Uniform Underwriting and Transmittal Summary Selection Update

On December 14, 2023, DocMagic will update our standard underwriting package and Forms List to replace default selection of the Uniform Underwriting and Transmittal Summary (Fannie Mae Form 1008 /Freddie Mac Form 1077) dated 06/09 with the 12/18 version.

The Uniform Underwriting and Transmittal Summary 06/09 (Form ID: 1008.MSC-2-3-1) is currently provided by default when MISMO v2 data is provided. The updated 12/18 version (Form ID: UUATS.MSC) is populated using worksheet data.  

The 12/18 version includes the following modifications:

West Virginia Ability to Repay Worksheet

DocMagic is adding a new form that will be included in standard packages for West Virginia, in certain situations.  West Virginia requires that a lender document their ability-to-repay analysis that confirms the borrower does have an ability to repay, when the calculated Debt-to-Income (“DTI”) ratio is over 50%.  The assessment must consider the borrower’s ability to repay while considering all current debt obligations, the term of the loan, and the particular circumstances of the borrower(s), including both their current asset and debt obligations as wel

Enhanced TRID Information Display on the Loan Detail Report

DocMagic is updating our Loan Detail Report to include enhanced information as calculated by DocMagic for compliance with TILA-RESPA Integrated Disclosure (“TRID”) Rules.  When TRID was implemented, DocMagic added a new section to the Loan Detail Report (“LDR”) entitled “TILA-RESPA Integrated Disclosure Summary,” which included four new disclosures that were required by the TRID Rule: Total Paid in 5 Years, Total Interest Percentage, Total Loan Costs, and Total of Payments.  DocMagic is

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