We have issued an update to the system that modified the following:
- Added a feature to the Construction Reserve portion of the interview which will give the user the ability to enter the number of draws allowed for the borrower.
- Texas title companies no longer allow “ISAOA” or similar language to be used to identify the lender and their assigns (loan buyers). They only allow the following phrase after the name of the lender: “, and each successor in ownership of the indebtedness secured by the insured mortgage, except a successor who is an obligor under the provisions of Section 12(c) of the Conditions.” Therefore, for loans with property in Texas we have modified our title instruction to match the new language permitted by Texas title companies.
- Added additional notary acknowledgements for loans which are secured by property in Virginia.
- Removed all references to title company when enabling the feature to “Remove Title Insurance”. Please note no users should use this feature without consulting an attorney.
- Updated the Wisconsin-specific spousal consent document. This document will only appear if the user answers “YES” to the spousal consent question in the interview, and either the guarantor address is Wisconsin, or the property address is in Wisconsin.