphaned asterisk at the end of the phrase “Monthly Payments of*” in the second column of the payments table has now been fixed in Cx4479 – NJ Commitment Letter. Read more.
    • We have made some language updates to Cx9348 (Borrowers Notification) to better track the language found in the FHA Handbook. We have updated our Cx9348 to more closely match the sample language found in Section 6-1 of the FHA Handbook. Read more.
    • We have created new eSign behavior options for the Demographic Information Addendum using field 187563 “Demographic Information Addendum (DIA) eSign Behavior”, which will allow for the document to be “esignable”, but only under certain conditions. Read more.
    • It has come to our attention that some county recorder offices in Washington State are requiring that the Trustee name appear on the first page of Deeds of Trust per Rev. Code of Wash. Ann. § 61.24.020. Consequently, Field 2013 “Trustee Company Name” will print after “Trustee:” on the first page of Washington State Deeds of Trust. Read more.
    • Pursuant to our monthly audit of federal agency forms, we have updated IRS Form W-9 “Request for Taxpayer Identification Number and Certification” (Cx22). The new March 2024 version replaces the October 2018 version. Read more.
    • Pursuant to our monthly audit of federal agency forms, we have made updates to Cx26687 “REQUEST FOR A CERTIFICATE OF ELIGIBILITY” – VA Form 26-1880, to mirror the formatting changes made by the VA. Read more.
    • We have recently reviewed the laws pertaining to the affixation of Georgia manufactured homes, specifically O.C.G.A §8-2-181(C) which states “The Certificate of Permanent Location shall be in a form prescribed by the commissioner…”.We are updating our system so the GA specific form will now print in place of the Cx43, our standard Manufactured Home Affixation Affidavit, for GA manufactured homes when applicable. 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.