DocMagic is updating our Loan Detail Report to include enhanced information as calculated by DocMagic for compliance with TILA-RESPA Integrated Disclosure (“TRID”) Rules. When TRID was implemented, DocMagic added a new section to the Loan Detail Report (“LDR”) entitled “TILA-RESPA Integrated Disclosure Summary,” which included four new disclosures that were required by the TRID Rule: Total Paid in 5 Years, Total Interest Percentage, Total Loan Costs, and Total of Payments. DocMagic is now adding additional information from the TRID disclosures to this section.
The main new addition to this area is inclusion of an example Projected Payments section that would disclose on the Loan Estimate or Closing Disclosure. This disclosure will include all the necessary events calculated by DocMagic, up to four total events, and display the appropriate years in which changes occur. This section will also now include any applicable AIR and/or AP tables that will be necessary for the loan scenario.
In addition, the Loan Calculation disclosures that were previously included in this section will now be displayed in a new format, along with other TRID disclosures. These new TRID disclosures include, the calculated Product Description, the applicable Deficiency Right (Liability after Foreclosure) information provided and compared to the DocMagic matrix, as well as Escrow Account information and the disclosures that are part of the Estimated Taxes, Insurance and Assessments disclosure on the LE and CD.
This enhanced information will be available on the Loan Detail Report in February 2024. Should you have any questions about this information, please contact the DocMagic Compliance department.
