This month, we add additional high cost information for the states of Arkansas, Connecticut, District of Columbia, Illinois, Kentucky, North Carolina, New York, Oklahoma, Pennsylvania, South Carolina, Texas, Wisconsin, and West Virginia to our High Cost/Predatory Lending Page. DocMagic performs a high-cost analysis for these states and those states whose high-cost memos are already posted on the Compliance page of our website: California, Colorado, Florida, Georgia, Indiana, Maryland, Massachusetts, and Utah.

Also already posted to our website is our memo describing DocMagic's "Section 32" test. As Maine, Nevada and Ohio's predatory lending statutes mirror Section 32, DocMagic does not provide a separate state high-cost analysis for these states. Rather, if a loan secured by property located in Maine, Nevada or Ohio is determined to be a "Section 32" loan, then the loan will also be considered a high-cost home loan under the predatory lending laws of the respective state.

Coming early next year... Our high-cost memos on New Jersey and New Mexico.

To access the High Cost/Predatory Lending page, click here.