Changes to California Mortgage Loan Disclosure Statements
The California Department of Real Estate has revised the content of all three versions of the Mortgage Loan Disclosure Statement and has created informational sheets instructing real estate brokers on the proper use of each version.
The informational sheet for the documents clarifies the circumstances when the documents should be used, and give tips on completing each form.
Most changes proposed are intended to make the forms more complete and clear to consumers.
The main change among all documents is on RE-885 on the Comparison of Sample Mortgage Features. Now each different type of mortgage transaction has an option that can be marked as "not offered" for situations where the broker does not offer the comparison loan product. It was also included a certification by the broker that the failure to complete the information in any such column is either because the product specified is not available to consumers from mortgage lenders or the borrower does not qualify for that particular product.
RE-882 and RE-883 do not have any drastic changes in their contents.
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Mortgage Compliance Updates - Mortgage Loan Docs
Mortgage Document Updates - December 2008 Mortgage Document Updates - November 2008 Mortgage Document Updates - October 2008 Mortgage Document Updates - September 2008 Mortgage Document Updates - August 2008 Mortgage Document Updates - July 2008 Mortgage Document Updates - June 2008 Mortgage Document Updates - May 2008 Mortgage Document Updates - March 2008 Mortgage Document Updates - February 2008 Mortgage Document Updates - January 2008 The Future Is In Our Hands FHA Risk-Based Premiums Take a Break Changes to California Mortgage Loan Disclosure Statements The New HOEPA Rule - 2008 Housing and Economic Recovery Act - 2008 Rebuild After National Mortgage Crisis New Mortgage Legislation Effective July Courts Side With Borrowers Over Lenders Kentucky Emergency Rule (HB 552) Prepays FHA Mortgage Insurance Premium Calculations Kentucky Emergency Rule (HB 552) Home Foreclosure Blocked Due to Predatory Lending Violations HUD Proposes RESPA Reform 2008 California RE 885 Disclosure Massachusetts Borrower Counseling Disclosure Proposed Regulation-Z Changes DC Adds New Disclosure For Non-Conventional Loans Conforming Loan Limits Increased Countrywide Interest Credit Clarification Maine Net Tangible Benefit Disclosure Up New Massachusetts Regulations Take Effect Maine Requires Net Tangible Benefit Form Colorado Emergency Prepay Rule MERS Requires Street Address on NY Docs California Certificate of Acknowledgement Change Texas Notice Concerning Extensions of Credit Colorado Adopts Emergency Rule“DocuTech offers an array of compliant and guaranteed documents that greatly enhances our procedures and methods and works better with our LOS than our last provider.”
