In the month of July December, DocMagic plans to release a redesigned version of our Loan Detail Report (“LDR”).
The LDR returns in several packages by default, but it is a lender-focused document that can be used by a lender to document the loan’s compliance with various compliance rules, including state and federal DocMagic audits and high cost tests. The redesign updates the LDR color scheme to use DocMagic colors, as well as the new DocMagic logo, and redesigns other aspects to provide a fresher, easier-to-read format.
The Loan Detail Report is divided into three sections: Transaction Details, Data Validation, and Compliance.
Transaction Details: Information the user has provided for the subject loan, including borrower and seller names (if applicable); settlement service provider, charges and impound information; subject property details; terms of the loan; etc.
Data Validation: Includes data-validation audit results and DocMagic calculations used on the subject transactions documents, such as APR, Finance Charge, TRID Total of Payments, and the Initial Escrow Account analysis, etc.
Compliance Audit: Summary of results for compliance checks DocMagic has automatically performed on a document generation request: federal and state high cost tests, qualified mortgage results, tolerance of fees calculations, and a new section that indicates the eligibility of the transaction for electronic closing.
Look for this exciting update in July! For any questions about this article, contact the DocMagic Compliance department at Compliance@docmagic.com.
