Update to the programming of the Rate Lock Agreement (RLA.MSC) in the “Total Points Paid” section to only show Discount Points. Also, put a 0.00 in the borrower acknowledges payment of $ area if there is not a LIF (Rate Lock Fee) or AL (Advance Lock).
New audit that checks non-entity loans (including trust loans) to ensure we have at least one ‘I’ type borrower in the borrower list, or if it’s a non-trust entity, at least one Officer. Trust entities still need at least one 'I' type in the borrower list. This will fire as fatal.
The New Jersey Department of Banking and Insurance issued a bulletin addressing the annual review regarding the definition of a "high-cost home loan" under the Home Ownership Security Act of 2002. The maximum principal amount of a loan that may be considered under this definition is $617,603 and is effective for all completed applications subject to the Act on or after January 1, 2025 (retroactive).
South Carolina prepayment threshold amount change from $690,000 to $765,000.
2025 Update to the Audit for Ohio Prepayment Penalty loan amount. Effective January 1, 2025, no penalties may be imposed on prepayment or refinancing of a residential mortgage loan of less than $112,957.
2025 Update to the Audit for Indiana High Cost Points and Fees Threshold. Ind. Code. s 24-9-2-8 provides for two levels of maximum points and fees, i.e., 6% for loan amounts below $40,000 and 5% for loan amounts above $40,000. The $40,000 may change every odd year as of Jan. 1.
As of January 1, 2025, the $40,000 threshold amount has been updated from $56,000 (2023) to $60,000 (2025).
Update to Programming of Vermont High Rate High Point Disclosure (VTHRHP.DSC) to include the 2025 Declared Rate of 8.5%.
Update to the Audit for the 2025 Declared rate for Vermont. Effective January 1, 2025, the new rate will be 8.5% and increase from the 2024 Declared Rate of 8%.
Update to the programming of the California RON Acknowledgment (CARON.ACK) for updated verbiage for electronic closings.
New audit for any County Name that doesn't match our County File. Example Miami-Dade vs Miami Dade. This will fire as a warning.
