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Services reference documents, regulatory compliance updates,
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Document Preparation Services & Document Legal Review Services Ordering Instructions with Loan Origination Software

Texas Home Equity - 50(a)(6)

Information and Disclosures
general information
Memorandum: Texas Home Equity Update - SJR 60

Texas voters approved Proposition 2 by a margin of 68.61% to 31.39%. Prop. 2 as it was often referred brings changes to Section 50, Article XVI of the Texas Constitution as prescribed by Senate Joint Resolution 60 (‘SJR 60’). The changes took effect January 1, 2018 therefore lenders that offer Texas home equity loans will need to update their procedures and their forms ahead of the effective date. The Finance Commission of Texas and the Texas Credit Union Commission issued proposed interpretations to implement these changes which appear in the November 24, 2017 issue of the Texas Register. This memorandum offers a summary of the changes and implementation tips.

White Paper: Changes to Texas Home Equity Lending 2017

Changes to Texas Home Equity Lending 2017 - Survey of the top ten issues Texas home equity lenders face, including discussion of S.J.R. 60 and why the vote on November 7, 2017 matters. Presented by Thomas F. Vetters II at 51st Annual William W. Gibson, Jr., Mortgage Lending Institute, September 28-29, 2017, AT&T Conference Center, Austin, TX

Notice Concerning Extensions of Credit

Notice Concerning Extensions of Credit - Defined by Section 50(a)(6), Article XVI, Texas Constitution

Docs on Demand®

what is docs on demand
Docs on Demand Website

The Docs on Demand Closing Document System is a Web-based, multi-client, mortgage closing document delivery system.

Data Entry: Mortgage closers can enter data or import data from a variety of commercially available loan origination systems. Data entry is performed on a web browser, and requires no special software other than the web browser and an internet connection. All system maintenance, software, documents, and updates are administrated centrally.

Business Rules: A business rules database contains tables of business policies and contact information for multiple investors, brokers, and correspondents, as well as for other loan policies that vary with states, agencies, loan products, fees, and documents. The business rules database controls everything in the loan package, including the layout of data screens, the available loan products, the loan fees, the selection of documents to be printed, validation formulas, and much more.

Document Production: The resulting disclosures, notes, riders, security instruments, and other documents are packaged in Adobe PDF format for quality control and distribution to the point of closing. Document packages are distributed over a secure download site with email notifications sent automatically to single or multiple parties.

Tracking: The stages of processing, funding, quality control, and document delivery are traced by the program in a time-stamped record showing the time, date, and closer performing each operation. Billing for the services allows for line items within each loan either to be billed at closing or to be invoiced cumulatively to the lender.

Reliability: Docs on Demand is hosted in a secure physical plant, located in Houston on the "Internet Backbone", with generator power backup and full building security. The system is available to users 24 x 7, to accommodate any working schedule as well as last minute document updates.

Customization and Updates: The data entry screens, validation rules, and document selection are all created with an "Application Authoring System", which allows modification to all these features on a day-to-day basis without the need to re-write programming code.

Security: Each closer, administrator, and other parties operating the application are set up with a specific username and password by a system administrator. Each loan file contains tracking information that traces the time, date, and user performing data modifications and producing documents for that loan.

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