New model letter regarding transition away from LIBOR index. (Date of Release to Production: 05/10/21)

New model notice regarding transition away from LIBOR index. (Date of Release to Production: 05/10/21)

Updated to remove optional sentence from Definition (E) and add optional language per Instruction modification dated 04/21. (Date of Release to Production: 05/06/21)

Updated to remove optional sentence from Definition (E) and add optional language per Instruction modification dated 04/21. (Date of Release to Production: 05/06/21)

On January 21, 2021, the USDA announced several changes the lender’s handbook (HB-1-3555), and to Form RD 3555-21, the “Request for Single Family Housing Loan Guarantee” to be required in May.  The revised version of the form was recently implemented in the Guaranteed Underwriting System (GUS).  The USDA changes simplified and condensed the form by removing information that is provided elsewhere.

The Mortgage Bankers Association (“MBA”) recently published additional templates to assist lenders in advising borrowers of the transition away from LIBOR as an index for adjustable-rate mortgages.  The MBA previously published templates lenders could use to advise new borrowers considering a LIBOR-based ARM loan of the transition.   The new templates can be used to advise existing customers of the change in their index, through a notice or letter. 

Updated to include two co-applicants. (Date of Release to Production: 04/30/21)

In the month of MayJuly, DocMagic plans to release a redesigned version of our Loan Detail Report (“LDR”). 

Updated text to match reference to Section 10F. (Date of Release to Production: 05/06/21)

Updated legal citation in footer. (Date of Release to Production: 05/06/21)