Revised Document: Oregon Home Affordable Modification Agreement, with Principal Deferment and without Escrow Items

Document Title

Revised Document: Oregon Home Affordable Modification Agreement, with Principal Deferment and without Escrow Items

Form Name

OR31574.LMA

Added extra line for Lender Name in Lender Acknowledgment section. (Date of Release to Production: 01/11/24)

Update to Illinois Mortgage Escrow Account Disclosure

The Illinois Mortgage Escrow Act (the “Act”) was recently amended under Illinois House Bill 2717, which updated language in Sections 5 and Section 7.  DocMagic is updating its version of the Illinois Mortgage Escrow Act disclosure (DocMagic Form ID: ILMEA.MSC) to include the revised language. 

The disclosure is required for purchase loans of single-family owner occupied residences, See 765 ILCS 910/1-910/15; 38 IL ADC 1050.1110(f). 

Update to Form 3179 Loan Modifications

Fannie Mae recently published Servicing Guide Announcement (SVC-2024-02) to provide information on updates to Form 3179 Loan Modification Agreements.  The instructions for the form have been updated to include two new provisions for loans secured by property in New York, in response to New York’s Foreclosure Abuse Prevention Act (“FAPA”).  Additionally, an update was also made to the instructions relating to MERS. 

DocMagic to Update Footer and Classification of Retired Forms

As part of our regular maintenance of forms, DocMagic will be making an update to forms that are modeled on now retired Fannie Mae and Freddie Mac Uniform Instruments.  The update will consist of removing “Fannie Mae/Freddie Mac Uniform Instrument” or “Fannie Mae/Freddie Mac Modified Instrument” from the footer information as applicable since these are no longer published as uniform instruments by Fannie Mae or Freddie Mac. 

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