DSI Customer Service offers solutions to common issues or questions, ranging from user errors to using our software. Common user errors that our Customer Service Department has noticed recently are discussed below.
HELOCs - Customer Service has noticed that with respect to home equity lines of credit (HELOCs), the most common mistake made by customers is the initial interest rate that is inputted into DocMagic when there is a teaser rate. This "teaser rate" or introductory rate should be inputted into the "Initial Interest Rate" field in the "Terms/ARM" window of DocMagic.
Negative Amortization Loans - Customers think that the "Life-of-loan Cap" is the maximum cap rate, but it is not. Customers should actually input the maximum cap rate under the "Ceiling (Max) Rate" field in DocMagic.
Prepayments - Some customers are not correctly selecting the proper Plan Codes for IndyMac loans. As a result, the incorrect prepayment riders and addenda are being generated. Any Plan Codes that have the letter "P" are the prime loans (soft prepays), and the Plans that have the letters "SP" are the subprime loans (hard/standard prepays).
The IndyMac Plans are:
| FPINM | 26MOLPINM |
| 1_FSPINM | 26MOLSPINM |
| 1_FTPRINM | 36MOLPINM |
| 1_FTPR2INM | 36MOLSPINM |
| 1_305PINM | 56MOLPINM |
| 1_307PINM | 76MOLPINM |
| 1_BSMINM | 106MOLPINM |
| 1_BSMPINM | 228PINM |
| 1_1YRTPINM | 228SPINM |
| 1_1YRTWCPINM | 228SPPLINM |
| 1_31YRTPINM | 12MATINM |
| 1_31YRTPRINM | 12MATSPINM |
| 1_31YRTSPINM | 26MOLPIOINM |
| 1_51YRTPINM | 26MOLSIOINM |
| 1_51YRTRINM | 36MOLPIOINM |
| 1_6MOLPINM | 56MOLPIOINM |
| 1_6MOLNCINM | 76MOLPIOINM |
| 1_6MOLSPINM | 106MOLPIOINM |
| 1_6MOLPIOINM | 31YRTIOPINM |
| 1_6MOLIONCINM | 51YRTIOPINM |
For more information, contact our Customer Service Department at (800) 649-1362.
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