Updated to most recent website version. (Date of Release to Production: 02/21/19)

As previously discussed in our prior article on this topic, the Department of Veterans Affairs (“VA” or the “Department”) recently issued new requirements for ensuring cash-out refinance loans provide a net tangible benefit to the borrower, to be effective February 15, 2019. At the time the VA issued the new requirements in VA Circular 26-18-30, the Department did not provide model forms to satisfy the new requirements. Many questions remained regarding what information needed to be considered and presented on the forms.

In August of 2016, Fannie Mae and Freddie Mac (collectively the “GSEs”) released a redesign of the Uniform Residential Loan Application (the “URLA”) or Form-1003. As previously reported by DocMagic in 2016, this is the first redesign of the form in over 20 years.

In an effort to support implementation of the redesigned 2020 Uniform Residential Loan Application ("2020 URLA"), DocMagic has created a centralized information page where our customers and partners may access information relevant to the implementation.

Customer and Integrations Partners can access the page here.

Updated CFPB address on last page.  (Date of Release to Production: 02/14/19)

Updated CFPB address on page 37.  (Date of Release to Production: 02/14/19)

The Ohio Department of Commerce published the annual adjustment to the loan amount limit for prepayment penalties under Oh. Rev. Code Ann. §1343.011(C). Under Section 1343.011(C)(2)(b), loan amounts less than the prescribed limit may not be subject to a prepayment penalty. For 2019, the loan amount limit increased to $91,466.

Section 1343.011(C)(2)(a) provides that no mortgage broker, loan officer or non-bank mortgage lender may charge a prepayment penalty on a first-lien residential mortgage obligation of less than $75,000.

New WI form.  (Date of Release to Production: 02/07/19)

Updated Fannie Mae address in first paragraph (page 1). (Date of Release to Production: 03/01/19)

Updated to most recent website version. (Date of Release to Production: 02/07/19)