Be prepared for the 2020 URLA!

Watch our Webinar where our Chief Compliance Officer coves the intricacies of the new forms layout and requirements.

Click the link below to access.

Understanding URLA: The NEW Uniform Residential Loan Application

Be prepared for the 2020 URLA!

Watch our Webinar where our Chief Compliance Officer coves the intricacies of the new forms layout and requirements.

Click the link below to access.

Updated to most recent website version. (Date of Release to Production: 05/30/19)

Updated to most recent website version. (Date of Release to Production: 05/30/19)

DocMagic currently includes the Borrower Certification and Authorization (Form ID: TDC.LSR) in all FHA initial and closing document packages.  That form allows the lender to obtain personal information from the borrower and other sources to verify their application and to use that information in the lending process.   Based on feedback from HUD, DocMagic will be adding a new disclosure to all FHA transactions on June 3, 2019, that specifically allows use of information protected under the Privacy Act of 1974, using that specific language.  The Borrower Authorization for

On May 2, 2019, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM) relating to Home Mortgage Disclosure Act (HMDA) coverage thresholds and partial exemptions.  It proposes to raise the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the rules of HMDA.   

Regulation Z defines Consummation as the time a consumer becomes contractually obligated on a transaction but leaves when that contractual obligation occurs to state law.   Other federal laws are generally silent as to when consummation occurs.   Applicable state laws can vary on the term. For example, many states define consummation as occurring when the consumer executes the promissory note and mortgage. (N.Y. Banking Law § 2(30)).

Regulation Z defines Consummation as the time a consumer becomes contractually obligated on a transaction, but leaves when that contractual obligation occurs to state law.   Other federal laws are generally silent as to when consummation occurs.   Applicable state laws can vary on the term. For example, many states define consummation as occurring when the consumer executes the promissory note and mortgage. (N.Y. Banking Law § 2(30)). However, some escrow states, such as …, define the legal obligation to not occur until the funding date.

New Multistate Simple Interest Note.  (Date of Release to Production: 05/30/19)

New Multistate Simple Interest Note.  (Date of Release to Production: 05/30/19)