Getting to Know the GFE 2010
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 On January 1, 2010 mortgage originators will be required to use a new
Good Faith Estimate for all mortgage transactions subject to RESPA.
The rule that the
GFE must be delivered to the borrower not later than 3 business days
after a lender receives an application has not changed. Mortgage
brokers may provide the GFE, but the lender is ultimately responsible
for making sure that the GFE was provided to the applicant. What has
changed is the form and contents of the document itself. This article
will focus on the first page of the revised GFE. READ MORE
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Higher Priced Mortgage Loans
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 On October 1, 2009 the Federal Reserve implemented a new rule designed
to regulate the closed-end subprime mortgage market. The rule can be
found in Regulation Z at 12 C.F.R. § 226.35.
It is commonly referred to as Section 35 or the "higher-priced mortgage
loan" rule. The rule establishes triggers for categorizing loans as
"higher-priced mortgage loans" and sets forth special rules and
restrictions that apply to loans that fall into the category.
The rule was designed to protect consumers from unfair, deceptive and
abusive lending and servicing practices, improve mortgage advertising
and to provide consumers with disclosures early in the lending process. READ MORE |
Texas Legal Review Added to ConformX
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DocuTech has recently added functionality to make it easier for customers to originate loans in the state of Texas. Texas law requires that mortgage loan documentation must be prepared or reviewed by licensed Texas attorneys. Loan packages and other documents related to title have been traditionally sent to Texas attorneys for preparation or review outside of the ConformX system. DocuTech has developed a process to simplify this process by using ConformX to facilitate Texas legal review and document preparation. READ MORE |
