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| | | Forum Newbie
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Last Login: 8/10/2007 1:42:22 PM
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| Does anyone know how to get the notice of right to receive appraisal back into forms after the new 6.0 updat? |
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| | | Forum Member
Group: Forum Members
Last Login: 10/10/2007 9:32:37 AM
Posts: 31, Visits: 50 |
| | Calyx has removed the Right to Receive Appraisal form from Point and added its contents to page 4 of the 1003, which unfortunately causes some conflicts with certain state regulations. |
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Supreme Being
Group: Moderators
Last Login: 12/21/2008 11:16:31 PM
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| | It states on Fannie Mae's website the right to receive appraisal may be added to the loan application. For further information, please refer to: http://www.efanniemae.com/sf/formsdocs/forms/1003.jsp. Can you explain which states it conflicts with? I will let the compliance department know if I can get some specifics. Thanks.
Bryan
Point Product Manager |
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| | | Forum Member
Group: Forum Members
Last Login: 10/10/2007 9:32:37 AM
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| | I discussed with D. Alcarez rencently. Rhode Island is one of the states in which it conflicts with state disclosure requirements. RI auditors state that you may not specify a set number of days in which the customer is allowed to make the request and that is what the optional verbiage on the 1003 does. RI Statutes, Title 19, Chapter 9, Subsection 19-9-3(b) |
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| | | Forum Newbie
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Last Login: 12/5/2007 9:12:05 AM
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| It also conflicts with Arizona's Statutes, A.R.S. Section 6-906. C
Since Arizona law neither allows nor provides for the 90-day limitation, this language must be excluded from the disclosure. |
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| | | Forum Newbie
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Last Login: 12/16/2008 3:50:08 AM
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| | Can someone tell me if this creates a problem in Florida? |
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| | | Forum Newbie
Group: Forum Members
Last Login: 10/25/2007 5:34:29 AM
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| I keep getting conditioned for the form in WI. lets correct this soon. I am also wondering about the WI required disclosures. we have been required to have our borrowers sign a disclosure form and a "special" loan origination agreement.
dewitt68 |
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Supreme Being
Group: Moderators
Last Login: 12/21/2008 11:16:31 PM
Posts: 837, Visits: 1,901 |
| The days to receive appraisal will be back in the next electronic update due out in a few weeks. I don't have a definite date yet, but when I do I'll post it here.
Bryan
Point Product Manager |
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