Is there a time-frame for the initial disclosures to be valid and does it differ from state to state?

When using the phrase "initial disclosures," we assume at a minimum, the TIL disclosure statement and the GFE.  Provided those disclosures were delivered to the borrower in the appropriate time frame, the fact that the borrower did not sign them until recently is irrelevant.  As long as you can demonstrate that your business practices as such that the disclosures are routinely provided as required, you should be okay.  However, please be aware that if any of the loan terms have changed such that the APR and other disclosed terms have changed outside of acceptable tolerances (think ge

What fees exactly should be included in the APR?

Thank you for your question. DocMagic provides a matrix that reflects a list of various fees and charges that are found in the dropdown menu of fees/charges for DocMagic Software, with DocMagic's defaults designating whether or not such fees/charges are finance charges. The matrix includes information about the specific law or regulation DocMagic referenced to make this determination.

Does the Homeowners Protection Act and the PMI Drop Off at 78% Apply to Second Homes?

The Homeowners Protection Act of 1998 (HPA) governs the circumstances under which borrowers may request that Private Mortgage Insurance (PMI) be terminated and when lenders must terminate PMI.  The provisions of HPA apply only in certain circumstances.  Specifically, HPA applies to "residential mortgage transactions."  The key definitions in HPA are "residential mortgage" and "single-family dwelling":

How should the power of attorney verbiage appear in the signature lines for Pennsylvania?

The "his/her agent" should be the default verbiage when the property is in PA and if not in PA the "attorney-in-fact" verbiage would default.  The reason for using "agent" is because the power of attorney statutes in PA use "agent" instead of attorney-in-fact.  20 Pa. Stat. § 5601(f) states: As used in this chapter (Chapter 56.

If the calculated APR in the worksheet decreases (is overstated) by more than .125% from the Last Disclosed APR, do we need to r

In the case of an overstated APR, it is difficult to answer your question and give you a concrete answer, because whether you need to re-disclose depends on the circumstances.  Section 226.22 and Section 226.18(d)(1) of Reg. Z are the governing regulations that would help guide you in making the determination on whether or not to re-disclose.
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