NEW ELECTRONIC HUD AND CHARM BOOKLETS NOW AVAILABLE
As the industry shifts toward e-mortgages, Wolters Kluwer Financial Services is leading the way. In an effort to provide lenders with effective e-solutions for disclosures, Wolters Kluwer Financial Services will be offering electronic versions of the HUD Settlement Costs Booklet and the Consumer Handbook on Adjustable Rate Mortgages (CHARM) booklet by the end of September. These booklets will be available in several different file formats, both mapped and unmapped.
HUD Booklet
The HUD booklet provides information to help borrowers understand the settlement process—such as the roles of real estate brokers and attorneys, understanding loan terms, disclosures, the loan approval process, and borrowers’ rights. This booklet must be given to borrowers within three business days of application.
CHARM Booklet
The CHARM booklet contains information about adjustable rate mortgages (ARMs), including helpful explanations of how they work. The CHARM booklet must be given to borrowers applying for an adjustable rate mortgage at the time of application or before a nonrefundable fee is accepted, whichever comes first.
These new offerings respond to the growing demand for electronic disclosures that support e-mortgage transactions. They will provide lenders with real-time delivery of the disclosures at a lower cost than print versions. They will also allow a lender to electronically send the HUD and CHARM disclosures as part of the disclosure package via SDX Secure Document Exchange.
For more information on SDX, please visit our web site at www.wolterskluwerfs.com/info/sdx/index.html. This is another example of how Wolters Kluwer Financial Services is constantly innovating to meet your compliance needs.
FANNIE MAE EXPANDS ITS MYCOMMUNITYMORTGAGE PROGRAMS
In a recent attempt to expand home buying opportunities for low- to moderate-income home buyers, Fannie Mae has made some changes to its MyCommunityMortgage™ program. Among other new features, Fannie now offers fixed rate, certain adjustable rate, and several interest-only products. Fannie is also offering a 40-year term on these products. Fannie will also permit temporary interest rate buy downs.
Fannie Mae has also made other enhancements and changes to the program, including the Community Seconds® program, so lenders should refer to the Fannie Mae web site, www.efanniemae.com, for more details on these changes.
While these new products and options should make community lending a more attractive option to lenders, you will still be able to use the standard Fannie Mae forms currently offered by Wolters Kluwer Financial Services. In addition, Wolters Kluwer Financial Services will continue to keep you up to date on new compliance issues.
UPCOMING INDUSTRY EVENTS
Visit us at the Mortgage Bankers Association’s (MBA) Annual Convention & Expo
When: October 22 - 25, 2006, in Chicago, IL
Where to find us: Booth 219
Location information:
Hyatt Regency Chicago
Crystal Ballroom—Salon A
Green Level
West Tower
Also, join our presentation on Securing Customer Data and Your Business on October 24 from 11 A.M. – 12:15 P.M.
To register for the MBA Annual Convention & Expo, click on the banner below or visit the MBA expo web site.
