DocMagic is combining two standard forms, the “Borrower Certification and Authorization” (Form ID: TDC.LSR) and “Borrower Consent to Use of Tax Return Information” (Form ID: BCUTRI.MSC), into one new form that will be called, “Borrower Certification, Authorization and Consent” (Form ID: BCAC.MSC). DocMagic will replace TDC.LSR and BCUTRI.MSC in our standard packages with the new BCAC.MSC as of November 4, 2021.
In addition to the combination of these forms, DocMagic is also making some modifications to the content.
- The DocMagic standard header has been added to the new form, that provides reference information for: the Loan Number, Date of disclosure, who is providing the disclosure, borrower name(s), and the subject property address.
- “I/We” language has been changed only to “I” which would apply to each signer.
- Fill logic has been removed from the body of the form: Lender name, MI Company name
- The time limit for authorization under which the Lender may provide documentation to an investor/assignee of the loan has been removed. This change is in response to some audit findings by HUD that this should not be limited.
- The Certification and Authorization sections have been updated to use the defined terms “Other Loan Participants” as used in the Consent to Use Tax Return Information.
- Configuration option has been added to the Consent section to allow users to remove consent to use the tax return information for purposes of “marketing”. This change is in response to many users’ request for ability to remove this purpose from the approved MISMO/MBA workgroup language.
The new version of the Borrower Certification, Authorization and Consent can be viewed in the DocMagic Forms Manager on our website, www.docmagic.com.
Should you have any questions about this topic, please contact us at mailto:compliance@docmagic.com
