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General Information

Loan Program

The loan program is the key to preparing the document package.  The loan program defines: 1) the data fields that need to be completed; 2) The forms that will appear in the loan package, i.e. notes, riders, disclosures; 3) Late charge information; 4) Computations, i.e. ARM adjusting, rounding, etc.; 5) Goof-Proof auditing and much, much more.

If you know the code for the program you wish to utilize, select it from the list of available loan programs.  If you don't see the plan code in your current list, simply add a new plan.  You will instantly be provided with DocMagic's current investor listing.  Select the investor for which you wish to add a program or choose Generic if no investor is applicable.  After making your selection, you will be provided with a list of available loan programs.  Make your selection(s).  Within seconds DocMagic will provide you with your new program code(s).  Required: Yes; Default: No

DocMagic Compliance Articles:

• Investor Updates
• Tech Tip of the Month: DocMagic's Plan Selection Filter
• Conventional and FHA CEMA Plans Available
• DocMagic Adds FHA LIBOR ARM Loan Programs
• CitiMortgage Programs Now Use DocMagic's Prepayment Penalty Forms
• Revived Loan Programs: Correspondent Division of Chevy Chase Bank
• Newly Added FHA Plans to Use Average Outstanding Balance Method
• Master and Short Form Deeds of Trust/Mortgages Coming Soon!
• Impac Suspends Alt-A Loans; New Plans in Effect
• SunTrust Mortgage Converts Agency Treasury ARM Index to LIBOR ARM Index
• New Loan Programs: UBS Investment Bank
• At Your Service: Generic Texas Loan Programs
• At Your Service: AmTrust Bank's Revocable Trust Signature Requirements
• New Loan Programs: Deutsche Bank, Freedom Mortgage & SunTrust Mortgage
• MERS Loan Registration Now Available on DocMagic for Windows
• DocMagic Generic HELOC Plan Codes
• Updated Countrywide HELOC Agreements
• Wells Fargo HELOC Documents

Alternate Lender:

The Alternate Lender Code field should be utilized only when documents are to be drawn in a lender's name other than your own.  In addition, the indicated plan must have alternate lender capabilities.  To draw in the name of an alternate lender, simply enter the code corresponding to an entry in the alternate lender pop-up list.  If the alternate lender you desire is not present, simply enter the alternate lender in the data entry window.  To have alternate lender capabilities enabled for a plan, contact DSI.  Required: No; Default: No

Transfer To

Select an entity to transfer/assign this loan to. Contact DSI customer service to modify this list.  Required:  No; Default:  No

Origination Type

What is your role in this transaction? Options to choose from: Broker, Lender, Correspondent, other.

Broker Name

Enter the Broker Name or a Broker Code, if applicable, that corresponds to an entry in the Broker Company database.  Note that if a Broker Code is used, when you hit <enter> the Broker Name will be entered for you. If you do not want to add the Broker to the Broker database, simply enter the Broker Name in this field.  Required: No; Default: No

Loan Rep

Enter the name of the loan representative responsible for originating this transaction, or type a code (usually initials) from your representative list to retrieve the name quickly. Required: No; Default: No

Branch

Enter the branch name or number if the originating branch differs from the branch currently drawing documents. Enter the Branch Code to retrieve the name quickly if you know it. This field, like the Representative field, generally pertains only to the Lender's Instructions form.  Required: No; Default: No

Loan Type

Is this a conventional, FHA, or VA loan?  Entry in this field is required to insure that applicable Goof-Proof auditing is enabled.  Select one of the following:  1) CONV  - Conventional; 2) FHA - Federal Housing Administration; 3) VA  - Department of Veterans Affairs; 4) FHAT1 - Title One; 5) E - Equity Line of Credit; 6) CON   - Construction.  Required: Yes; Default: Plan 

Loan Purpose

Is the purpose of this loan to purchase new property?  Refinance real estate already owned?  Subordinate financing?  Enter the appropriate code corresponding to the purpose of this loan.  Depending on the type of loan indicated above, your available selections may differ.  Generally possible choices will include: 1) P -Purchase; 2) R - Refinance; 3) I - Refinance - *Credit Increase; 4) S - Streamline Refinance (FHA); 5) JR - Second Trust Deed; 6) HI - Home Improvement; 7) 3RD - 3rd Trust Deed  * Credit increases with the same lender necessitate a slightly different Notice of Right to Cancel model form.  Use code "I" to indicate a same-lender refinance or increase in credit.  Required: Yes; Default: No

DocMagic Compliance Article:

• Refinance or Refinance/Increase: What's the Difference?

Loan Number

Enter your loan number in this field or, if required by an investor, the investor loan number.  The loan number prints on most forms.  Required: No; Default: No

MERS #

Your MERS identification number is a unique number assigned to a particular transaction, it is very similar to your loan number.  The number is created by utilizing your company's organization number assigned by MERS, the transaction loan number and a special digit computed by a mathematical algorithm supplied by MERS.  The resulting identification number will appear on your MERS-specific documentation (ex. security instrument, assignment).  In order for DocMagic to compute this identification number, it is necessary for DSI to know your unique MERS organization code.  Contact DSI's customer service department with this code.  Required: No; Default: None

FHA/VA Case #

For an FHA loan, type your 11-digit FHA case number, including dashes.  For a VA loan, type in your VA case number preceded by "LHG".  For example: 041-8325133-703 (FHA) or LHG 2146773 (VA).  Required: No; Default: None

Section #

For FHA loans, enter the section of the ADP code. For example: 1) 203b - Standard FHA program; 2) 234c - Condominium program; 3) 245a - GPM program. Required: No; Default: No

Critical Dates 

Application Date

Enter the date that you received the borrower's application for credit. An application is received when it reaches the creditor (the person whom the note is initially payable) in any of the ways applications are normally transmitted - by mail, hand delivery, or through an intermediary agent or broker. If an application reaches the creditor through an intermediary agent or broker, the application is received when it reaches the creditor, rather than when it reaches the intermediary agent or broker.  This date is specifically utilized in the computation of the Regulation Z section 32 analysis.  This analysis requires the use of a comparable index value published as of the 15th of the month immediately proceeding the month in which the original loan application was received. You may also wish to use this date to confirm that required federal and state disclosures, if any, are given within the prescribed timeframe.  Note: Entry of "+ # days" or "- # days" will result in the automatic date computation.  For example: "+5" would add 5 days to today's date while "-30" would subtract 30 days from today's date.  All date fields automatically add the '/' wherever necessary.  Required: No; Default: Predisclosure Document Date

DocMagic Compliance Articles:

• Yield on Treasury Securities: Which Value Do I Use?
• Newly Implemented Audits - Fannie Mae and Application Date

Rate Lock Date

The date the loan's interest rate is set for the final time before closing, whether pursuant to lock-in agreement or otherwise.  Note: Entry of "+ # days" or "- # days" will result in the automatic date computation.  For example: "+5" would add 5 days to today's date while "-30" would subtract 30 days from today's date.  All date fields automatically add the '/' wherever necessary.  Required: No; Default: No

Document Date

Use this field to indicate the date of transaction execution that will appear on all documents.  Note: Entry of "+ # days" or "- # days" will result in an automatic date computation.  For example: "+5" would add 5 days to today's date while "-30" would subtract 30 days from today's date.  All date fields insert the '/' symbols automatically.  Simply type in any date as one 6-digit number.  Example: August 21, 1994 would be keyed as '082194'.  Required: No; Default: Today

Closing Date

Type in the 6-digit date that is the best estimation of when this loan transaction will be closed.  Note: Entry of "+ # days" or "- # days" will result in an automatic date computation.  For example: "+5" would add 5 days to today's date while "-30" would subtract 30 days from today's date.  All date fields insert the '/' symbols automatically.  Simply type in any date as one 6-digit number.  Example: August 21, 1994 would be keyed as '082194'.  Required: No; Default: No

Signature Date

The signing date is the date of the transaction appearing in the rescission notice.  Remember that '/'s are not necessary as DocMagic will insert these where necessary.  An example entry for June 30, 1996 would be "063096".  Required: No; Default: No

Cancel Date

The cancel date is the date of the end of the right to cancel period.  This is usually 3 days into the future.  Simply entering "+3" will result in the automatic computation of the date 3 days in the future.  Be careful, however, as the computation will not automatically exclude Sundays or holidays!  Remember that '/'s are not necessary as DocMagic will insert these where necessary.  An example entry for June 30, 1996 would be "063096".  Required: No; Default: No

DocMagic Compliance Articles:

• A Borrower's Right to Rescind
• Notice of Right to Cancel - Closed-End Loan Forms & Form Selection Logic
• Notice of Right to Cancel - Open-End Loan Forms & Form Selection Logic
• Notice of Right to Cancel - Instructions for Completing a Notice of Right to Cancel

Disbursement Date

Enter the 6-digit date that corresponds to the date of funds disbursement.  This date is used to compute the default for the Days Prepaid Interest field.  Note: Entry of "+ # days" or "- # days" will result in an automatic date computation.  For example: "+5" would add 5 days to today's date while "-30" would subtract 30 days from today's date.  All date fields insert the '/' symbols automatically.  Simply type in any date as one 6-digit number.  Example: August 21, 1994 would be keyed as '082194'.  Required: No; Default: Prev

DocMagic Compliance Article:

• A Borrower's Right to Rescind

Mortgage Disclosure Date Information

DocMagic Compliance Article:

• Mortgage Disclosure Improvement (MDIA) Act Effective July 30, 2009