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      1. KNOWLEDGE BASE
      2. ComplyIO

      Preliminary Assumptions for CIO

      State

      Assumption
       

      CIO Software Makes the Following Assumptions When Testing a Loan

      All States

      Consummation is the same as Closing

      All States

      All insurance fees disclosed will include the term*

      All States

      Timing tests are based on the time zone of the corporate office

      All States

      Docs Assumtions Applicable to CIO Docs Apply to CIO

      All States

      No Non-English forms

      All States

      All applications taken are the same for all borrowers

      All States

      Client is verifying that the Application Taken Date is accurate

      All States

      All ARM loans are assumed to be as fully amortizing

      All States

      All Open-Ended Mortgages are Considered HELOCs. If you have an open ended product that is not a HELOC please contact us.

      All States

      CIO will grab the current date when retrieving an index value if the Closing Date is not available. The following dates as used to retrieve the indices:


      ApplicationReceivedDate CurrentRateSetDate LoanEstimatedClosingDate ClosingDate LEIssuanceDate


      This list is not exhaustive as we continue to build out the state rules.

      All States

      In any refrence to rounding CIO will defer to the Note rate.

      All States

      Definition of "Affiliate" is as defined in Reg Z

      OH

      Calculations are made using rate set date as defined in 12 CFR 1026

      NY

      The amount of the interest rate reduction purchased by the discount points is reasonably consistent with established industry norms and practices for secondary mortgage market transactions.

      MD

      A "year" is 365 days

      Freddie

      Doc Not Supplied by Lender

      All States

      No Insurance Sales Related Docs

      All States

      No Additional Note or Security Instrument Features

      All States

      Agreements (not disclosures)

      All States

      No Coverage if Lender is Also selling insurance
         
       

      Loan Types Not Supported By CIO

      All

      No Loans Under $25,000

      All

      No Timeshares

      All

      No Reverse Mortgage

      All

      No Growing Equity Mortgage (GEM) Loans

      All

      No Public and Indian Housing Loans

      All

      No Local Finance Agency Loans

      All

      No State Finance Agency Loans

      All

      No "other" loans from MISMO

      All

      No Loan Modifications

      All

      No "Seasonal" Balloon Loan Exceptions § 1026.32(d)(1)(ii)(A)

      All

      Public & Indian Housing, State Housing Agency, Loan Housing Agency

      All

      No Boats

      All

      No Mobile Homes

      All

      No Loans Based on "Seasonal Income"

      All

      No 502 USDA Direct loans

      All

      No Bridge Loans

      All

      No HELOC

      All

      No Servicing

      FHA

      No Title 1 Loans

      VA

      Loans made directly by the VA (Direct Loans)
         

      UT

      no utah consumer credit code

      TX

      No Wrap-Around Mortgage

      CA

      No Shared Appreciation Loans

      FL

      CIO excludes Savings Banks until further notice.

      NC

      North Carolina Consumer Finance Act. CIO is not currently covering loans that are originated by an affiliate located in the same office as the entity licensed under this Act and originating a loan under this act's jurisdiction. CIO only covers loans originated by entities licensed as a Mortgage Lender, Mortgage Broker, or registered Depository entity originating a loan originated under this Act.