April 2008

Maryland Governor Signs Emergency Bills

Tue, 08 Apr 2008 14:29:53 -0700

Effective April 4, 2008, Governor Martin O'Malley signed into law HB 365 / SB 216 as emergency measures. Among other things, these emergency measures enact a new law (codified as MD Real Property Code Section 3-104.1) requiring every security instrument securing "residential property" to contain the name and license number of the mortgage originator and mortgage lender in order to record the security instrument. "Residential Property" is defined under Section 3-104.1(A) as "real property improved by four or fewer single family dwelling units." In addition, the new law provides that if the originator is exempt under the Mortgage Originators Act, or if the lender is exempt under the Maryland Mortgage Lender Law, an affidavit to the security instrument stating this fact is required.

Massachusetts Mortgages Updated Again

Tue, 22 Apr 2008 10:47:21 -0700

In our February, 2008 issue, DocMagic, Inc.'s Compliance Department advised that it had updated Fannie Mae's/Freddie Mac's Massachusetts mortgage as well as its other mortgages and assignments to comply with Section 3 of Chapter 206 of the Acts of 2007. Click here for the February, 2008 article.

New Compliance Tool: Veterans Administration Disclosures

Tue, 22 Apr 2008 10:43:23 -0700

The Veterans Administration (VA) Disclosure matrix lists the disclosures that return by default in the initial and/or closing packages of DocMagic's VA loan programs. This matrix identifies the VA disclosure, the loan package in which the disclosure will appear (Initial and/or Closing), whether or not the lender -- and/or broker - origination type has to be selected in order to obtain the disclosure in the applicable package, the citation to the governing legal authority giving rise to the disclosure obligation, if any, any additional rules that would apply to the selection of the disclosure, and DocMagic's file name. To access the matrix, click here.

FIS Flood Services Spring 2008 Newsletter

Tue, 08 Apr 2008 13:18:03 -0700

FIS Flood Services, a partner with DocMagic to offer flood zone determinations to DocMagic software users, has recently published its quarterly newsletter for Spring 2008 here. Topics covered in the newsletter include, among other things, 2008 map revisions, special flood hazard area form update, advancements in automation, and the evolution of services for the insurance industry. For more information on FIS, please visit their website here.

Investor Updates

Tue, 22 Apr 2008 10:33:31 -0700

This month DSI posts loan programs of Franklin Mortgage Company (Correspondent), Franklin Mortgage Company (Wholesale) and Nationwide Advantage Mortgage Company and updates to the loan programs of Countrywide Home Loans, Inc. (Correspondent), Freedom Mortgage Corporation, GMAC Bank, Homecomings Financial, LLC, and U.S. Bank N.A. 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 by visiting our Investor Updates page.

At Your Service: DocMagic, Inc., Modifies North Carolina Deeds of Trust; Adds Default Closing Instruction

Tue, 08 Apr 2008 09:33:04 -0700

North Carolina deeds of trust securing single-family dwellings of 1-4 units were recently modified in time for the April 1, 2008 effective date of House Bill 313. In addition, a default closing instruction was added to the Addendum to Specific Closing Instructions (ATCI.MSC) to comply with HB 313.

U.S. Treasury Yields – April 2008

Tue, 22 Apr 2008 10:44:10 -0700

The U.S. Treasury security yield values for April 2008 may be viewed online here. The yield is determined as of the 15th day of the month immediately preceding the month in which the creditor receives the application. The yield value is used for Section 32 and most state high-cost tests. These values will, therefore, be used for loan applications received by the creditor in May 2008.

New/Revised Documents - April 2008

Tue, 22 Apr 2008 10:00:52 -0700

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 March 2008.