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 Mcs 150 2018

Mcs 150 2018-2025 Form

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hi this is Susan dears with the California Mortgage Bankers Association coming to you today with a legislative update last October Governor Schwarzenegger signed into law a1160 that requires Banks and Credit Unions to summarize the terms of a mortgage loan in one of the five specified languages which are either Spanish chinese talic vietnamese or Korean if the loan was negotiated in that language the law directs our state Regulators to create the form that our lenders are to use using Hud's goodfaith estimate for a disclosure form for guidance the law as as written takes effect either July 1 of this year or 90 days after The Regulators uh provide those translated documents for lenders to use and The Regulators have now completed those forms and they are available for lenders to download on either the do or DFI website you can begin using those form now but certainly not later than October 1 of 2010 as more legislative updates are available we'll certainly be sharing tha

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