According to Wyoming Statute § 40-23-114(d), a broker cannot increase broker fees to the borrower unless it meets certain requirements. The statute reads:
(d) A mortgage broker shall not receive any fee that inures to the benefit of the mortgage broker, either directly or indirectly if it exceeds the fee disclosed on the most recent good faith estimate unless:
(i) The need to charge the higher fee was not reasonably foreseeable at the time the good faith estimate was written; and
(ii) The mortgage broker has provided to the borrower, no less than three (3) business days prior to the signing of the mortgage loan closing documents, a new good faith estimate of settlement costs, a clear written explanation of the increase in the fee and the reason for charging a fee that exceeds that which was previously disclosed.
Docutech satisfies these requirements with our Non-TRID “WY Notice and Explanation of Fee Increase” (Cx16634) and the newer TRID “WY Notice and Explanation of Fee Increase” (Cx19752). After a review, we are modifying the print configurations of Cx16634 and Cx19752 to more completely cover the disclosure requirements. The print configurations will be changed to the following:
Non-TRID WY Notice and Explanation of Fee Increase (Cx16634)
Condition 1
- Lien Position = First Lien
- State Code = Wyoming
- Document Package Type = Initial Disclosure
- LE/GFE Redisclosure Indicator = Yes
- Integrated Disclosure Loan Indicator = No
Condition 2
- Lien Position = First Lien
- State Code = Wyoming
- Document Package Type = TILA Redisclosure
- Integrated Disclosure Loan Indicator = No
TRID WY Notice and Explanation of Fee Increase (Cx19752)
Condition 1
- Lien Position = First Lien
- State Code = Wyoming
- Document Package Type = Initial Disclosure
- LE/GFE Redisclosure Indicator = Yes
- Integrated Disclosure Loan Indicator = Yes
Condition 2
- Lien Position = First Lien
- State Code = Wyoming
- Document Package Type = Redisclosure, Pre-Closing
- Integrated Disclosure Loan Indicator = Yes
These configuration changes will be in effect on November 4, 2017. If you have any questions about these changes, please contact Client Support at 1.800.497.3584.
DR 246602