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State-Based Predatory Lending Analysis
DocMagic provides the identical analysis - with calculations appropriately adjusted - for every state that has enacted "high-cost" or predatory lending legislation. Like the federal section 32 counterpart the state-specific predatory lending screens inform the user when a loan transaction meets state-based predatory lending or high cost loan requirements. The state-based predatory lending analysis will also provide the user with information about why the transaction at issue does or does not meet predatory lending or high-cost requirements.
Section 32 High-Cost Analysis
DocMagic provides as part of its standard software package, a fully accurate, sophisticated federal section 32 high-cost loan analysis. This feature not only informs the user that the loan is or is not high-cost, it also explains why the transaction at issue does or does not meet high-cost requirements. Subsequent to data input, a tab labeled section 32 appears on the user screen. The user clicks on the section-32 button and a federal high-cost analysis will appear - including points and fees tests and APR thresholds. A summary will appear explaining why or why not a loan is or is not covered by federal section 32. For example, the analysis will determine whether the transaction meets the required APR threshold, whether the points and fees meet the required threshold, and whether the loan is of a type that is exempt from high-cost coverage.
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Goof-Proof Audit System
The industry acclaimed "DocMagic Goof Proof Audit System" analyzes worksheet data and provides the user with a list of errors and warnings. In this way, DocMagic guides the user through each problem -- or potential problem -- with the inputted information on a particular loan transaction. The Goof-Proof Audit System will check for missing data, inaccurate data and will also check inputted data against required data as it is stored in the in the DocMagic PlanBuild Database.
Prepayment Penalty Audits
DocMagic not only provides the most accurate prepayment penalty documents in the industry, it provides additional protection for the end user through the development of prepayment penalty audits. The audits specifically address the period of time that relevant law allows for a prepayment penalty and whether -- and under what circumstances -- the law precludes a prepayment penalty. In this way, the loan processor knows whether or not the data entered is appropriate.
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