Periodically, DocMagic, Inc.'s Compliance Department reviews its form selection, print, signature and header default rules for its core loan documents (i.e., documents returning in all closing loan packages) to determine whether the rules need updating based on new legal requirements, customary practice, or for other reasons. After a recent periodic review, the Compliance Department modified the print and/or header (the top of page 1 of the form identifying the borrowers, lender, loan number, etc.) default rules for certain core loan documents, because it was determined that lenders seldom request the forms identified below for those borrower types that were excluded from the rules. Changes to these default rules will be implemented in the coming weeks.
The title of the affected forms together with the prior and new default rules are set forth in the following matrix.
I = Individual Borrower | T = Title-Only Borrower |
|
C = Co-signer | O = Officer | S = Non-Title Spouse |
Title | File Name | Prior Print Rule | New Print Rule | Prior Header Rule | New Header Rule |
|---|
IRS Form 4506 – Request for Copy of Tax Form | 4506.msc | One per borrower for borrower types I, O, C, T, S | One per borrower for borrower types I, T, C,S | Only name of borrower who signs form. | No change. |
IRS Form 4506-T – Request for Transcript of Tax Return | 4506t.msc | One per borrower for borrower types I, O, C, T | One per borrower for borrower types I, T, C,S | Only name of borrower who signs form. | No change. |
California Consumer Credit Score Disclosure | caccs.dsc | One per borrower for borrower types I, O, C, T | One per borrower for borrower type I | Names of all borrower types | Only name of borrower who signs form. |
California Domestic Partnership Addendum | cadpa.msc | One per borrower for borrower types I, O, C, T | One per borrower for borrower type I | Names of all borrower types | Only name of borrower who signs form. |
Customer Identification Verification | civ.msc | One per borrower for borrower types I, O, C, T, S | One per borrower for borrower types I, O | Only name of borrower who signs form. | No change. |
Multistate Consumer Credit Score Disclosure | usccs.dsc | One per borrower for borrower types I, O, C | One per borrower for borrower type I | Names of all borrower types | Only name of borrower who signs form. |
Notice of Right to Cancel (H-8) | nortc.msc | Two per borrower for borrower types I, O, T | Two per borrower for borrower types I,T and S (only if a Texas loan) | Names of all borrower types | No change. |
Notice of Right to Cancel (H-9) | nortci.msc | Two per borrower for borrower types I, O, T | Two per borrower for borrower types I,T and S (only if a Texas loan) | Names of all borrower types | No change. |
If you wish to modify the new default rules for any one of the above forms, please contact Customer Service at (800) 649-1362. Note that if DocMagic, Inc.'s Compliance Department modifies the default rules for other forms, another article in The Compliance Wizard will be published to notify you of those changes.
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