District of Columbia Requires Additional Disclosure for "Non-Conventional Mortgage Loans"
A new disclosure requirement became effective February 28, 2008. Bill 167 - Mortgage Disclosure Amendment Act of 2007 - requires lenders licensed under the Mortgage Lender and Broker Act to provide an additional disclosure to borrowers applying for "non-conventional mortgage loans."
The Act requires this disclosure to be provided on red paper, on one page front and back or electronically. The bill defines a non-conventional mortgage loan as any loan that is not a fixed-rate mortgage loan with an amortization period of 30 years or less. Under the new law, borrowers have up to 5 business days after receiving the non-conventional mortgage loan disclosures to cancel the application.
Cx 13354 was created and is being provided in Initial Disclosure packages that have an amortization term of 30 years or less and are ARM or Neg-Am ARM.
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Mortgage Compliance Updates - Mortgage Loan Docs
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