What’s the Latest? A Look Into News and Compliance.


Latest Calyx Point Direct Connect Updates Implemented Successfully

June 9, 2010


The latest Calyx Point update was released June 2, 2010. All changes, updates, or fixes have been successfully implemented. Docu Prep is compliant with all updates and ready to proceed.


FTC's Red Flags Rule Enforcement Delayed Until January 1, 2011

June 1, 2010


The Federal Trade Commission announced May 28, 2010 their decision to delay the enforcement of the Red Flags Rule. The delay will push back the implementation of the Rule until January 1, 2011.

The Rules were designed to require covered entities to develop Identity Theft Prevention Programs. The Rules applied to “creditors” and “financial institutions” which were mandated by the Fair and Accurate Credit Transactions Act. The FTC has yet to mandate compliance to the Rules. Enforcement delays have continued to occur since the original enforcement date of November 1, 2008. These delays have been implemented because of the Commissionʼs issues pertaining to the range of covered entities.

With the current delay in place, Congress will have more time to limit the scope of businesses that will be covered by the Rule. Per chance, Congress passes limiting legislation before December 31, 2010, enforcement will be implemented at that date.

Federal Banking Agencies which enforce the Red Flags Rule will not be affected by the FTCʼs delay.


Colorado Raises Recording Fees

April 28, 2010


In order to provide consistency for each county, the state of Colorado is increasing the basic recording charges, which will go into effect July 1, 2010.

Charges will be revised to $10 for the first page, and $5 for each additional page. However, higher recording fees may be required for specific documents.

HOLA and National Bank Act Preempt California State Law

June 2, 2010


In California court case Acosta v. Wells Fargo, the plaintiffʼs (Angel Acosta) injunction request was dismissed when it was determined that the National Bank Act (NBA) preempts the California state law which the plaintiff claimed that Wells Fargo was in violation of. The California state law (Cal. Civil Code Section 2923.5) requires a lender or servicer to assess a delinquent borrowerʼs financial situation prior to filing a notice of default and prohibits a lender or servicer from filing a notice of default until 30 days after initial contact with a delinquent borrower.

In attempts to prevent the defendants (Wells Fargo) from foreclosing on her home, Acosta filed an injunction claiming Wells Fargo was in violation of the California law. The court determined that the Home Ownersʼ Loan Act (HOLA) and the NBA preempts the California Civil Code Section 2923.5.

HOLA and NBA which contain similar language, both deal with the processing and servicing of mortgages.


Georgia Raises Residential Loan Closing Fee

May 21, 2010


The state of Georgia, per House Bill 1055, increased the Georgia Residential Mortgage fee from $6.50 to $10.00 per loan closing, which went into effect May 12, 2010.

House Bill 1055 fee increase is part of many fee increases the state of Georgia has enacted in order to raise state revenue. Mortgage brokers, lender licensees, or registrants are all subject to regulation compliance under the Georgia Residential Mortgage Act.


Federal Agencies Release Online Form Builder in Conjunction With GLB Act

April 19, 2010


Thursday, April 15, 2010, several federal agencies including the Federal Trade Commission, and the Federal Reserve Board announced the release of an online form builder in conjunction with the new Gramm-Leach-Bliley Act (GLB) privacy notices.

The online forms were developed to provide institutions the ability to download a PDF version of the model form with fillable fields, which can be completed and printed, and given to potential customers. The model forms provide safe harbor protection in meeting the requirements of the GLB privacy regulation.

Did you know?


Is your company conducting business in multiple states? At Docu Prep we can provide you with state specific disclosures and a loan analysis that is compliant with state and federal regulations. We serve all 50 states and D.C. and are ready to go when you need us.


Customer Service Tip


Looking for help with your state housing docs?


Ask customer support at Docu Prep to assist you. We can provide you with what you need.

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Looking Forward

August

18

Harland Financial Solutions Connections Annual Conference (18 - 21)
Docu Prep will be attending the Harland Conference in Orlando, Florida. Topics to be discussed include maximizing technology investments, gaining new ideas and practical knowledge, market trends and other relevant hot items.

Docu Prepʼs eSignature solution (EESS™) has become more robust while maintaining its user-friendly appeal.


SALT LAKE CITY, UT - For Docu Prep EESS users, reporting couldnʼt be easier. The company now has additional features which have created a more formulaic and organized method of reporting. Customers can retrieve what they need in one place without having to scramble through old emails searching for original packages.

"Our enhancements allow for more accessibility for administrators trying to manage their pipeline," Docu Prepʼs Senior Analyst Britt Christiansen commented. "Authorized users can go into MyPortal and retrieve what they need quickly and efficiently."

Docu Prepʼs enhanced reporting includes quick links, while providing easy access to all previous or current loan and package transactions. "We are continually analyzing and improving our products," Christiansen said.