New NY CEMA SOFR Note (Date of Release to Production: 10/01/20)

In order to keep DocMagic software users better apprised of document changes and additions as they occur, DocMagic posts listings of all newly created and revised documents. Here is the list of forms created or modified in October, 2020.

To view all New/Revised Documents, click here

New NY CEMA SOFR Note (Date of Release to Production: 10/01/20)

DocMagic is adding new generic SOFR interest only loan programs which will use the 30-day Average SOFR index:

Beginning September 3, 2020, DocMagic will remove two forms previously provided in Pre-Closing package when the property state is New Mexico:

***UPDATE***

Verbiage in optional paragraph has been updated as follows: 

“I understand, acknowledge, and agree that the Lender and Other Loan Participants can obtain, use, and share personal tax return information, and, as applicable, business tax return information, from every business tax return for which my Lender has attained a form 4506.”

It may seem like the need for print fulfillment services is counterintuitive to digitizing the mortgage process, but the two things aren’t mutually exclusive.

There are several reasons why lenders going digital may still need some loan documents, such as initial disclosures, to be physically printed out and mailed to customers.

Compliance is Key

Added "Name" field below the signature line. (Date of Release to Production: 09/03/20)

Programming Change: Added space above signature line for required 4506-T language. (Date of Release to Production: 09/03/20)

On July 6, 2020, Governor Mike Parson signed into law Missouri HB 1655, which revises the statutes regarding notaries public and notarial acts.