Scheduled Updates for December 12, 2019 - ClosingCorp · 2020-04-08 · Scheduled Updates for...

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Scheduled Updates for December 12, 2019:

All Users: Kentucky Increase in Base and MERS Fees

Pennsylvania – City Transfer Tax increase

New Appraisal Products

Appraisal Product List Update

Encompass: Uniform Residential Loan Application

Support Single Closing for Construction to Permanent

All Users: Kentucky Increase in Base and MERS Fees

Effective January 1, 2020, all recording offices in Kentucky will implement Senate Bill (SB)-114 which increases the Base and MERS fees.

The Base fee:

• From $16 to $51 for the Affidavit of Conversion to Real Estate document • From $7 to $80 for the Mortgage/Deed of Trust document • From $7 to $50 for these 4 documents: Deed, Interspousal Deed, Quitclaim Deed and Power of

Attorney • From $7 to $46 for these 8 documents: Affidavit, Assignment, Declaration of Homestead,

Modification, Owner-Occupied Retention Agreement, Release of Real Estate Lien, Satisfaction of Mortgage and Subordination Agreement

The MERS fee will increase from $12 to $46 in recording offices where applicable.

In addition, in all recording offices, the following document questions and fees will be removed from all recording documents:

• "Number of names" and its related fee "Excess name fee" • "Number of PINs" and its related fee "PIN fee" • Recording fee "Surrendering Converting Title fee" • Recording fee "Legal Process tax" • The following document questions and fees will be added:


• "Number of pages" and its related fee "Document page fee" will be added to the Assignment and Modification documents in Hancock County

• "Number of pages" and its related fee "Document page fee" will be added to the Assignment document in Hardin County

• "Number of pages" and its related fee "Document page fee" will be added to these 4 documents Assignment, Power of Attorney, Release of Real Estate Lien and Subordination Agreement in Lewis County

• "MERS is nominee" and its related fee "MERS fee" will be added to the Mortgage/Deed of trust document in all offices except Jefferson and Hardin counties

Our system was updated on November 8, 2019 to reflect these changes.

Pennsylvania – City Transfer Tax increase As a reminder, effective January 1, 2020, the City of Pittsburgh in Allegheny county will increase the city transfer tax rate in the tax authorities Pittsburgh-Baldwin-Whitehall School District from 3% to 3.5% and Pittsburgh-Pittsburgh School District from 3.5% to 4%.

Our system was updated on June 7, 2019 to reflect the new tax rates.

New Appraisal Products

ClosingCorp will be adding two new appraisal products as part of the Fannie Mae “Data and Appraisal” option of the “Value Verify” initiative. The new products will be available to a limited number of lenders that are part of the beta with Fannie Mae, however at the successful completion of the beta we anticipate the products to be available to all lenders.

• 1004P Residential Appraisal Report • Property Data Collection

The appraisal products will be available on Conventional loan types.

Appraisal Product List Update

We are updating our appraisal product list to ensure that only applicable appraisal products display for the loan type and property type scenario.

Table 1:Single Family

LOAN TYPE APPRAISAL PRODUCT STATUS

Conventional FNMA 1025/FHLMC72 with 1007 Small Residential Income Property Report

Removed

Conventional FNMA 2055/FHLMC 2055 Exterior-Only Inspection Residential Appraisal Report

New/Available



Conventional 1004 Uniform Residential Appraisal Report Available

Conventional Automated Valuation Model Available

Conventional FHLMC 2070 - Condition and Marketability Report - Exterior Inspection

Available

Conventional FNMA 2006 - Desk Review Available

Conventional FNMA 2075 - Desktop Underwriter Property Inspection - Exterior Inspection

Available

Conventional Homestyle 1004 Available

Conventional Land Appraisal Available

Conventional Residential Appraisal Review-Enhanced Desk Review Available

Conventional SFR Non Owner Occupied residence with a Rent Schedule (1004+1007)

Available

Conventional Single Family Investment (1004, 1007, and 216) Available

FHA FHA 203K - Streamline - Uniform Residential Appraisal Removed

FHA FHA Field Review (HUD 1038) Removed

FHA 203K URAR Single Family New/Available

FHA 92051 FHA Compliance Inspection (CIR) Available

FHA Automated Valuation Model Available

FHA FHA - FNMA 1004 - Uniform Residential Appraisal Report

Available

FHA FNMA 2055/FHLMC 2055 Exterior-Only Inspection Residential Appraisal Report

Available

FHA Land Appraisal Available

FHA SFR Non Owner Occupied residence with a Rent Schedule (1004+1007)

Available

FHA Single Family FHA Investment (1004, 1007, and 216) Available



VA Automated Valuation Model Removed

VA 1004 Uniform Residential Appraisal Report Available

VA FNMA 2055/FHLMC 2055 Exterior-Only Inspection Residential Appraisal Report

Available

FHA 203K FHA - FNMA 1004 - Uniform Residential Appraisal Report

Removed

FHA 203K FHA Field Review (HUD 1038) Removed

FHA 203K FNMA 2055/FHLMC 2055 Exterior-Only Inspection Residential Appraisal Report

New/Available

FHA 203K 203K URAR Single Family Available

FHA 203K 92051 FHA Compliance Inspection (CIR) Available

FHA 203K Automated Valuation Model Available

FHA 203K FHA 203K - Streamline - Uniform Residential Appraisal Available

FHA 203K Land Appraisal Available

FHA 203K SFR Non Owner Occupied residence with a Rent Schedule (1004+1007)

Available

FHA 203K Single Family FHA Investment (1004, 1007, and 216) Available

USDA Rural Housing

1004 Uniform Residential Appraisal Report Removed

USDA Rural Housing

FNMA 1025/FHLMC 72 with 1007- Small Residential Income Property Report

Removed

USDA Rural Housing

FNMA 2055/FHLMC 2055 Exterior-Only Inspection Residential Appraisal Report

New/Available

USDA Rural Housing

FHLMC 2070 - Condition and Marketability Report - Exterior Inspection

Available

USDA Rural Housing

FNMA 2006 - Desk Review Available



USDA Rural Housing

Automated Valuation Model Available

USDA Rural Housing

FNMA 2075 - Desktop Underwriter Property Inspection - Exterior Inspection

Available

USDA Rural Housing

Land Appraisal Available

USDA Rural Housing

Residential Appraisal Review-Enhanced Desk Review Available

USDA Rural Housing

SFR Non Owner Occupied residence with a Rent Schedule (1004+1007)

Available

USDA Rural Housing

Single Family Investment (1004, 1007, and 216) Available

USDA Rural Housing

USDA Appraisal URAR (FNMA 1004) Available

Other FNMA 1025/FHLMC 72 with 1007- Small Residential Income Property Report

Removed

Other 1004 Uniform Residential Appraisal Report Available

Other Automated Valuation Model Available

Other FHLMC 2070 - Condition and Marketability Report - Exterior Inspection

Available

Other FNMA 2006 - Desk Review Available

Other FNMA 2055/FHLMC 2055 Exterior-Only Inspection Residential Appraisal Report

Available

Other FNMA 2075 - Desktop Underwriter Property Inspection - Exterior Inspection

Available

Other Land Appraisal Available

Other Residential Appraisal Review-Enhanced Desk Review Available

Other SFR Non Owner Occupied residence with a Rent Schedule (1004+1007)

Available



Other Single Family Investment (1004, 1007, and 216) Available

Table 2: Condo


Conventional FNMA 1025/FHLMC 72 with 1007- Small Residential Income Property Report

Removed

Conventional 1073 Individual Condominium Unit Appraisal Report Available


Conventional Condo 1073 (w/1007 and 216) Available

Conventional Condo 1073 (w/1007) Available


Available

Conventional FNMA 2000/FHLMC 1032 - One-Unit Residential Appraisal Field Review Report

Available



Available




FHA 203K URAR Condo Removed







FHA FHA - FNMA 1073/FHLMC 465 - Individual Condominium Unit

Available

FHA FHA - FNMA 2000/FHLMC 1032 - One-Unit Residential Appraisal Field Review Report

Available

FHA FHA Condo 1073 (w/1007 and 216) Available

FHA FNMA 1075/FHLMC 466 - Individual Condominium Unit Appraisal Report - Exterior Inspection

Available



VA 1073 Individual Condominium Unit Appraisal Report Available

VA FNMA 1075/FHLMC 466 - Individual Condominium Unit Appraisal Report - Exterior Inspection

Available

FHA 203K FHA - FNMA 1073/FHLMC 465 - Individual Condominium Unit

Removed

FHA 203K FHA 203K - Streamline - Uniform Residential Appraisal Removed


FHA 203K 203K URAR Condo Available



FHA 203K FHA - FNMA 2000/FHLMC 1032 - One-Unit Residential Appraisal Field Review Report

Available

FHA 203K FHA Condo 1073 (w/1007 and 216) Available


USDA Rural Housing

1073 Individual Condominium Unit Appraisal Report Removed

USDA Rural Housing


Removed



USDA Rural Housing


USDA Rural Housing

Condo 1073 (w/1007 and 216) Available

USDA Rural Housing

Condo 1073 (w/1007) Available

USDA Rural Housing


Available

USDA Rural Housing

FNMA 2000/FHLMC 1032 - One-Unit Residential Appraisal Field Review Report

Available

USDA Rural Housing


USDA Rural Housing


Available

USDA Rural Housing


USDA Rural Housing


USDA Rural Housing

USDA Appraisal - Condo Available


Removed

Other 1073 Individual Condominium Unit Appraisal Report Available


Other Condo 1073 (w/1007 and 216) Available

Other Condo 1073 (w/1007) Available


Available



Other FNMA 1075/FHLMC 466 - Individual Condominium Unit Appraisal Report - Exterior Inspection

Available

Other FNMA 2000/FHLMC 1032 - One-Unit Residential Appraisal Field Review Report

Available



Available



Table 3: Duplex



Removed

Conventional 2-4 Unit Small Res. Income Prop. (FNMA 1025/FHLMC 72)

Available



Available


Available

Conventional FNMA 2000A/FHLMC 1072 - 2 to 4 Units Residential Appraisal Field Review Report

Available



Available







FHA FHA 203K 2-4 Unit Small Res. Income Prop Removed

FHA FHA 203K Streamline - 2-4 Unit Small Res. Income Prop Removed





Available


FHA Multi-Family FHA (FNMA 1025) Available


VA 2-4 Unit Small Res. Income Prop. (FNMA 1025/FHLMC 72)

Available


Available



FHA 203K Multi-Family FHA (FNMA 1025) Removed


New/Available



FHA 203K FHA 203K 2-4 Unit Small Res. Income Prop Available



FHA 203K FHA 203K Streamline - 2-4 Unit Small Res. Income Prop Available


USDA Rural Housing

2-4 Unit Small Res. Income Prop. (FNMA 1025/FHLMC 72)

Removed

USDA Rural Housing


New/Available

USDA Rural Housing


USDA Rural Housing


Available

USDA Rural Housing


Available

USDA Rural Housing

FNMA 2000A/FHLMC 1072 - 2 to 4 Units Residential Appraisal Field Review Report

Available

USDA Rural Housing


USDA Rural Housing


Available

USDA Rural Housing


USDA Rural Housing


USDA Rural Housing

USDA Appraisal Multi Family (2- 4 Units) Available

Other 2-4 Unit Small Res. Income Prop. (FNMA 1025/FHLMC 72)

Available



Available




Available

Other FNMA 2000A/FHLMC 1072 - 2 to 4 Units Residential Appraisal Field Review Report

Available



Available


Available



Table 4: Manufactured Housing



Removed


New/Available



Available

Conventional FNMA 1004C / FHLMC 70B - Manufactured Home Appraisal

Available


Available



Available





FHA 203K URAR Manufactured home - 1004c Removed





FHA FHA - FNMA 1004C / FHLMC 70B - Manufactured Home Appraisal

Available


Available


Available



VA FNMA 1004C / FHLMC 70B - Manufactured Home Appraisal

Available


Available

FHA 203K FHA - FNMA 1004C / FHLMC 70B - Manufactured Home Appraisal

Removed




New/Available

FHA 203K 203K URAR Manufactured home - 1004c Available






Available


USDA Rural Housing

FNMA 1004C / FHLMC 70B - Manufactured Home Appraisal

Removed

USDA Rural Housing


Removed

USDA Rural Housing


New/Available

USDA Rural Housing


USDA Rural Housing


Available

USDA Rural Housing


Available

USDA Rural Housing


USDA Rural Housing


Available

USDA Rural Housing


USDA Rural Housing


USDA Rural Housing

USDA Appraisal Manufactured Available





Available

Other FNMA 1004C / FHLMC 70B - Manufactured Home Appraisal

Available


Available


Available



Available


Available



Table 5: Townhouse



Removed

Conventional 1004 Uniform Residential Appraisal Report Available

Conventional 1073 Individual Condominium Unit Appraisal Report Available


Conventional Condo 1073 (w/1007 and 216) Available

Conventional Condo 1073 (w/1007) Available


Available




Available



Available




FHA 203K URAR Condo Removed



FHA FHA - FNMA 1004 - Uniform Residential Appraisal Report

New/Available



FHA FHA - FNMA 1073/FHLMC 465 - Individual Condominium Unit

Available


Available

FHA FHA Condo 1073 (w/1007 and 216) Available


Available



VA FNMA 1075/FHLMC 466 - Individual Condominium Unit Appraisal Report - Exterior Inspection

New/Available



VA 1004 Uniform Residential Appraisal Report Available

VA 1073 Individual Condominium Unit Appraisal Report Available


Available


FHA 203K 203K URAR Condo Available



FHA 203K FHA - FNMA 1073/FHLMC 465 - Individual Condominium Unit

Available


Available

FHA 203K FHA 203K - Streamline - Uniform Residential Appraisal Available

FHA 203K FHA Condo 1073 (w/1007 and 216) Available

USDA Rural Housing


Removed

USDA Rural Housing

1004 Uniform Residential Appraisal Report Available

USDA Rural Housing

1073 Individual Condominium Unit Appraisal Report Available

USDA Rural Housing


USDA Rural Housing

Condo 1073 (w/1007 and 216) Available

USDA Rural Housing

Condo 1073 (w/1007) Available

USDA Rural Housing


Available



USDA Rural Housing

FNMA 1075/FHLMC 466 - Individual Condominium Unit Appraisal Report - Exterior Inspection

Available

USDA Rural Housing


Available

USDA Rural Housing


USDA Rural Housing


Available

USDA Rural Housing


USDA Rural Housing


USDA Rural Housing

USDA Appraisal - Condo Available


Removed

Other 1004 Uniform Residential Appraisal Report Available

Other 1073 Individual Condominium Unit Appraisal Report Available


Other Condo 1073 (w/1007 and 216) Available

Other Condo 1073 (w/1007) Available


Available

Other FNMA 1075/FHLMC 466 - Individual Condominium Unit Appraisal Report - Exterior Inspection

Available


Available





Available


Available



Table 6: Cooperative



Removed



Available


Available



Available

Conventional FNMA 2090 - Individual Cooperative Interest Appraisal Report - Interior Inspection

Available

Conventional FNMA 2095 - Individual Cooperative Interest Appraisal Report - Exterior Inspection

Available








Removed




Available

FHA FNMA 2090 - Individual Cooperative Interest Appraisal Report - Interior Inspection

Available

FHA FNMA 2095 - Individual Cooperative Interest Appraisal Report - Exterior Inspection

Available




Removed

VA FNMA 2090 - Individual Cooperative Interest Appraisal Report - Interior Inspection

Available

VA FNMA 2095 - Individual Cooperative Interest Appraisal Report - Exterior Inspection

Available






Available

FHA 203K FNMA 2090 - Individual Cooperative Interest Appraisal Report - Interior Inspection

Available

FHA 203K FNMA 2095 - Individual Cooperative Interest Appraisal Report - Exterior Inspection

Available




USDA Rural Housing


Removed

USDA Rural Housing


USDA Rural Housing


Available

USDA Rural Housing


Available

USDA Rural Housing


USDA Rural Housing


Available

USDA Rural Housing

FNMA 2090 - Individual Cooperative Interest Appraisal Report - Interior Inspection

Available

USDA Rural Housing

FNMA 2095 - Individual Cooperative Interest Appraisal Report - Exterior Inspection

Available

USDA Rural Housing


USDA Rural Housing



Removed


Removed


Available


Available





Available

Other FNMA 2090 - Individual Cooperative Interest Appraisal Report - Interior Inspection

Available

Other FNMA 2095 - Individual Cooperative Interest Appraisal Report - Exterior Inspection

Available



Encompass Uniform Residential Loan Application

The Encompass integration will be updated to accommodate the new URLA form that is being introduced in 2020. The “FHA Secondary Residency” flag for occupancy type and “Unit #” field have been added to Encompass in support of the URLA 2020 form.

The number entered in the “Unit # field will be affixed to the address field in SmartFees to ensure that accurate property data is collected.

The “FHA secondary Residency” flag will not have an impact on users at this time.

Note: These changes will only impact customers using the URLA 2020 form in Encompass.


Figure 1: Encompass

Support Single Closing for Construction to Permanent

With the introduction of the URLA 2020 form there is a new flag “Single-Closing”. Selecting this flag in Encompass will indicate in SmartFees that the file is a Single Closing loan for Construction to Permanent.

Scheduled Updates for December 12, 2019 - ClosingCorp · 2020-04-08 · Scheduled Updates for...

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