DocMagic has NEW documents and plan codes for the Wells Fargo HELOC programs. To add these loan programs, click on the "Add" button next to loan program, scroll down to and select Wells Fargo HELOC (WFH7), and then add the appropriate loan programs. It's fast and easy, so download these plans today!

For over six years now, DocMagic® clients have been able to order flood zone determinations directly through DocMagic with just a couple of mouse clicks. Despite the success of this simple and seamless flood determination service, we continually monitor our systems and seek ways to improve the service to ensure the highest level of connectivity and automation available in the market. As part of that ongoing effort, Document Systems, Inc. is pleased to announce that, effective October 1, 2005, the new primary, but not exclusive, flood determination provider will be Nationwide TotalFlood Services, Inc. (NTSI). NTSI has been in business for over 15 years, maintains a $10 million errors and omissions policy, and was awarded Certification by the National Flood Determination Association in January 2005. For additional information about NTSI, please visit: www.totalflood.com.

Spanish Version of TILA Statement

Since September 1, 2005, the Spanish version of the TILA statement has been available in DocMagic to comply with Texas H.B. 1547, which became effective on the same date. H.B. 1547 amended Texas Finance Code Section 341.502 by adding a new subparagraph (a-1), which requires lenders to give a summary, in Spanish, of loan terms of a secondary mortgage loan transaction under Chapter 342, Subchapter G, or a home equity loan regulated by the Texas Office of Consumer Credit Commissioner ("OCCC") to the borrower in a form identical to the disclosures required by 12 C.F.R. Section 226.18, if the loan terms were negotiated in the Spanish language. This form complies with the Texas Office of Consumer Credit Commissioner's ("OCCC's") Proposed Rules 7 TAC Sections 1.1251-1.1256 and Figure: 7 TAC 1.1253(a)(4).  Please read our August, 2005 article for more detailed information about Texas H.B. 1547 Adopted. Click here for a copy of the Proposed Rules.

If you would like this form to be placed in your plan or a particular loan transaction, please contact Customer Service, at (800) 649-1362, to request it.

Informe de Prestamo Form

Rudy Aguilar, the Director of Consumer Protection at the OCCC, informally advised Document Systems, Inc.'s Compliance Department that the Informe De Prestamo form, which is posted on the OCCC's website as a required disclosure for secondary mortgage loan transactions, will no longer need to be given to the borrower if the lender provides the Spanish version of the TIL statement to the borrower. He further advised that his office will soon propose the repeal of Rule 7 TAC 1.827, which requires the Informe de Prestamo form.

This month, we added detailed high cost information for the states of Colorado, Florida and Maryland to our High Cost/Predatory Lending Page.

Every month we will be adding detailed high cost information for additional states. So, be sure to check back often.

As of September 1, 2005, DocMagic has been using the revised Uniform Residential Loan Application (Form 1003) that Fannie Mae and Freddie Mac published on their websites in August, 2005. Although this form will not be required to be used until January 1, 2006, Document Systems, Inc. has already implemented it into the DocMagic system in response to customer requests.

The Customer Service Department has received telephone calls from customers over the past month about a recently implemented audit for Wisconsin loans. Many customers processing Wisconsin loans have called to inquire about the following warning:

FINANCE CHARGES TO LENDER > 2% MAY BE SUBJECT TO REFUND UPON PREPAYMENT; REDUCE BELOW 2%

This warning advises the user that the borrower may be entitled to a refund if the borrower prepays the loan in full, because finance charges exceed 2% of the principal amount of the loan. If the DocMagic user wants to minimize the possibility of having to refund the borrower in the event of prepayment, then finance charges should be reduced below 2% of the loan amount.

Using any of the data elements in DocMagic, you can generate your own customized reports. Do you want to know how many loans one of your correspondents has originated in one month before even having received all the loan documents for that month? Or, would you like to know how many fixed-rate loans you originated in one week? Or, how about how many loans you made in Houston, Texas? You can generate reports to answer these questions and more by customizing your own reports. The types of reports that can be generated from the data elements entered in DocMagic are almost limitless.

In order to keep DocMagic software users better apprised of document changes and additions as they occur, DSI posts listings of all newly created and revised documents. Here is the list of forms created or modified in August, 2005.