Investors, Plans and Aggregate Adjustments

Q1.
What type of loans can I prepare with the DocMagic software?
Q2.
When do I need an aggregate adjustment?
Q3.
Why doesn't my Adjustable Rate Loan show adjustments on my Truth-in-Lending?
Q4.
Our institution does not assign its loans. How can I obtain a generic code plan?
Q5.
I'm prompted with a message stating "Must Get Updates to load this Plan." What should I do?
Q6.
The investor I wish to use is not in the list. Can the investor be added?
Q 1.
What type of loans can I prepare with the DocMagic software?
A 1.

Residential Loans (1st T.D. and 2nd T.D.), Home Equity Lines of Credit, Hard Money, Construction, Construction to Permanent, FHA and VA loans can all be prepared using the DocMagic software.

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Q 2.
When do I need an aggregate adjustment?
A 2.

An aggregate adjustment is needed when your lowest balance during a twelve-month cycle exceeds your impound account cushion. Your impound account cushion consists of your monthly amount of impounds, excluding monthly Mortgage Insurance, multiplied by two.

NOTE: In some states, the cushion could be based only on the monthly amount of impounds, excluding monthly Mortgage Insurance. This is commonly known as a one-month cushion. Other states may use a zero-month cushion. Consult state laws for the particular laws that will apply to you.

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Q 3.
Why doesn't my Adjustable Rate Loan show adjustments on my Truth-in-Lending?
A 3.

The adjustments are based on your Index and Margin values. If the two rates combined are less than your start rate, there is no room for the payments to adjust upward. The Truth-in-Lending will then appear to have a fixed rate schedule.

NOTE: The Adjustable Rate Note and the Adjustable Rate Rider will indicate the percentages the loan could change, if applicable.

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Q 4.
Our institution does not assign its loans. How can I obtain a generic code plan?
A 4.

When choosing a plan code, click the Add Plan button from within the Select a Plan for this Worksheet window. Select 'DSI Generic Plans', click OK and choose from DSI's wide range of generic plan codes.

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Q 5.
I'm prompted with a message stating "Must Get Updates to load this Plan." What should I do?
A 5.

You must get an update from DSI prior to using the selected plan. Select On-Line -> Get Updates from DSI from the DocMagic menu.

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Q 6.
The investor I wish to use is not in the list. Can the investor be added?
A 6.

Yes. Contact DSI's Customer Service department for details.

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