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.
- Compliant Solutions
- Layers of Compliance
- Compliance Resources
- Investors
- High Cost Loan & Predatory Lending Check
- Compliance Updates
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Mortgage Compliance Updates - Mortgage Loan Docs
Financial Reform Is Just Around the Corner Document Imaging versus Electronic Document Management Risk-Based Pricing Notices New California Broker Higher-Priced Mortgage Loan Disclosure Lender's Look to Automate Loan Accuracy Bankers as Buyers 2010 Catching Up On the RESPA FAQs - Transfer Taxes DocuTech Provides Insight on E-Closings and Compliance Issue Using Worksheets In Initial Disclosure Packages New Rules for High Priced Loans Increase in Upfront Premiums for FHA Mortgage Insurance The Safe Act and State Licensed Originators New Model Privacy Notices Mortgage Compliance - Be Good and Lucky A Loan Closer's Nightmare Arkansas Disclosure and Certification VA Itemization of Origination Charge RESPA 2010 - Good Faith Estimate 801 Fee DocuTech Provides Full Service in NetOxygen Cirrus FHA Announces Policy Changes - Jan 2010 DocuTech Launches RESPA Resources Page HUD-1 Settlement Statement (Page 3) Revised NY Pre-Application Disclosure SC Mortgage Loan Originator Unique Identifier Addendum FHA Mortgage Loan Correspondent Disclosure Update to FNMA 1003, Cx4193 FHA 1% Origination Cap Removed Indiana Notice to Borrower New RESPA Documents ConformX - Update to FNMA 1008 Completing the New HUD-1 Settlement Statement Using the Correct Disclosure Package Revised FHA Informed Consumer Choice Disclosure Notice RESPA Reform: GFE Page Two Fast Food and Compliance Higher Priced Mortgage Loans Getting to Know the New Good Faith Estimate (Jan 2010) Prepare Now for January 2010 RESPA Changes Changes to Regulation Z - July 2009 Stay Compliant with Broker ID Laws eDisclosures - Sort Out the Mess Appraisal Integrity Legal and Mortgage Compliance Issues You Need to Know FHA Provides Guidance on New Mexico Security Instrument The Impact of Broker ID Laws Home Valuation Code of Conduct Effective Countrywide/Bank of America Update HVCC Verification of Receipt of Appraisal Form Freddie Bulletin 2008-4: Multiple Subjects 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 Home Valuation Code of Conduct 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 Fred Gooch's Article in National Mortgage Professional“We follow the mantra that 'documents sell loans.' We are 100 percent convinced that DocuTech helps us do that efficiently. ”
