The Financial Institutions Division of the Ohio Department of Commerce has posted three (3) new model disclosures to its website and updated four (4) of the model disclosures that it previously provided in December, 2006.
The new disclosures are the:
- Business Relationship Disclosure Notice;
- Notice of Escrow of Taxes and Regular Monthly Payment; and
- Verification of Prepurchase Counseling.
These model disclosures may be viewed here. Please note that the Notice of Escrow of Taxes and Regular Monthly Payment disclosure replaces the Pre-Closing disclosure that DocMagic's Compliance Department previously prepared to comply with Ohio Revised Code ยง1322.063. You may read more about the Pre-Closing Disclosure in this prior article of The Compliance Wizard.
The updated disclosures are:
- Addendum to Good Faith Estimate;
- High Loan to Value Disclosure;
- Mortgage Loan Origination Disclosure Statement; and
- Notice of Change in Mortgage Terms
You may read more about these updated disclosures in the November/December 2006 issue of The Compliance Wizard and view these new and updated disclosures in the Forms Updates for February 2007.
Please note that the DocMagic software will select the above new and updated Ohio model disclosures under applicable circumstances. Feel free to contact DocMagic's Compliance Department if you have any questions regarding the content of this article.
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