In a recent press release, the U.S. Department of Housing and Urban Development (HUD) announced new agency efforts designed to reduce the risks associated with cash-out refinance lending. 

The process whereby a lender solicits an existing borrower to refinance their current mortgage with little to no financial benefit to the borrower with a different or the same investor.  Churning involves repeatedly refinancing a loan with additional closing costs and fees on top of the original principal amount.  

Register for our Upcoming Webinar: 5 Roadblocks to Your Digital Implementation ...and How to Overcome Them

Join us Wednesday, September 18th at 10:00 AM PDT

The webinar focuses on the critical details that will make all the difference in the short and long-run, outlining strategies that will directly impact the success or failure of your digital implementation process.

Click here to Register

As part of our regular maintenance and review, DocMagic’s Compliance department has determined to make certain modifications to the existing DocMagic Interest Only loan plans.  Note: these plans were discontinued by FNMA and FHLMC in August 2014, but DocMagic continues to provide modified programs and documents at customer request. 

New (dynamic form). (Date of Release to Production: 08/02/19)

Retired by Fannie Mae.

Retired by Fannie Mae.

New California form. (Date of Release to Production: 08/19/19)

New Hawaii form. (Date of Release to Production: 08/20/19)

Added sections 6(F) and 13. (Date of Release to Production: 09/06/19)