DocMagic is adding new generic SOFR New York CEMA loan programs which will use the 30-day Average SOFR index:
|
DocMagic Plan ID |
Description |
|
FN56SNYC |
5/6 SOFR New York CEMA 2/1/5 Caps |
|
FN76SNYC |
7/6 SOFR New York CEMA 5/1/5 Caps |
|
FN106SNYC |
10/6 SOFR New York CEMA 5/1/5 Caps |
|
36SNYCEMA |
3/6 SOFR New York CEMA 2/1/5 Caps |
|
56SIONYCEMA |
5/6 SOFR Interest Only New York CEMA 2/1/5 Caps |
|
76SIONYCEMA |
7/6 SOFR Interest Only New York CEMA 5/1/5 Caps |
DocMagic’s new programs include the following new SOFR NY CEMA Consolidated and Gap Notes:
- NY3441CU.NOT: Consolidated Adjustable-Rate Note 30-day Average SOFR
- NY3441GU.NOT: Gap Adjustable-Rate Rider 30-day Average SOFR
- NY3442CU.NOT: Consolidated Fixed/Adjustable-Rate Note 30-day Average SOFR
- NY3442GU.NOT: Gap Fixed/Adjustable-Rate Note 30-day Average SOFR
- NY3442CIO.NOT: Consolidated Fixed/Adjustable-Rate Interest Only Note 30-day Average SOFR
- NY3442GIO.NOT: Gap Fixed/Adjustable-Rate Interest Only Note 30-day Average SOFR
Generic multistate and state-specific forms will also reflect the new SOFR index as applicable, including the Adjustable Rate Disclosure (DocMagic Form ID: ARM.DSC).
The plans are available now in DocMagic’s testing environment and will be available in production on October 6, 2020.
If you have any questions, please contact DocMagic’s Compliance Department.
