The Department of Veterans Affairs (“VA”) has proposed new rules that would update VA Home Loan guidelines for both “adjustable-rate mortgage loans” and “hybrid adjustable-rate mortgage loans”, as well as requirements for loans with a temporary buydown agreement. The proposed changes were published in the Federal Register June 21st.   

On June 3, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule which adds a registration and reporting requirement for certain nonbank financial companies when they become subject to certain federal, state, and local agency orders, court orders, and judgments for violations of consumer protection laws.

DocMagic is pleased to announce updates to the programming of the IVES Request for Transcript of Tax Return (Form 4506-C) which will provide an improved experience when requesting more than one transcript request per borrower. 

For LOS users, Form 4506-C will be returned with the direct input from your LOS system along with the assignment to a specific borrower(s) to create the correct number of forms. If requested, more than one transcript per borrower will return automatically without the need to request an update to client account settings.  

A mortgage that has a fixed introductory interest rate that resets to an adjustable rate after a set amount of time and then changes periodically based on a market index or benchmark. 

DocMagic is set to make an impact at the National Mortgage News 2024 Digital Mortgage conference! The conference showcases the latest industry insights and innovations that drive efficiency, enhance customer experiences, and uncover revenue prospects. Better compliance checks, enhanced workflows and insights supported by data can yield even more benefits for lenders than simply cutting costs.

On June 21, 2024, the Federal Housing Finance Agency (“FHFA”) announced its conditional approval of a proposal from the Federal Home Loan Mortgage Corporation (“Freddie Mac”) to purchase certain types of single-family, closed-end second mortgages.

Fannie Mae and Freddie Mac (the “GSEs”) have published new state-specific model forms for the 30-day Average Secured Overnight Finance Rate (“SOFR”) adjustable-rate notes and riders. The new forms are being provided for states that require state-specific authorized changes, previously covered in the instructions for the Multistate versions of the forms. There are no substantive changes to the content of the forms except for including the state-specific authorized changes in individual forms, and updated state-specific taglines dated 05/2024.

Updated footer logo to most recent version. (Date of Release to Production: 06/20/24)

Updated footer logo to most recent version. (Date of Release to Production: 06/20/24)

Updated footer logo to most recent version. (Date of Release to Production: 06/20/24)