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 clos

On September 2, 2021 (updated), DocMagic will be adding a new audit to its Automated Compliance System for U.S. Department of Veterans Affairs (“VA”) guaranteed loans.

The audit will provide a warning for clients if the origination fee exceeds one percent (1%) of the loan amount and if non-permissible fees are indicated as paid by the borrower. VA regulations do not limit the payment of fees by other parties.

As announced on May 19, 2021 by Freddie Mac and Fannie Mae (the GSEs), the implementation date of the Un

As used in TRID, a periodic payment is the regularly scheduled payment of principal and interest, mortgage insurance and escrow, which occurs on a periodic basis, such as monthly or bi-weekly, without regard to differences in a final payment that are only the result of rounding. 

On July 20, 2021, the Federal Housing Administration (“FHA”) published updates to the Single Family Housing Policy Handbook 4000.1 (“Handbook 4000.1”).  The changes were made available for optional implementation immediately, but mandatory implementation is required for all mortgages with case numbers assigned on or after September 20, 2021. 

The U.S. Department of Agriculture (“USDA”) has announced updates to Chapter 11 of the lender’s handbook (“HB-1-3555”).  Ahead of the changes, the USDA published an advanced copy of the revised chapter on the USDA LINC Training and Resource Library, under the Loan Origination tab.

The Federal Housing Finance Agency (“FHFA”) announced that the Adverse Market Refinance Fee of 50 basis points (0.500%) will be eliminated for loans delivered to Fannie Mae and Freddie Mac (the “GSEs”) effective August 1, 2021.

Updated signature lines to not populate for a Title Only person. 

On July 7, 2021, Fannie Mae and Freddie Mac (the “GSEs”) announced changes to all uniform instruments, except those being retired - including notes, riders, security instruments, addenda, and special-purpose documents.

Updated to support eNotarization. (Date of Release to Production: 07/22/21)