DocMagic’s updated VA adjustable-rate mortgage (“ARM”) notes and riders with updated fallback language will be available on August 6, 2020.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the National Credit Union Administration (collectively, the “Agencies”) have jointly released proposed new and revised Interagency Questions and Answers Regarding Flood Insurance.

On July 6, 2020, Governor Mike Parson signed into law Missouri HB 1655, which revises the statutes regarding notaries public and notarial acts.

The Government National Mortgage Association, more commonly known as GNMA or Ginnie Mae, recently announced the launch of their Digital Collateral Program that will allow Issuers and Custodians of GNMA securities to accept and transfer electronic notes.  The announcement comes as the COVID-19 pandemic continues to alter the mortgage lending landscape making electronic transactions more popular.  

The process a remote notary uses to verify the identity of a person not known or proved to them, that may include use of a knowledge-based authentication process in addition to verification of government-issued identification.

DocMagic is joining forces with Simplifile, a document collaboration and eRecording provider, to create new process efficiencies that will facilitate eClosing adoption.

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Regulation Z includes a requirement that creditors establish an escrow account for certain higher-priced mortgage loans (“HPMLs”) and provides certain exemptions from this requirement.  Section 108 of the 2018 Economic Growth, Regulation Relief, and Consumer Protection Act (“EGRRCPA”) mandates the Consumer Financial Protection Bureau (the “CFPB”) issue regulations to add a new escrow account exemption for transactions by certain insured depository institutions and insured credit unions.  Institutions covered include those meeting specific criteria of asset size,

The Consumer Financial Protection Bureau (“CFPB”) is required to calculate annually the dollar amounts for several provisions in Regulation Z.  The CFPB recently issued a final rule amending the dollar amount thresholds under the HOEPA “points and fees” provisions of Regulation Z (1

Applied standard header below title. (Date of Release to Production: 07/23/20)

Updated to match model form found at HUD website. (Date of Release to Production: 07/23/20)