Eforms. Product Update. November 2013

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1 Eforms Product Update November 2013 The objective of this monthly product update is to provide a recap of regulatory-driven form changes, form enhancements, and new forms that are being developed. You will receive a description of these changes so that you can plan ahead for implementing them. We believe this service enhances the value of our electronic forms offering while providing the extra level of service you have come to expect from Wolters Kluwer Financial Services Bankers Systems.

2 This publication was written for the Electronic Forms. Publication Information / Version Electronic Forms Product Update Document Version Information Version 1. 0 Release Date November 2013 Distributed Subject to Terms of a License or other Agreement The contents of this publication, including its appendices, exhibits, and other attachments, as updated or revised, are highly confidential and proprietary to Wolters Kluwer Financial Services, Inc. or its subsidiaries or affiliates ( Wolters Kluwer Financial Services ). This publication is distributed pursuant to a Non-Disclosure Agreement, Evaluation Agreement, License Agreement and/or other similar agreement(s) with Wolters Kluwer Financial Services, Inc. or its subsidiary or affiliate. Unless otherwise specifically provided in such agreement(s), the reproduction of this publication is strictly prohibited. Use and distribution of this publication are also subject to the responsibilities and obligations of such agreement(s), which require confidential treatment of this publication and its contents. Information in this guide is subject to change without notice and does not represent a commitment on the part of Wolters Kluwer Financial Services. Do Not Reproduce or Transmit Unless otherwise specifically authorized in the agreement or license under which this publication has been provided, no part of this publication may be posted, played, transmitted, distributed, copied or reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or retaining on any information storage and retrieval system, without prior written permission from Wolters Kluwer Financial Services. Requests for permission to reproduce content should be directed to Wolters Kluwer Financial Services, Inc., Corporate Legal Department, by telephone at Not a Substitute for Legal Advice This publication is intended to provide accurate and authoritative information about the subject matter covered based upon information available at the time of publication. Examples given in this publication are for illustrative purposes only. Development of this publication and the software (including forms, disclosures, reports, and other documents generated by the software) or other products that it describes was based on Wolters Kluwer Financial Services' understanding of various laws, regulations and commentaries. Wolters Kluwer Financial Services cannot and does not guarantee that its understanding is correct. This publication is not intended, and should not be used, as a substitute for legal, accounting, or other professional advice. Wolters Kluwer Financial Services is not engaged in providing legal, accounting or other professional services. If legal or other professional assistance is required, you should seek the services of a competent professional. We encourage you to seek the advice of your own attorney concerning all legal issues involving the use of this publication and any products described in this publication. If your interpretations or your counsel s interpretations are contrary to those expressed in this publication, you should of course, follow your/your counsel s interpretations. The following notice is required by law: WOLTERS KLUWER FINANCIAL SERVICES PRODUCTS AND SERVICES ARE NOT A SUBSTITUTE FOR THE ADVICE OF AN ATTORNEY. Warranty Disclaimer Except only for the warranties (if any) expressly set forth in the agreement(s) under which this publication is provided (i. e., your agreement or license for the described product), this publication is provided as is, and Wolters Kluwer Financial Services makes no warranty, express, implied, by description, by sample or otherwise, and in particular and without limitation, makes no implied warranties of merchantability or fitness for purpose. No modifications to this Warranty Disclaimer are authorized unless in writing and signed by the President or a Vice President of the Wolters Kluwer Financial Services entity licensing the product described in this publication. Attributions and Acknowledgements All trademarks are the property of their respective owners. Copyright Information 2013 Wolters Kluwer Financial Services, St. Cloud, Minnesota This publication is the confidential information of Wolters Kluwer Financial Services. Distribution of this publication is subject to restrictions in the license or agreement under which this publication is provided to authorized Wolters Kluwer Financial Institution customers. All rights reserved. ii

3 Lending Electronic Modules: Multi-State Forms Table of Contents Lending Electronic Modules... 1 Multi-State Forms... 1 State-Specific Forms... 2 Idaho... 2 Minnesota... 2 Texas... 2 Deposit Electronic Modules... 4 State-Specific Forms... 4 Ohio... 4 IRA Electronic Modules... 5 Multi-State Forms... 5 Glossary of Terminology... 7 Completed Forms Grid November Product Support Technical Support Quotes and Order Information for Custom and OCP E-Forms Invoicing Forms Use and Compliance Questions When Contacting Us: iii

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5 Lending Electronic Modules COM, CONCU, FCM, GSM, HEM, HIM, LEM, MHM, MVM, REMCU, TPM Multi-State Forms New Compliance with Required Effective Date 1/10/2014 VMP996A - Housing Counseling Agencies Receipt WKFS has added the VMP996A to meet compliance requirements. This form is for borrower acknowledgment of receipt of the home counseling agencies list as required by the CFPB rule effective 1/10/14. This form also contains a checkbox for receipt of instructions to obtain the list but will be removed July 2014 once lenders build their systems to provide the lists. Compliance with Required Effective Date 1/10/2014 VMP996C - Housing Counseling Agencies Notice WKFS has revised their form due to final CFPB regulation published on November 8, 2013 that contained new requirements for this form. The revised form will support ten housing counselors and will provide certain information required by the regulation. The mandatory compliance date for this form remains at January 10, Also increased data fields at top of first page for lender & borrower name/address. New Compliance with Required Effective Date 1/10/2014 VMP996D - Finding Approved Housing Counseling Agencies WKFS has added the VMP996D to meet compliance requirements. This form is for lenders unable to provide the home counseling agencies list as required by the CFPB rule s January 10, 2014 effective date. This form will be discontinued July 2014 once lenders build their systems to provide the lists. New Compliance with Required Effective Date 1/10/2014 VMP Certificate of Status of Beneficial Owner-Entity WKFS has added the VMP9007 to meet compliance requirements. New IRS Form W-8BEN-E is used to certify foreign status of entities; VMP9008, W-8BEN is now for use only for individuals. Relates to Foreign Account Tax Compliance Act (FATCA), effective January 1, Compliance with Required Effective Date 1/10/2014 HE-F-REGZ32 - Fixed Rate High-cost HELOC Disclosure The HE-F-REGZ32 has been revised to add an optional Preferred Rate paragraph in order to accommodate fixed rate plans with a preferred rate feature. 1

6 Lending Electronic Modules: State-Specific Forms VMP9045T Request for Transcript of Tax Return IRS 4506-T The Internal Revenue Service has released a revised form for requesting transcripts of tax returns, IRS form 4506-T, September While no data fields or completion instructions have changed in substance, the updated form references updated processing timeframes, modifies the postal code for one of the filing addresses, and adds instructional details for when separate form 8822-B is appropriate (for business change of address) or form 2848 may have been appropriate prior to completion by a representative of the taxpayer. References to the IRS related online service options are also updated, as is the Paperwork Reduction Act mailing address (which is not used for filing). The IRS has not indicated any special implementation date after which the previous revision will no longer be accepted, but there is generally an expectation that users will adopt the updated forms in a timely fashion. State-Specific Forms Idaho MV-1-ID - Application for Certificate of Title The Idaho Transportation Department has updated their Application for Certificate of Title (ITD 3337) with a revision date of We are updating our form to match the states changes. The VMPC170ID is now a two page document. Minor changes have been made to match the states form. Minnesota ASMT-RENT-MN - ASSIGNMENT OF LEASES AND RENTS Minn. Stat was repealed and replaced by Minn. Stat , effective March We revised two citation references to reflect the new citation number related to collection of rents. WKFS concludes the document remains compliant since the related language is not a statutory disclosure/notice requirement and lender must comply with Minn. Stat regardless of citation reference in the ASMT-RENT-MN. Texas POA-MV-TX - Power of Attorney to Transfer Motor Vehicles The Texas Department of Motor Vehicles has updated their Power of Attorney to Transfer Motor Vehicle (Form VTR-271) with a revision date of 10/13. We are updating our form to match the 2

7 Lending Electronic Modules: State-Specific Forms states changes. The BSI tagline is not permitted on this form. Minor changes have been made to match the state s document. POA-TX - Statutory Durable Power of Attorney 2013 TX HB 2918 amends Tex. Est. Code Sec and revises the statutory power of attorney language. The new form is effective January 1, This statutory form is optional (see ); therefore, the current form may be used until the revised form is available. The new power of attorney form is revised in three principal areas: specific powers, for the agent, are identified as an initialing approach. This approach is consistent with the 2006 version of the Uniform Power of Attorney Act. The form begins with a notice to the principal that he or she should select someone he or she trusts and that the power of attorney will continue until the principal dies, the principal revokes it, the agent resigns or is unable to act or a guardian is appointed for the principal s estate. A section titled, Important Information for Agent is also inserted by the model. In addition, WKFS removed existing text at the end of the POA-TX. This text is not required by Tex. Est. Code Sec model language. 3

8 Deposit Electronic Modules: State-Specific Forms Deposit Electronic Modules DEM and DEMCU State-Specific Forms Ohio Technical Change MPSC-LAZ-OH - Multi Purpose Signature Card A technical change was made to this document; however, the revision date on this document was not changed. The Backup Withholding date field is missing. We are adding the field to the form. 4

9 IRA Electronic Modules: Multi-State Forms IRA Electronic Modules EIM and HSM Multi-State Forms IRA-49-LAZ - Traditional IRA Organizer - Custodial IRA-49CU-LAZ - Traditional IRA Organizer - Credit Union IRA-49SD-LAZ - Traditional IRA Organizer - Self-Directed IRA-49T-LAZ - Traditional IRA Organizer - Trust These forms are being revised due to the Internal Revenue Service (IRS) News Release IR which provides cost-of-living adjustments to amounts for IRAs in The primary changes include: Traditional IRA Disclosure Statement: IRA Eligibility and Contributions - Updated the Maximum Contribution Limits and Tax Deductions sections with the current years' limits. Moving Assets To and From IRAs - Provided clarification under "Rollovers Due to Airline Carrier Bankruptcy" that up to 90 percent of the airline payment amount may be rolled over to a traditional IRA. Financial Disclosure Clarification provided that the financial organization custodian/trustee will complete the After Fees Values section if a fee is disclosed for a distribution (e. g., transfer or direct rollover) transaction or an IRA termination. IRABKCROTHLZ - Roth IRA Booklet - Custodial IRABKSDRTHLZ - Roth IRA Booklet - Self-Directed IRABKTROTHLZ - Roth IRA Booklet Trust These forms are being revised due to the Internal Revenue Service (IRS) News Release IR which provides cost-of-living adjustments to amounts for Roth IRAs in The primary changes include: Roth IRA Disclosure Statement - Roth IRA Eligibility and Contributions - Updated the Limitations on Contributions and Maximum Contribution Limits sections with the current years' limits. 5

10 IRA Electronic Modules: Multi-State Forms Financial Disclosure Clarification provided that the financial organization custodian/trustee will complete the After Fees Values section if a fee is disclosed for a distribution (e. g., transfer or direct rollover) transaction or a Roth IRA termination. IRABKLTCLAZ - Traditional IRA Booklet Custodial IRABKLTSDLAZ - Traditional IRA Booklet - Self-Directed IRABKLTTLAZ - Traditional IRA Booklet Trust These forms are being revised due to the Internal Revenue Service (IRS) News Release IR which provides cost-of-living adjustments to amounts for IRAs in The primary changes include: Traditional IRA Disclosure Statement: IRA Eligibility and Contributions - Updated the Maximum Contribution Limits and Tax Deductions sections with the current years' limits. Moving Assets To and From IRAs - Provided clarification under "Rollovers Due to Airline Carrier Bankruptcy" that up to 90 percent of the airline payment amount may be rolled over to a traditional IRA. Financial Disclosure Clarification provided that the financial organization custodian/trustee will complete the After Fees Values section if a fee is disclosed for a distribution (e. g., transfer or direct rollover) transaction or an IRA termination. IRACUSROTHLZ - Roth IRA Organizer - Custodial IRACUROTHLAZ - Roth IRA Organizer - Credit Union IRASDROTHLAZ - Roth IRA Organizer - Self-Directed IRATROTHLAZ - Roth IRA Organizer - Trust These forms are being revised due to the Internal Revenue Service (IRS) News Release IR which provides cost-of-living adjustments to amounts for IRAs in The primary changes include: Roth IRA Disclosure Statement - Roth IRA Eligibility and Contributions - Updated the Limitations on Contributions and Maximum Contribution Limits sections with the current years' limits. Financial Disclosure Clarification provided that the financial organization custodian/trustee will complete the After Fees Values section if a fee is disclosed for a distribution (e. g., transfer or direct rollover) transaction or a Roth IRA termination. 6

11 Glossary of Terminology: Multi-State Forms Glossary of Terminology We are adding, to our monthly E-Forms Partner Product Update, a glossary of terminology to provide more accurate and consistent communication. We hope the clarification will be useful to you. Mandatory Compliance (xx/xx/xx) The new or revised document is being driven by legislative or regulatory mandate and is required to be implemented by the effective date indicated. OR The new or revised document is being driven by legislative or regulatory mandate, but the mandate has not defined an implementation date. All parties (Wolters Kluwer Financial Services, alliance, and customer) must respond in a manner as timely as possible to implement. The new or revised document has: A change in feature or function of a Wolters Kluwer Financial Services document driven by market and customer input to be more useful or easier to use. Wolters Kluwer Financial Services determined clarification or enhancement of a Wolters Kluwer Financial Services document to provide added value. Update to a state or federal form in terms of verbiage or fields which has been incorporated to match the government s changes. The old version of the form is still compliant; however, future revisions driven by legislative and regulation imperatives will be rendered on the new version of the form, not the old version. The implementation time frame by alliance and customer is discretionary, but it is incumbent on the parties to implement in a timely manner so as to not jeopardize continued compliance. (Note: Government form revisions may drive a timelier implementation. ) Discontinued (xx/xx/xx) The document is being discontinued and replaced by another document as specified. The discontinued document is still compliant; however, future revisions driven by legislative and regulation imperatives will be rendered on the new version of the document, not the old version. The implementation time frame by alliance and customer is discretionary, but it is incumbent on the parties to implement in a timely manner so as to not jeopardize continued compliance. OR The form is being discontinued and no longer supported. There is no replacement form designated and form will not be supported at specified date. The action could be driven by several causes such as removal of compliance requirement or business decision to not support a line of business. 7

12 Glossary of Terminology: Multi-State Forms Technical Defect The new or revised document has a change that relates to the technical structure of the e-form which is non-regulatory and/or non-visible to the form s end user. For example, such changes could be the size of a data field on the e-form or field label which is not visible to the end customer. The document implementation is discretionary, but should be accomplished in a timely manner. Technical changes are not communicated in the E-Forms Partner Newsletter, but in the full release. Enhancement A change needed to enhance an existing form or to create a new form. 8

13 Completed Forms Grid November 2013: Multi-State Forms Completed Forms Grid November 2013 Below is a list of E-Forms, sorted by file name, which were recently completed In Compliance Services. File Name Form Number Description Revision Date WIBTA1IN BTA-1-INS-WI Boat Title Application Instructions 9/23/2013 MNCNS1 CNS-1-MN Effective Financing Statement/Statutory Lien 9/6/2013 XHEFRZ32 HE-F-REGZ32 Mortgage Disclosure For Home Equity Line Of Credit 10/1/2013 XHEV3R32 HE-V3-REGZ32 Mortgage Disclosure For Home Equity Line Of Credit 10/1/2013 WIHEV332 HE-V3-Z32-WI Mortgage Disclosure For Home Equity Line Of Credit 10/1/2013 XHOEPAA HOEPA-A Hoepa Addenda 10/25/2013 XHOEPAA1 HOEPA-A-1 Hoepa Addenda One 10/25/2013 XXHSERCL HSAEARNCALLZ Health Savings Account(Hsa)Earnings Calculation Work Sheet 10/1/2013 IRA22LAZ IRA-22-LAZ Earnings Calculation Worksheet 10/1/2013 VAMMOD MMOD-VA Modification Of Deed Of Trust 8/15/2013 DCMV1 MV-1-DC Title Application 9/23/2013 MNMV1 MV-1-MN Application For Certificate Of Title For A Vehicle 9/23/2013 KYMV2 MV-2-KY Notice Of Lien 10/31/2013 MNMV2 TNMV2 MV-2-MN MV-2-TN Appln. For Duplicate Title, Registration, Cab Or Lien Car 9/6/2013 Application For Noting Of Lien On Certificate Of Title 9/23/2013 MOOCPRDT OCP-REDT-MO Open End Credit Real Estate Deed Of Trust 9/13/2013 MSOCPRDS OCP-REDT-MS Consumer Open End Real Estate Deed Of Trust 9/30/2013 TXPOA2 POA-TX Power Of Attorney 11/30/2013 WIREN1S REN1-WI First Lien Real Estate Note For Wi 10/15/2013 FLRENS REN-FL Real Estate Note 10/15/2013 IDRENS REN-ID Real Estate Note 10/15/2013 INRENS REN-IN Real Estate Note 10/15/2013 KSRENS REN-KS Real Estate Note 10/15/2013 SCRENS REN-SC Real Estate Note 10/15/2013 UTRENS REN-UT Real Estate Note 10/15/2013 9

14 Completed Forms Grid November 2013: Multi-State Forms File Name Form Number Description Revision Date WIRENS REN-WI First Lien Real Estate Note For Wi 10/15/2013 ORRSPAGS RSPACGSLZ-OR Goods And Services Retail Installment Contract And S/A 10/1/2013 ORRSPAMV RSPACMVLZ-OR Retail Sales Contract - Precomputed Interest For Mv 10/1/2013 ORRSSIGS RSSIGSLAZ-OR Goods And Services Retail Installment Contract 10/1/2013 ORRSGFLZ RSSIGSLFLZOR Goods And Services Retail Installment Contract 10/1/2013 ORRSSIMV RSSIMVLAZ-OR Retail Sales Contract - Simple Interest For Motor Vehicle 10/1/2013 ARRSMFAZ RSSIMVLFAZAR Retail Installment Contract-Ar 11/1/2013 ARRSMFLZ RSSIMVLFLZAR Retail Installment Contract-Ar 11/1/2013 LAUCC1FI UCC1FINLZ-LA Effective Financing Statement Instructions For Louisiana 9/6/2013 LAUCC1FZ UCC1F-LAZ-LA Effective Financing Statement For Farm Product 9/6/2013 LAUCC3FI UCC3FINLZ-LA Ucc-3f Instructions-La 9/6/2013 LAUCC3FZ UCC3F-LAZ-LA Financing Statement Addendum 9/6/2013 OH1061 VMP1061OH Mortgage Loan Origination Disclosure Statement 5/1/2011 NY1070C VMP1070CNY Consumer Caution And Home Ownership Counseling No 9/1/2013 RI1070C VMP1070CRI Home Loan Protection Act Disclosure 9/1/2013 NY1077 VMP1077NY Lock-In Agreement-Ny 9/1/2013 X122R VMP122R Appraisal Report Receipt 10/1/2013 X122W VMP122W Appraisal Disclosure 10/1/2013 VA6 VMP6VA Fannie Mae/Freddie Mac Uniform Instrument 9/1/2013 X763 X9030 VMP763 VMP9030 Truth-In-Lending Disclosure For Closed-End Exceeding 9/1/2013 Request For Taxpayer Identification Number And Certification 9/1/2013 X996A VMP996A Housing Counseling Agencies Acknowledgment 11/1/2013 X996C VMP996C Housing Counseling Agencies Notice 11/1/2013 X996D VMP996D Finding Approved Housing Counseling Agencies 11/1/2013 XXW9INS0 W-9INST Request For Taxpayer Id No. And Certification Instructions 8/30/

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17 About Wolters Kluwer Financial Services - Whether complying with regulatory requirements or managing financial transactions, addressing a single key risk, or working toward a holistic enterprise risk management strategy, Wolters Kluwer Financial Services works with more than 15,000 customers worldwide to help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. Wolters Kluwer Financial Services provides risk management, compliance, finance and audit solutions that help financial organizations improve efficiency and effectiveness across their enterprise. With more than 30 offices in 20 countries, the company s prominent brands include: FRSGlobal, FinArch, ARC Logics, TeamMate, Bankers Systems, VMP Mortgage Solutions, AppOne, GainsKeeper, Capital Changes, NILS, AuthenticWeb and Uniform Forms. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2012) 3.6 billion ($4.6 billion) and approximately 19,000 employees worldwide. Please visit our website for more information. Wolters Kluwer Financial Services 6815 Saukview Drive St. Cloud, MN Toll-free: To learn more visit WoltersKluwerFS.com Wolters Kluwer Financial Services, Inc. All Rights Reserved. 1