July 2005

Three New Wyoming Forms Added

Wed, 19 Jul 2006 12:39:03 -0700

In response to the enactment of the Wyoming Residential Mortgages Practices Act ("Act"), which Governor Dave Freudenthal signed into law on February 25, 2005, Document Systems, Inc. has prepared three (3) new forms that are required by the Act. To view the complete copy Act, click here. Compliance with the Act became mandatory beginning on July 1, 2005.

New Illinois Rental Housing Surcharge

Wed, 19 Jul 2006 12:45:25 -0700

Illinois Governor Blagojevich signed 2005 IL SB 0075 into law on July 5, 2005. Beginning August 1, 2005, this law requires that Illinois County Recorders collect a Rental Housing Support Program Fund state surcharge in the amount of $10.00 with the recording of all real estate-related documents executed or signed on or after August 1, 2005. A "real estate-related document" includes any recorded document that affects an interest in real property (e.g., deeds, easements, leases, mortgages and other liens), excluding documents solely related to an easement for a public utility or any documents from a state agency, unit of local government, federal government or school district.

At Your Service: CA Residential Mortgage Lenders Licensed

Wed, 19 Jul 2006 12:47:04 -0700

ATTENTION CA Residential Mortgage Lenders Licensed by CA Dept of Corporations: You May Want the Prior Version of the CA Fair Lending Notice Form

Since publishing notice of our updated California Fair Lending Notice form in our June, 2005 issue of The Compliance Wizard, a customer who is licensed by the California Department of Corporations ("DOC") under the California Residential Mortgage Lending Act contacted our Compliance Department to advise that the DOC takes exception to listing the DOC, the California Department of Real Estate, and Department of Financial Institutions all on one form. As indicated in our June issue, the updated California Fair Lending Notice, which was implemented into all loan-closing packages on July 1, 2005, does list the names and addresses of all of the foregoing agencies on the form, requiring the DocMagic user to mark the box next to the agency by which the DocMagic user is licensed.

Tech Tip of the Month: Aggregate Adjustment

Wed, 19 Jul 2006 12:51:53 -0700

Did you know that when your low balance exceeds the cushion, you only need to click the aggregate adjustment field for the default difference to be automatically calculated? It is magic! You can also reduce the number of months impounded, to lower your low balance to equal or be less than your cushion, as long as the low balance stays above zero.

New/Revised Documents - July 2005

Wed, 19 Jul 2006 12:54:59 -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 June, 2005.