On April 1, 2020, Fannie Mae and Freddie Mac (the “GSEs”) issued additional guidance regarding the transition from LIBOR to SOFR ARM loans including eligibility, underwriting and delivery requirements.  New Secured Overnight Financing Rate (“SOFR”) ARM products will use the 30-day average SOFR index published by the Federal Reserve Bank of New York.

Due to the impact of the Coronavirus, many investors and agencies are providing updates to their available loan programs.  DocMagic is keeping abreast of these changes and will be making updates accordingly.

Alabama Housing Finance Authority:  Alabama Housing Finance Authority (AHFA) is suspending acceptance of new reservations effective immediately. Updates will be sent when the acceptance of reservations resume.

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. Our goal is to enable any lender with loan documents produced by any document preparation provider, whether or not they are e-enabled, to benefit from DocMagic's end-to-end, 100 percent paperless eClosing process.

The closing of a loan by some electronic means, including borrower signatures and/or notary signatures, seal affixation and signature.  An eClosing includes three hybrid variations where all but the following are eSigned: paper note, paper note and notary, or paper notary.

Prior to our current situation where everyone is encouraged, or in some cases required, to stay at home except when conducting “essential activities”, the use of technology in mortgage closings had already taken a hold.  Increasingly, state legislatures had recognized the benefits of electronic mortgage loan closings and were passing laws to support the use of the technology in one of the largest sectors of the US economy.  Indeed, over the past couple of years, states were going beyond simple electronic closings to adopt laws that supported fully rem

On March 26, 2020, the CFPB issued a press release that it is providing flexibility for financial companies during the pandemic period, suspending some data collection requirements so that lenders may focus on assisting customers in need.  Data suspensions include quarterly HMDA data reporting, information on credit card and prepaid accounts, cost of compliance with Dodd-Frank Section 1071 survey data, and information on PACE fina

As the impact from the Coronavirus grows, state agencies have begun sending out communication and guidance to licensees on how to operate during the crisis. The NMLS has compiled a list of state agency contacts along with links to recent announcements.

Modification to add checkboxes for post-fill for the amount of child care expenses as per week or per month. (Date of Release to Production: 03/26/2020)

On March 11, 2020, the California Attorney General’s office announced the release of a second set of modifications to the proposed regulations for the California Consumer Privacy Act (“CCPA”).

Federal Reserve Makes Additional Emergency Cut to Rate -March 15, 2020

On March 15, 2020, the Federal Reserve announced that it was cutting its benchmark federal funds rate by 1% to a range of 0% to .25%, alongside other measures meant to stimulate the national economy as it struggles due to the Coronavirus pandemic.