The amount paid at closing to offset the reduced periodic payment while a temporary buydown is in effect.

Temporary Buydown Loans

Delaware has passed Senate Bill 262 (“SB 262”) which enacts the Revised Uniform Law on Notarial Acts (“the Act”),  including provisions authorizing remote notarization.  S.B. 262 closely follows the Revised Uniform Law on Notarial Acts (“RULONA”)as amended by the National Conference of Commissioners on United State Laws in 2016.

Since the DocMagic release of new versions of conventional uniform instruments on August 12, 2022, Fannie Mae and Freddie Mac (“GSEs”) have announced updates to the security instruments for the states of New York, Delaware, Washington, and Texas. 

DocMagic is making updates to the Minnesota Interest Rate or Discount Point Agreement (Form ID: MNIR.MSC) by adding detailed language to the Interest Rate, Discount Point and Processing sections.

Pursuant to Minn. Stat. Ann. § 47.206 (2),  the interest rate or discount point agreement is required to include:

In December 2020, the CFPB published the final rule amending the General QM definition as a result of the sunsetting of the Temporary Agency QM rule that was previously set to expire on January 10, 2021.   The final rule became effective with mandatory compliance by October 1, 2022. 

On May 6, 2022, the Internal Revenue Service (“IRS”) released a draft of a revised Form 4506-C.  Form 4506-C allows cleared and vetted Income Verification Express Service (“IVES”) participants to request tax return information with permission from an authorized taxpayer. 

The Department of Veterans Affairs (“VA”) recently published Circular 26-22-16 (“Circular”) to inform lenders of new requirements when a loan is selected for Full File Loan Review (“FFLR”).  Effective December 1, 2022, lenders must upload the Uniform Loan Application Dataset (“ULAD”) and Uniform Closing Dataset (“UCD”) into the VA’s automated loan tracking system (“WebLGY”).   Additionally, the VA has provided an updated stacking order and list of loan origi

If you're ready to stay competitive in today's mortgage market you need solutions like eNotes, eNotarization, and our award-winning eClosing  and eVault technologies.  To find out more, meet with DocMagic's eClosing experts in booth #919.

If you're going to be there, join us for a private party at Margaritaville!  Register Here!

Updated notary section on last page. (Date of Release to Production: 09/08/22)