Updates

June 19, 2020

Changes and Updates in LendingBlocks Screens

Docu Prep will be deploying a release to LendingBlocks on the evening of Friday, June 19th, 2020. This following updates/changes will be made:

In Subject Property the screen titled “Settlement” has been changed to “Legal”. The following fields have been removed and relocated to the Document Details/Closing Instructions screen:

      • Order Number
      • Title Policy/Exceptions
      • Endorsements

In Document Details/Closing Instructions the screen was reordered with the new fields that have been relocated from the “Settlement” screen.

In Document Details/Miscellaneous the Tennessee Derivation Clause fields have been added.

June 15, 2020

Document Updates and Changes

As a result of an ongoing review of our documents to ensure compliance with state and federal requirements, we have made the following changes:

  • The SOFR instruments (notes and riders) have been added to our library. For those planning on using the new SOFR ARM product, please reach out to Docu Prep support for more information.
    • The CFPB has also put out a proposed rule to make changes to the Truth In Lending Act and its implementing regulation, Regulation Z, to remove references to LIBOR.
  • On June 4, 2020 the CFPB has issued a new CHARM booklet. The booklet (provided as part of your eSign transaction and in the fulfillment package) has been updated to the new version.

May 22, 2020

Document Updates and Changes

As a result of an ongoing review of our documents to ensure compliance with state and federal requirements, we have made the following changes:

VAWSACVD/27841 – VA Water System Acknowledgment during  COVID-19. We created the document to help Lenders comply with  recently published VA Circular 26-20-13 Change 1. Completed  03/17/2020.

VA Circular 26-20-13 has a requirement that Veteran borrowers acknowledge that they will need to obtain proper well water testing within 180 days of closing if well water testing is unavailable in their area due to COVID-19. Veteran borrowers must also acknowledge that they are responsible to install and pay for a filtration system if their system fails the well water filtration test.

This disclosure will only be added to packages by Lenders who request it.

March 20, 2020

Document Updates and Changes

As a result of an ongoing review of our documents to ensure compliance with state and federal requirements, we have made the following changes:

TXQUAL/22013 – Conditional Pre-Qualification Letter, Mortgage Company, 7 TAC 80.201(a). We updated the document to match the recently published updated model form. Completed 03/19/2020.

TXAPPLTR/22014 – Conditional Approval Letter, Mortgage Company, 7 TAC 80.201(b). We updated the document to match the recently published updated model form. Completed 03/19/2020.

TXAPPBKR/27671 – Conditional Approval Letter, Mortgage Banker, 7 TAC 81.201(b). We updated the document to match the recently published updated model form. Completed 03/19/2020.

Effective May 1, 2020, the Texas Department of Savings and Mortgage Lending requires the use of four updated model forms. A set for each licensee type (Mortgage Company and Mortgage Banker) of (1) the Conditional Pre-Qualification Letter, and (2) the Conditional Approval Letter. We currently do not have any clients that use the Mortgage Banker version of the Conditional Pre-Qualification Letter, therefore, it is not included as an updated form. Any clients who would like to use the Mortgage Banker version of the Conditional Pre-Qualification Letter may request it by contacting us. For more information about this change please see the TX Department of Savings and Mortgage Lending’s Residential Mortgage Loan Origination: Statutes and Rules webpage.

March 18, 2020

Systems Update

A little after 7:00 A.M. MT, the Salt Lake City, UT, area experienced a 5.7 magnitude earthquake. Docu Prep’s systems have been running and continue to run without issues. There has been no damage to systems or corporate infrastructure. Emails to support@docuprep.com, and calls to 888-362-7737, will continue uninterrupted.

March 12, 2020

Docu Prep’s Business Continuity During COVID-19

In regards to COVID-19, Docu Prep would like to reassure its clients that it is prepared to (1) maintain its business services and (2) help its clients maintain their production.

  • Maintaining Docu Prep’s Business Services.
    • System – Docu Prep’s systems operate 24 hours a day, 7 days a week, and remain unaffected.
    • Support – Emails to support@docuprep.com, and calls to 888-362-7737, will continue uninterrupted.
  • Helping Clients Maintain Production. Additionally, Docu Prep has tools and services to help clients work remotely, as needed, namely:
    • LendingBlocks – a secure online tool by which clients can
      • Input loan data;
      • Order Credit, Flood, Automated Underwriting and other services;
      • Request documents; and
      • Make eSign requests.
    • eSign – a secure online tool by which clients and borrowers can
      • Sign or retrieve documents electronically; and
      • Deliver additional document to consumers.
    • ePrint – a secure online tool by which lenders can
      • Deliver documents to Title, Escrow, and Closing Agents.

Please contact Docu Prep with any additional questions or concerns related to the measures Docu Prep is taking to ensure business continuity for everyone.

March 03, 2020

Document Updates and Changes

As a result of an ongoing review of our documents to ensure compliance with state and federal requirements, we have made the following changes:

RD198018/22459 – Conditional Commitment for Single Family Housing Loan Guarantee #RD 3555-18. Docu Prep updated the document to match the recently published updated model form. Completed 03/03/2020.

January 17, 2020

Document Updates and Changes

As a result of an ongoing review of our documents to ensure compliance with state and federal requirements, we have made the following changes:

Affecting WA, NV, GA, NJ, and FNMA

IDWARATE/10554 – WA Rate Lock Agreement/Disclosure. Docu Prep updated the document to match the recently published WA FDI model form. Completed 01/16/2020.

ID1086NV/20342 – NV Commercially Reasonable Means or Mechanism. NV legislation (AB468) that recently went into effect combines the mortgage terms, “Mortgage Broker” and “Mortgage Banker,” into “Mortgage Company.” Docu Prep is updating this document to use the new term and making it available independent of whether a “Mortgage Broker” or “Mortgage Banker” is originating a loan. Completed 01/16/20.

NVDISFEE/24436 – NV Disclosure of Fees Earned by Mortgage Broker, NRS 645B.305. NV legislation (AB468) that recently went into effect combines the mortgage terms, “Mortgage Broker” and “Mortgage Banker,” into “Mortgage Company.” Docu Prep is updating this document to use the new term and making it available independent of whether a “Mortgage Broker” or “Mortgage Banker” is originating a loan. This document will now show up in both “Mortgage Broker” and “Mortgage Banker” packages. Completed 01/17/20.

IDGATA/27763 – GA Loan Originator Temporary License Disclosure. Georgia enacted a law in late December 2019 that requires mortgage loan officers operating under temporary authority per Federal 12 USC § 5117 must provide this disclosure. Docu Prep has created the disclosure but has not added to any packages. If you have, or plan to have, any loan originators operating with temporary authority in the state of Georgia, please email support@docuprep.com. Completed 01/15/20.

FNMA Form 2100 – Community Land Trust Ground Lease Rider. Docu Prep is aware that Fannie Mae has developed a standard rider for the rare circumstances in which a lender may be originating a Community Land Trust Mortgage Loan. If you need of this form, please email support@docuprep.com. Will be completed upon request.

Loan Analysis NJ High Cost Threshold The NJ Department of Banking published in bulletin 20-01 on January 14, 2020, the High-Cost Threshold for homes for 2020 is $506,059.40. Although it was not published until January 14, it back-dated the effective date to January 1, 2020. Docu Prep has updated its Loan Analysis with the new threshold. Completed 01/15/2020. 

January 9, 2020

Document Updates and Changes

As a result of an ongoing review of our documents to ensure compliance with state and federal requirements, we have made the following changes:

IDMALDIS/23734 – Massachusetts License Disclosure. The title and citation on the document were updated to match the promulgating statute. Completed 01/07/2020.

DCTAXEX/8121 – D.C. Real Property Recordation and Transfer Tax Form FP 7/C. This document was updated to match the version recently published by Washington D.C. Completed 01/08/2020.

January 6, 2020

Document Updates and Changes

As a result of an ongoing review of our documents to ensure compliance with state and federal requirements, we have made the following changes:

MASFLOOD/25016 -Massachusetts Flood Notice Disclosure. Docu Prep updated our form to most current version. Completed 01/03/2019.

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