Since the DocMagic release of new versions of conventional uniform instruments on August 12, 2022, Fannie Mae and Freddie Mac (“GSEs”) have announced updates to the security instruments for the states of New York, Delaware, Washington, and Texas. 

DocMagic is making updates to the Minnesota Interest Rate or Discount Point Agreement (Form ID: MNIR.MSC) by adding detailed language to the Interest Rate, Discount Point and Processing sections.

Pursuant to Minn. Stat. Ann. § 47.206 (2),  the interest rate or discount point agreement is required to include:

On May 6, 2022, the Internal Revenue Service (“IRS”) released a draft of a revised Form 4506-C.  Form 4506-C allows cleared and vetted Income Verification Express Service (“IVES”) participants to request tax return information with permission from an authorized taxpayer. 

Updated third sentence in the "Minimum Payment Example" section. (Date of Release to Production: 10/20/22)

Updated third sentence in the "Minimum Payment Example" section. (Date of Release to Production: 10/20/22)

Updated third sentence in the "Minimum Payment Example" section. (Date of Release to Production: 10/20/22)

Updated the "Interest Rate" and "Discount Points" section. (Date of Release to Production: 10/06/22)

Updated revision date to 07/2021 (rev. 09/22) and updated language in Section 15(b). (Date of Release to Production: 10/06/22)

Updated revision date to 07/2021 (rev. 09/22) and updated language in Section 15(b). (Date of Release to Production: 10/06/22)

Updated revision date to 07/2021 (rev. 09/22) and updated language in Section 15(b). (Date of Release to Production: 10/06/22)