Added extra line for Lender Name in Lender Acknowledgment section. (Date of Release to Production: 01/11/24)

Added extra line for Lender Name in Lender Acknowledgment section. (Date of Release to Production: 01/11/24)

Added extra line for Lender Name in Lender Acknowledgment section. (Date of Release to Production: 01/11/24)

The Illinois Mortgage Escrow Act (the “Act”) was recently amended under Illinois House Bill 2717, which updated language in Sections 5 and Section 7.  DocMagic is updating its version of the Illinois Mortgage Escrow Act disclosure (DocMagic Form ID: ILMEA.MSC) to include the revised language. 

The disclosure is required for purchase loans of single-family owner occupied residences, See 765 ILCS 910/1-910/15; 38 IL ADC 1050.1110(f). 

Beginning on September 12, 2024, DocMagic will be adding all available Spanish language forms to return in packages, along with the English versions of the forms they translate, when clients pass a Spanish language indicator in their loan data.

Fannie Mae recently published Servicing Guide Announcement (SVC-2024-02) to provide information on updates to Form 3179 Loan Modification Agreements.  The instructions for the form have been updated to include two new provisions for loans secured by property in New York, in response to New York’s Foreclosure Abuse Prevention Act (“FAPA”).  Additionally, an update was also made to the instructions relating to MERS. 

As part of our regular maintenance of forms, DocMagic will be making an update to forms that are modeled on now retired Fannie Mae and Freddie Mac Uniform Instruments.  The update will consist of removing “Fannie Mae/Freddie Mac Uniform Instrument” or “Fannie Mae/Freddie Mac Modified Instrument” from the footer information as applicable since these are no longer published as uniform instruments by Fannie Mae or Freddie Mac. 

In April 2023, Massachusetts Governor Maura Healey signed into law a supplemental budget bill that included new laws allowing for use of remote online notarizations.  The bill, entitled “Chapter 2 of the Acts of 2023”, contains several sections which modify existing laws on notarial acts and create a new ability to satisfy personal appearance of a signer using remote communication technology. 

Updated to 07/2021 version. (Date of Release to Production: 01/04/24)

Updated to 07/2021 version. (Date of Release to Production: 01/04/24)