Kentucky Emergency Rule (HB 552) Prepay Ramifications
A new Kentucky emergency rule required prepayment penalty documents to change, in addition to new fee restrictions [HB 552]. The Kentucky prepayment penalty language in the Prepayment Fee Addendum to Note and Prepayment Fee Rider to Security Instrument documents was modified to allow a 3%-2%-1% tiered prepay on the outstanding balance and to state the following: "No prepayment fee shall be assessed against a borrower refinancing with the mortgage loan company that funded the mortgage. No prepayment fee shall be assessed following sixty (60) days prior to the date of the first interest rate reset." (Cx4189, Cx4190, Cx4191, Cx4192, Cx12387, and Cx12388) Edited the Prepayment Charge Disclosure to print Kentucky specific prepay information for Kentucky High Cost loans. (Cx2892)
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Mortgage Compliance Updates - Mortgage Loan Docs
Mortgage Document Updates - July 2008 The New HOEPA Rule - 2008 Housing and Economic Recovery Act - 2008 Mortgage Document Updates - June 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 Mortgage Document Updates - May 2008 Kentucky Emergency Rule (HB 552) Home Foreclosure Blocked Due to Predatory Lending Violations HUD Proposes RESPA Reform 2008 California RE 885 Disclosure Mortgage Document Updates - March 2008 Massachusetts Borrower Counseling Disclosure Proposed Regulation-Z Changes Mortgage Document Updates - February 2008 DC Adds New Disclosure For Non-Conventional Loans Conforming Loan Limits Increased Mortgage Document Updates - January 2008 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“We follow the mantra that 'documents sell loans.' We are 100 percent convinced that DocuTech helps us do that efficiently. ”
