A software application used for securing, storing, and managing digital assets such as an eNote, eMortgage, or other mortgage loan documents.

On October 31, 2022, the Internal Revenue Service (“IRS”) published a new version of 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. 

As noted in previous articles, Fannie Mae and Freddie Mac published new versions of their Uniform Instruments in July 2021, with a required use date as of January 1, 2023.  DocMagic moved to the new versions of standard conventional documents as of August 12, 2022. In addition to these changes, DocMagic will also be making updates to the notes and security instruments used for FHA and VA loan types. 

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On October 24, 2022, the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (the “GSEs”) will be making a change to approve use of two new credit scoring models, FICO 10T and VantageScore 4.0.

On October 18, 2022, the United States Department of Agriculture (“USDA”), Rural Development (the “Agency”) announced that funding for the Single-Family Housing Guaranteed Loan Program is available for the 2023 fiscal year (October 1, 2022 – September 30, 2023 )  after lapsing for a short period of time.  The funding is authorized by H.R. 6833, the “Continuing Appropriations and Ukraine Supplemental Appropriations Act, 2023.”

Once again, a federal court has found the CFPB’s structure to be unconstitutional.  The Fifth Circuit U.S. Court of Appeals found the funding mechanism, whereby the CFPB is funded from appropriations from the Federal Reserve, violates the U.S. Constitution’s required separation of powers. The case involved is Community Financial Services of America v.

The US Department of Housing and Urban Development (“HUD”), Office of Housing, recently published a Proposed Rule in the Federal Register that would establish a framework to transition away from LIBOR to new alternative indices.   Adjustable-Rate loans guaranteed by the Federal Housing Administration are currently required by regulation to be based on one of two indices: weekly yield on Treasury securities (“CMT”) or 1-year LIBOR.   24 CFR 203.49

On October 13, the CFPB, together with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, posted the annual adjustment to appraisal requirements for higher-priced mortgage loans (“HPMLs”).  The new threshold will apply to loans in an amount not exceeding $31,100.  

Updated to most recent website version. (Date of Release to Production: 10/20/22)