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Who Takes Care Of Your Document Compliance? We Do!
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 It feels great knowing that your business partners understand that compliance is crucial.
Whether it's staying up-to-date with the latest federal and state specific laws, high cost loan testing or difficult FHA calculations, DocuTech takes care of your document compliance needs. So you can take a sigh of relief. |
Kentucky Emergency Rule (HB 552)
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On April 28, 2008, Kentucky Governor Beshear signed HB 552. This change makes several amendments to existing high cost laws, changes regarding prepayment penalties and licensing.
A new Lender/Broker "Net Income" test has been created and runs independent of the existing high cost loan law already in place. High cost loan laws have also been amended lowering high cost loan limits. Additional prepayment penalty restrictions have been added regardless of whether the loan is a high cost loan. Licensing and registration changes are expected to be applicable in the next few months. READ MORE |
Court Sides With Borrowers Over Lenders
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 An unprecedented increase in mortgage industry litigation is reinforcing the fact that lenders must ensure exact compliance with all applicable laws, regulations and lending guidelines. A deviation from exact compliance can have a dramatic effect on a lender's ability to enforce its rights according to the law. A recent case in the United States Bankruptcy Court for the Northern District of California illustrates the point that in this current legal climate, lenders cannot afford to stray from strict adherence to all guidelines. READ MORE |
FHA Mortgage Insurance Premium (PMI) Calculation
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 With the recent changes in the mortgage industry, and expanding FHASecure eligibility criteria, more lenders are turning to FHA loans to boost business. Questions concerning the Mortgage Insurance Premium calculation are common.
Investors such as GMAC have cracked down on FHA loans where the Conventional PMI calculation has been used instead of the appropriate FHA MIP calculation. They will not purchase loans with Federal Truth-in-Lending Disclosure Statement payment streams that do not meet FHA standards. READ MORE |
