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Last Updated: 3/23/2020
Welcome to State Bank of Lincoln
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- During a recent TRID Audit, the following items were brought to our attention:
- 1. Closing Disclosure - Tax Stamps need to be paid to the government entity assessing the transfer tax not the county recorder.
- 2. Loan Estimate - Seller Credit, in the Calculating Cash to Close table, should only contain actual seller credits listed on the purchase contract. If you have a credit listed to offset the fee for the Title-Owner's Title Insurance (Optional), you need to show the fee as a borrower fee.
- 3. Loan Estimate - Adjustments and other credits, in the Calculating Cash to Close table, can only include credits from persons other than the creditor/lender or seller. Do not include tax prorations.
- Effective immediately, ALL loan files need to include an ECOA Disclosure and an Occupancy Affidavit.
- Effective with applications taken after March 1, a Rate Lock Confirmation form will be required for all loan types.
- Doc Prep hours have changed to Mon-Fri 8:00am-5:00pm
- Our Investors are requiring your bank name endorsement on the note or allonge match EXACTLY as it is shown in the first paragraph of the Note. For example: State Bank of Lincoln, ISAOA, an Illinois Corporation.
- In connection with all loans sold on or after December 28, 2019, the "Borrower Consent to the Use of Tax Return Information" form will be required on all files as a PTC and an ATC underwriting condition.
- Start disclosing the USDA Technology Fee of $25.00. The fee is effective for files submitted to GUS that is issued a 3555-18E "Conditional Commitment" after January 1, 2020.