DocMagic is adding new generic SOFR Homestyle Renovation loan programs which will use the 30-day Average SOFR index:
|
DocMagic Plan ID |
Description |
|
DSI_HSRS36 |
FNMA Homestyle Renovation 3/6 SOFR 2/1/5 Caps |
|
DSI_HSRS56 |
FNMA Homestyle Renovation 5/6 SOFR 2/1/5 Caps |
|
DSI_HSRS76 |
FNMA Homestyle Renovation 7/6 SOFR 5/1/5 Caps |
|
DSI_HSRS106 |
FNMA Homestyle Renovation 10/6 SOFR 5/1/5 Caps |
DocMagic’s new programs include the following new SOFR Notes and Riders:
- 3441: Adjustable Rate Note 30-day SOFR Average
- 3141: Adjustable Rate Rider 30-day SOFR Average
- 3442: Fixed/Adjustable Rate Note 30-day SOFR Average
- 3142: Fixed/Adjustable Rate Rider 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 December 10, 2020.
If you have any questions, please contact DocMagic’s Compliance Department.
