Updated with fallback language (Section 4). (Date of Release to Production: 06/18/20)

Navigating Digital Implementation in the Current Landscape

Digital mortgages have gained so much attention in recent months. The technology exists today, but how lenders implement that technology can impact business continuity during this unpredictable time period.

AutoPrep

DocMagic introduces AutoPrep, a new technology that leverages artificial intelligence and machine learning to change standard documents into e-enabled documents in less than 10 seconds. AutoPrep scans and parses documents, locates all areas required for a signature, then tags them for eClosing

DocMagic has been your partner for an electronic closing for years and continues to provide creative solutions for lenders seeking to streamline their closing process.  Especially in light of the recent pandemic situation causing the need for social distancing, electronic and even remote closings are becoming more and more necessary and the normal way of closing a mortgage.  To continue to support our lender clients in completing fully electronic closings, DocMagic has been making additional updates to our systems and documents. 

As the industry continues to prepare for the London Interbank Offered Rate (“LIBOR”) to be phased out by the end of 2021, the focus includes how to transition to the Secured Overnight Financing Rate (“SOFR”) as a new benchmark index. The Federal Reserve Bank of New York began publishing SOFR, an overnight interest rate based on U.S. dollar Treasury repurchase agreements, in April 2018 as part of an effort to replace LIBOR. It publishes the 30-, 90- and 180-day SOFR Averages as well as an overnight SOFR index.

The Mortgage Industry Standards Maintenance Organization (“MISMO”) recently announced release of new Closing Instructions templates for use by lenders.  Find the MISMO announcement here.  As stated in the release, “MISMO's Closing Instructions are templates that lenders can use to communicate with settlement agents.

Removed sentence above Borrower signature line. (Date of Release to Production: 05/21/20)

DocMagic has revised the estimated schedule for releasing updated FHA adjustable-rate Notes and Riders.

DocMagic has improved the process for settlement agents to link up with notary providers to complete an eNotarization—especially a remote online notarization (RON) that allows signers and notaries to meet in a virtual environment. The change is crucial in the current COVID-19 climate.

Converted to letter size. (Date of Release to Production: 05/21/20)