DocMagic is making an update to the signature lines used for trustees on the security instrument and related documents for loans made to a revocable trust on property otherwise identified as homestead property in Florida.   Based on a review of Florida’s homestead laws, the nature of revocable trusts, and new title insurance requirements DocMagic customers have brought to our attention, DocMagic will include the trustee’s individual capacity on the security instrument, in addition to their trustee capacity. 

Customers may see modifications to the DocMagic information contained in the footers of our disclosures.  DocMagic is removing our URL from the logo in the bottom right corner of our forms.  On a coming date in December, we will also be updating the DocMagic eForms logo to our current logo.  Customers should see no other changes.

As previously announced, Fannie Mae and Freddie Mac (the “GSEs”) jointly published sample interactive Spanish translation aids for each component of the redesigned Uniform Residential Loan Application (“URLA”). The aids are non-executable versions of the updated URLA forms translated into Spanish.

DocMagic is adding new generic SOFR Homestyle Renovation loan programs which will use the 30-day Average SOFR index:

Notarization conducted remotely through use of audio/visual communication with an ink (wet) signature and paper documents that are returned to the notary (via fax, electronically, or mail) to complete and place his/her seal.

The U.S. Department of Housing and Urban Development (HUD) recently announced a proposed rule to allow the option for private flood insurance on Federal Housing Administration (FHA) insured properties located in Special Flood Hazard Areas. 

The Pennsylvania Department of Banking and Securities recently published the annual adjustment to the definition of “base figure” as required by section 101 of the Pennsylvania Loan Interest and Protection Law.  Effective January 1, 2021, the base figure definition, adjusted for annual inflation using the Consumer Price Index, will increase from $260,404 to $263,975 for the calendar year. 

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Hindsight Is 2020 - A Focus on eMortgage Technology and How it Was Tested

The Federal Housing Finance Agency (“FHFA”) has announced an increase in conforming loan limits for the fifth consecutive year.  These maximum loan limits will apply to single-family conventional loans purchased by Fannie Mae and Freddie Mac in 2021.  Loans above these limits are known as jumbo loans.<

On November 18, 2020, the CFPB, together with the Comptroller of the Currency, and Federal Reserve Board, announced that there will be no change to the annual threshold amount for exempting loans from special appraisal requirements for higher-priced mortgage loans (“HPMLs”).