We have begun a project to eliminate, shorten, or consolidate some of our loan documents in order to reduce document package sizes. We wanted to make all users aware that they may notice small certain changes in the documents received. Any and all changes have been reviewed by our Legal and Compliance teams, and the loan documents will remain in compliance with federal and state requirements. Below is a current list of documents affected as of today. This list will continue to be updated and supplemented as this project proceeds:
Documents to be unfiltered (effective January 2, 2019)
3404 – Mineral Rights Acknowledgment – Not legally required. This document restates information already included in the DOT.
3563 – Hazard Insurance Form – Not legally required. Restates information included in the closing instructions. Not typically completed by settlement agent.
9550 – Affidavit Regarding LE and CD – Not legally required. Included as an additional “belt and suspenders” document when TRID first started and compliance concerns were heightened. No longer as relevant.
9104 – Acknowledgment of Receipt of Federal Disclosures – Not legally required. Simply acknowledges receipt of certain federal disclosures that automatically filter into the closing package. Since those disclosures automatically filter, this document’s continued usefulness is marginal.
5907 – Calculation of Aggregate Escrow Account – Not legally required. Duplicative of other forms in the closing package.
**5923 – Errors and Omissions Agreement – Required for secondary market loans, but not relevant for portfolio loans. Currently, this form filters into all document packages we prepare. Effective January 2, it should only filter if an investor is selected.
5871 – Texas Home Equity Closing Instructions Addendum – This is an obsolete version of the form. We support a current version of this addendum that will continue to filter for Texas home equity loans (form 3617).
7636 – Texas Home Equity Subsequent Refinance Notice – This form is being consolidated with form 2277 (Texas Home Equity Owner’s Affidavit of Compliance). See below.
1277 – Texas Home Equity Place of Closing – This form is being consolidated with form 2277 (Texas Home Equity Owner’s Affidavit of Compliance). See below.
3615 – Texas Home Equity Receipt of Copies – This form is being consolidated with form 2277 (Texas Home Equity Owner’s Affidavit of Compliance). See below.
Consolidated Documents (effective January 2, 2019)
In Texas 50(a)(6) document packages, forms 7636 (Texas Home Equity Subsequent Refinance Notice), 1277 (Texas Home Equity Place of Closing), and 3615 (Texas Home Equity Receipt of Copies) are being eliminated as stand-alone documents. and the disclosures included in these forms are being consolidated into 2277 (Owner’s Affidavit of Compliance – Regarding Compliance with Provisions of Section 50(a)(6), Article XVI, Texas Constitution)
Revised Documents
5721 – Borrower’s Closing Affidavit – This form has been condensed.
3137 – Document Correction Agreement – This form has been condensed.
3617 – Texas Home Equity Closing Instructions Addendum – This form has been condensed.
2277 – Texas Home Equity Owner’s Affidavit of Compliance – This document has been revised to incorporate the information in forms 7636, 1277, and 3615, which are being eliminated as stand-alone documents.
