New Freddie Mac/Fannie Mae Lien Document. (Date of Release to Production: 04/04/24)

The U.S. Department of Agriculture - Rural Development (“USDA”) has announced updates to several chapters of the Single Family Housing Guaranteed Loan Program Technical Handbook (“HB-1-3555”). 

The South Carolina Department of Consumer Affairs recently announced changes in dollar amounts pursuant to Sections 37-1-109 and 37-6-104(1)(e) which provide that dollar amounts in the Consumer Protection Code are subject to change on July 1 of every even-numbered year based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (“CPI”).  Beginning with the April 2020, the calculation is based on the aggregate change from the CPI of December 1976 to the CPI of the December immediately preceding the publication of the adjustments.

Late fee dollar amounts indexed in the Minnesota Regulated Loan Act, Chapter 56 and Section 47.59(3)(i) of the Minnesota Consumer Credit Code are subject to periodic adjustment on July 1 of even-numbered years, based on a percentage change in the Implicit Price Deflator for the Gross Domestic Product compiled by the U.S. Department of Commerce. The dollar amounts will be adjusted if the percentage of change from the referenced base is ten percent or more.

In order to keep DocMagic software users better apprised of document changes and additions as they occur, DocMagic posts listings of all newly created and revised documents. Here is the list of forms created or modified in April 2024.

To view all New/Revised Documents, click here.

DocMagic is excited to attend the Mortgage Innovators Conference 2024 at the Hilton Anaheim and support the conference mission of discussing exciting, forward-thinking advances in mortgage technology. We’re also looking forward to connecting with fellow experts, leaders, and innovators to collaborate and drive the industry forward. We invite you to join us for meaningful discussions and networking opportunities that will shape our future.

Down Payment Assistance - Programs that provide homebuyers with money to help pay a down payment or closing costs on a home purchase.

Beginning on September 12, 2024, DocMagic will be adding all available Spanish language forms to return in packages, along with the English versions of the forms they translate, when clients pass a Spanish language indicator in their loan data.

Fannie Mae recently published Servicing Guide Announcement (SVC-2024-02) to provide information on updates to Form 3179 Loan Modification Agreements.  The instructions for the form have been updated to include two new provisions for loans secured by property in New York, in response to New York’s Foreclosure Abuse Prevention Act (“FAPA”).  Additionally, an update was also made to the instructions relating to MERS. 

The Federal Housing Finance Agency (“FHFA”) recently published a notice of a proposed new product from the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the Federal Register. Freddie Mac is seeking approval to purchase certain types of single-family closed-end second mortgages.