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#1225383 - 07/30/09 09:43 PM Mortgage Rider
Crazy Bank Lady Offline
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Crazy Bank Lady
Joined: Jun 2005
Posts: 105
Missouri
Would someone please explain to me the need for the Mortgage Rider that Wolters Kluwer is saying needs to be used now to avoid violations of Reg Z, section 19(a) 32 and 35. Our rep tried to explain it and it still does not make sense to me.

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#1225440 - 07/31/09 03:04 AM Re: Mortgage Rider Crazy Bank Lady
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,959
Galveston, TX
Since a mortgage rider is attached to the security interest, I'm not sure either.
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#1465795 - 11/09/10 02:30 PM Re: Mortgage Rider rlcarey
auditgirl6 Offline
Member
Joined: Aug 2008
Posts: 88
Came across this older post but would like some input.

Wolters Klower is telling me the same information (original post) on a vacant land loan. I think, for a mortgage secured loan this would blanket other debt such as a car loan, but then wouldn't that require a 3 day recission on all future debt even a car loan? Why would we want this?

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#1465804 - 11/09/10 02:53 PM Re: Mortgage Rider auditgirl6
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,965
Bloomington, IN
It would not only require the ROR but it would also require all the RESPA, MDIA and HPML requirements. What this rider is intended to do is nullify the secured debt or future advance clause if it exists. These mortgages currently have language in them that if the ROR is not provided then the clause in invalidated. This rider adds an amendment that nullifies the clause if the requirements of .19(a), .32 or .35 aren't met. Without this rider if you had a loan officer that has actually taken the time to read the mortgage and gave the ROR in order to exercise the secured debt clause but does none of the early disclosures or meet any of the .19(a), .32 or .35 requirements you aren't cited for a violation because the rider nullifies the clause if those requirements aren't met the same as it is if the ROR isn't provided.

If the mortgage does not have a secured all debts or future advance clause in it then you don't need this rider.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1620802 - 10/27/11 02:30 PM Re: Mortgage Rider Dan Persfull
travelgirl Offline
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Joined: Mar 2004
Posts: 223
Minnesota
would this rider need to be recorded or is simply having it executed enough to remove the sections of Reg Z listed on the mortgage document?

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#1621987 - 10/31/11 01:38 PM Re: Mortgage Rider travelgirl
travelgirl Offline
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Joined: Mar 2004
Posts: 223
Minnesota
bump

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