Update to the TX 2% Fee Audit currently totals the prepaids in the calculation, and then excludes certain tax and insurance charges. The rule is being updated to exclude all HOA Assessment amounts, and property taxes, (both escrowed and prepaid).
HPML (High Priced Mortgage Loan) Year End Threshold Update - Effective January 1, 2025, Update form Disclosure of Right to Receive a Copy of the Appraisals (DRRCA.MSC) exemption threshold rule increasing from $32,400 (2024) to $33,500 (2025). Amount equal to threshold or less than threshold is exempt.
Update to the programming of the Request for Certificate of Veteran Status (268261A.VA) and Verification of VA Benefits (268937.VA) to provide one copy per veteran when two veteran borrowers are present and using split entitlement.
Update to the programming of the VA Tangible Net Benefit Worksheet (VATNBW.MSC) for prior VA loan information.
Update to the programming on the "Date of Disclosure" on Change of Circumstance form (RCCDF.MSC) to show the date of disclosure as the date of initial disclosure, keeping the date of change as the COC date.
Update to the programming of the Texas Home Equity Note (TXHESEC.NOT) to refer to a Late Fee Addendum when it is present.
Update to the programming of the Specific Closing Instructions (SCI.MSC) addendum page in the top left “RE: Borrower” section to print Entity Names as borrower when present.
New audit for users providing their own product description for the Loan Estimate (LE.DSC) and Closing Disclosure (CD.DSC) to indicate when DocMagic would calculate a different product description than the one provided by the client's LOS.
Update to the programming of the New York Pre-Application Disclosure and Fee Agreement (NYPAD2.MSC) to review fee codes and not only charge codes. i.e. Origination in lieu of broker fee charge code.
Update to the programming of the Acceptance of Property Condition, Survey Waiver Hold Harmless (AOPCHH.MSC) to no longer list a specific title company and instead pull title company name in from worksheet data.
