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| | | Forum Newbie
Group: Forum Members
Last Login: 6/28/2006 8:18:55 AM
Posts: 3, Visits: 7 |
| Just updated to Point 5.3 and the FL Lender Disclosure has changed.
Before, I could fill in days to issue commitment (we don't issue commitment), we would put N/A, now, it says 1-30.
Florida doesn't require a commitment, how do I change this in Point?
Thanks,
Alfred |
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| | | Forum Newbie
Group: Forum Members
Last Login: 3/12/2007 11:39:26 AM
Posts: 4, Visits: 7 |
| This information was obtained from our Legal Counsel in Florida: The Florida lender disclosure was slightly changed to include the imbedded "1-30" day timeframe. Why? Florida ch. 494.0068 requires an estimated amount of days to obtain a commitment to be disclosed. By embedding this info, the user (mortgage company issuing this disclosure) can no longer intentionally or unintentionally fail to set forth the amount of days portion of this disclosure. In this instance, it appears the Florida mortgage company is a licensed lender but essentially brokers the loans out and obtains commitments from the funding lender. The State of Florida does not mandate the issuance of a commitment once one has been obtained, however, the law still requires the Florida Lender disclosure to be issued and the amount of days estimated to obtain a commitment be disclosed. By incorporating this into the disclosure, it is merely trying to help assure the FL Lender Disclosure would actually be completed correctly by the user when issuing this disclosure form, and thus helping Florida user's comply with Florida law. Thank you,
David Alcaraz Calyx Software Business Development |
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