The Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (collectively, the “GSEs”) have made historical VantageScore 4.0 credit scores available to approved users. The historical credit scores for both GSEs are based on single-family loans purchased from April 2013 through March 2023.

It is with profound sadness that DocMagic announces the passing of its esteemed Founder, President and Chief Executive Officer, Dominic Iannitti. Mr. Iannitti passed away unexpectedly on July 18, 2024, due to complications from pneumonia. He was a visionary leader, innovator, entrepreneur, and a prominent figure within the mortgage industry, whose presence will be deeply missed.

On May 1, 2024, the Federal Housing Administration (“FHA”) and the Federal Housing Finance Agency (“FHFA”) both published new policies regarding Reconsideration of Value (“ROV”).  The new requirements outline how lenders must disclose the ROV process to consumers and sets standards to improve current policies for appraisal reviews, including requests for reconsideration of value and second appraisals.  

The use of equity in one property as collateral to purchase or construct another property on a separate parcel/lot.

This month, the U.S. Department of Housing and Urban Development (“HUD”) published Mortgagee Letter 2024-13 to announce an updated set of policies for its 203(k) Rehabilitation Mortgage Insurance Program. 

The Ohio Division of Financial Institutions (“DFI”) recently published Residential Mortgage Lending Letter 2024-01 (ML 2024-01) to announce the repeal of Ohio Revised Code Sections 1322.07(C) and 1321.59(G), which prohibited a licensed mortgage loan originator, mortgage broker or mortgage lender (collectively ,“mortgage professionals”) from also acting as a real estate broker or agent (collectively, “realtor”)

Oklahoma recently passed Senate Bill 57 (SB 57) to amend margin requirements found in title 19 of Oklahoma Statutes Section 298 (Okla. Stat. tit.19, § 298).

Join DocMagic at the upcoming National Mortgage News Digital Mortgage Conference! 

DocMagic will be presenting a demo to illustrate how several key elements of DocMagic’s scalable platform radically transforms the eMortgage process by enhancing efficiency, reducing operational costs, and accelerating funding. The presenters will showcase how:

Updated to use dynamic signature lines. (Date of Release to Production: 07/18/24)

Updated to the most recently published model form version. (Date of Release to Production: 07/18/24)