January Compliance Recap – Updates in Ohio and Additional Loan Support

As we jump into 2019, our compliance experts are busy ensuring that every Docutech client has the information they need to formulate their own compliance strategy. Here are the topics that made it into our compliance blog in January. 

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State and Investor Compliance News

So far this year, we have updated forms in Ohio and added support for a new kind of loan in a number of other states. The changes are outlined below, and more details can be found on our compliance blog by following the links.

Ohio. The Ohio Attorney General has published an updated version of a required disclosure that describes acts and practices in connection with residential mortgages that are unfair, deceptive, or unconscionable. As a result, we modified document Cx11195, which is a duplicate of the Informational Form. More.

Alaska, et al. As a part of our efforts (see here and here) to expand the scope of our support for loans secured by a borrower’s ownership shares and lease in a cooperative unit (“cooperative loans”), we are pleased to announce we will be rolling out support for these types of loans in Alaska, Illinois, Indiana, Massachusetts, Michigan, Minnesota, New Jersey, and Pennsylvania. More.

Document Changes

The document library saw a number of revisions in January. They’ve been summarized below with links to the full descriptions of the updates.

  • We modified the language and format of our standard California Request for Fair Lending Information (Cx18014). More.
  • Updated Payoffs Addendum on the Closing Disclosure (Cx18566 and Cx18991). More.
  • We updated a number of HELOC Security Instrument Riders for second homes, condos, PUD and 1-4 family properties. More.
  • Updated the VA Refinance Loan Comparison document Cx14501. More.
  • We added new data integrity checks for cooperative loans. More.
  • We made a field change for Maryland Tax Property Affidavit on form Cx15803. More.

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