The DocMagic "Goof Proof" audit system is an extremely popular feature with DocMagic software users. We are constantly adding to our already extensive audit database to accommodate regulatory changes, investor requirements and lender/broker preferences.  In this article, we highlight two recent audits that we have recently added.

As a result of the repeal of Massachusetts General Laws, Chapter 184, Sections 17C and 17D, which becomes effective on July 1, 2006, a number of disclosures will no longer be required for those lenders and brokers originating loans secured by property located in the state of Massachusetts. Those disclosures are as follows:

Over the last couple of issues of The Compliance Wizard, we reported that DocMagic Online users could register a loan directly with MERS without the need to input additional information. With DocMagic for Windows' (DMW's) recent Release Version 8.04.8, DMW users may now also register their loans directly with MERS. Like magic, loan-specific information can now automatically be transferred to MERS through DMW, ensuring accuracy of the MERS-specific information and enhancing efficiency with document preparation.

The following plan codes are now available:

Investor: HSBC (Subprime), Investor Code: HFS,
Plan Code: H5HFS, Description: HELOC SUBPRIME I/O, 10YR DRAW, 0YR REPAY
Plan Code: H6HFS, Description: HELOC SUBPRIME 3MO TEASER I/O, 10YR DRAW, 0YR REPAY
Plan Code: H7HFS, Description: HELOC SUBPRIME I/O, 15YR DRAW, 0YR REPAY
Plan Code: H8HFS, Description: HELOC SUBPRIME 3MO TEASER I/O, 15YR DRAW, 0YR REPAY

If you require assistance downloading these plan codes, please contact our Customer Service Department, at (800) 649-1362.

The VMP 75 and 76 Series documents are now available in IndyMac's and Long Beach Mortgage's DocMagic document packages. At this time, these documents are not available for use in any other loan packages.

This month DSI posts loan programs of J.P. Morgan Chase Bank, N.A. (Correspondent),
Chase - Wholesale Division, Decision One and Long Beach Mortgage to its Compliance page. Find out the description of each investor's loan program, which promissory notes, prepayment riders and addenda are used, and what the rate caps and interest-only periods are for variable rate loans. Visit our Compliance page next month to see other investors' loan programs.

Electronic invoices for DocMagic's services are now available!  To receive DocMagic’s invoice via email, simply email the following information to accounting@docmagic.com:

Customer ID:
Company Name:
Contact Name:
Email Address:

You may include more than one invoice recipient by adding the recipients’ contact name and email address.  All you need is Adobe Reader® to view the electronic invoice.

Quick and convenient access to your own HELOC plan code is now available in the DocMagic software. These plans offer the most popular HELOC terms and are available at no additional charge.

In last month's article, we provided detailed instructions on Document Systems, Inc.'s ("DSI's") latest software enhancement to DocMagic that accommodates the situation where an inter vivos revocable trust ("revocable trust") is the borrower under a loan.  As a supplement to those instructions, please note that if the word "The" is in the name of a revocable trust, the DocMagic user must enter this word in the "Corp/Trust Name" field of the Borrower tab of the worksheet. For example, if the official name of a trust is "The Nascar Family Trust Under Trust Instrument, dated February 14, 1959," you must input the word "The" before "Nascar Family Trust, etc." in the "Corp/Trust Name" field.

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 May, 2006.