On March 21, 2019, DocMagic will be making updates to support special use cases for the Loan Estimate ("LE") and Closing Disclosure ("CD").
These changes will include:
- Ability for LOS users to enter a non-tolerance cure principal reduction into the summaries of transaction and have it appear in the Payoffs and Payments table of the alternate version of the CD;
- Update to cause an earnest money deposit to not be considered in the Cash to Close calculations for a simultaneous, subordinate-lien transaction when using the standard forms;
- Update to the display of a percentage to ensure a rate does not exceed three decimal places in the AIR Table;
- Update to the AP Table "subsequent changes" disclosure for non-construction, interest-only loans;
- Revises the display of the Projected Payments table to ignore the result of a buydown when paid by a third party;
- Update to ensure consistent disclosure in the Adjustable Payment Table on the LE/CD for construction-to-permanent loans where the interest rate is different between the construction and permanent phases.
These changes are part of our normal maintenance of forms to provide our clients with new functionality as well as correcting minor issues that may have caused inconveniences.
DocMagic will release the updates Thursday, March 21, 2019 (release windows are subject to change). Should you have any questions, please feel free to contact DocMagic’s Compliance Department.
