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.