On February 28, 2019, DocMagic replaced one index value with the index description on second paragraph of the form to properly display the type of index used.

DocMagic will be updating the Louisiana Mortgage Loan Origination Agreement (Form ID. LAMLOA.MSC) to provide the NMLS for the Originator’s License # on page 3 per guidance from the Louisiana Office of Financial Institutions.

DocMagic updated an audit that checks to see if the lender has listed a payoff when performing a refinance transaction.  DocMagic updated the audit to account for additional charge codes that may be conveyed from various lenders to accommodate different data options.

DocMagic is removing the Missouri Choice of Insurance Notice (MOCOIN.MSC) from its plan build as the legal requirement that calls for this form is covered if clients use the Missouri Anti-Coercion Disclosure (MOACD.MSC).

Similar to first lien notes, DocMagic will automatically add elective language to second lien notes (MD Commercial Law Title 12, Subtitle 10). If you like to remove the language, please contact customer service.

Release of an update to the WCAS.MSC (amortization schedule form) to improve the LTV calculation when computing for Consturction to Permanent loans. 

DocMagic is removing the Illinois Loan Approval Notice (ILLAN.MSC).  The act requiring this form was repealed in October 2017.  DocMagic has provided this form in its Form List for clients who still wished to provide this form.  Beginning January 1, 2019, DocMagic will discontinue offering this form.

DocMagic has added an additional feature available to plan customization that allows clients to select how negative prepaid days interest affects the Total Interest Percentage/Payments (TIP) and Total of Payments(TOP).  DocMagic default currently includes negative prepaid days interest into all calculations, however, this can now be adjusted to only affect the TIP, TOP, or both.  Speak to your customer service rep for more information.

DocMagic is updating its Massachusetts HELOC late fee to increase from "5% or $10, whichever is less," to become "10% of the outstanding balance or $10, whichever is less."

New audit for North Carolina loans.  Under N.C.G.S 24-1.1A(c)(1), transactions in North Carolina may not have fees paid to the lender that exceed 1/4 of 1% of the loan amount (or $150 whichever is greater).  Fees such as application, origination, commitment, and interest rate lock fees have special exemptions.  Please refer to the statute for additional information.