September 2006

New Borrower Type: Non-Title Spouse, Part II

Mon, 25 Sep 2006 09:56:56 -0700

To complement our prior article, we're providing a state-specific summary matrix of the following topics: homestead rights, community property rights, and when a Non-Title Spouse's ("NTS'") signature may be appropriate. Please be aware that lenders and investors may have different requirements and this is not legal advice for your situation.

Refinance or Refinance/Increase: What's the Difference?

Mon, 25 Sep 2006 09:55:27 -0700

Within the DocMagic software (both DocMagic for Windows and DocMagic Online), users can select between various loan types, including "Refinance" and "Refinance/Increase." This raises the question as to what is the difference between these two loan types. The short answer is this: for closed-end loans, you should select the "Refinance/Increase" loan type only if you are the original creditor refinancing a transaction with the same borrower. When you select the "Refinance/Increase" loan type, the H-9 rescission model form should automatically be included in your loan package. In all other cases, select the "Refinance" loan type and the H-8 rescission model form should automatically be included in your loan package. Of course, you should always check your loan packages to confirm you are receiving the appropriate rescission form. For additional information about rescission, visit: Reg. Z, §226.23. To view the model forms, visit: Appendix H to Part 226, Closed-End Model Forms and Clauses.

American Home Mortgage Purchases Union Federal

Mon, 25 Sep 2006 09:54:50 -0700

American Home Mortgage has purchased Union Federal. Thus, all Union Federal plans are rendered obsolete, and a DocMagic user will no longer be able to select any Union Federal loan plans. DocMagic users must now download and/or use loan plans containing the investor code "AH2." However, if, for any reason, a DocMagic user would need applicable loan documents to reflect Union Federal's name and address, then "UF" must be entered in the "Transfer To" field under the "General" tab in DocMagic for Windows or DocMagic Online.

Freedom Mortgage Corporation Purchases Irwin Mortgage

Mon, 25 Sep 2006 09:54:04 -0700

Freedom Mortgage Corporation has purchased Irwin Mortgage Corporation. As all loans funded on September 18, 2006, and after must now reflect Freedom Mortgage's address, Irwin Mortgage plans have been modified accordingly. If, for any reason, a DocMagic user would need applicable loan documents to reflect Irwin's name and address, then "IN6" must be entered in the "Transfer To" field under the "General" tab in DocMagic for Windows or DocMagic Online.

DSI's Super Athletes

Mon, 25 Sep 2006 09:53:06 -0700

Among the many hard-working employees at Document Systems, Inc. ("DSI") are some super athletes who use their spare time to train in their respective sport and compete at a high level. Following is a summary of the latest achievements of four (4) of DSI's super athletes.

Investor Updates

Mon, 25 Sep 2006 09:49:26 -0700

This month DSI posts loan programs of American Home Mortgage Services Inc., Impac Funding Corporation, and Option One Mortgage Corporation on its Compliance page. Revisions have also been made to the matrixes of Bear Stearns, Countrywide, and New Century to reflect loan programs that have been either added or deleted by the respective investor. Find out the description of each investor's loan programs, 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 Compliance page.

Maryland Security Instruments Updated

Mon, 25 Sep 2006 09:40:56 -0700

To comply with document recording requirements in Montgomery County pursuant to Maryland Code, Real Property, §3-501, all Maryland security instruments have been updated to include the borrower's address and the name of the title insurer insuring the instrument, if any. While the borrower's address will appear in all security instruments, the title insurer's name will appear only if the property securing the loan is located in Montgomery County. To view the list of the Maryland security instruments, please visit our Forms Updates for August 2006.

New/Revised Documents - September 2006

Mon, 25 Sep 2006 09:36:42 -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 August 2006.