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May 2021 Edition


GSEs Announce Plans to Limit Purchases to Loans Meeting Revised General QM Rule

On April 27, 2021, the CFPB formally announced the delay of the mandatory compliance date of the General Qualified Mortgage (QM) Final Rule from July 1, 2021 to October 1, 2022. On April 8, 2021, Fannie Mae issued Lender Letter 2021-09 and Freddie Mac issued Bulletin 2021-13 to announce that loans originated under the prior General QM definition (Appendix Q) will no longer be eligible for purchase. Learn More


Compliance Term of the Month


The process of associating the identity of a signer with their signature.  Maintaining sufficient evidence to establish that an electronic signature may be attributed to the individual purported to have signed.


Form Updates

USDA Updates Form RD 3555-21

On January 21, 2021, the USDA announced several changes to 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). Read More



DocMagic to Release Redesigned Loan Detail Report

In the month of May, DocMagic plans to release a redesigned version of our Loan Detail Report (“LDR”).  The LDR returns in several packages by default, but it is a lender-focused document that can be used by a lender to document the loan’s compliance with various compliance rules... Read More



MBA Offers Templates for LIBOR Transition

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. Read More



New/Revised Documents - April 2021

In order to keep DocMagic software users better apprised of document changes and additions as they occur, DocMagic posts listings of all newly created and revised documents. Read More




Upcoming Event

The 5 Key Hurdles to eClosings - and How to Overcome Them

If your organization is ready to conduct eClosings, you’ll need to know the 5 elements that can make or break your digital implementation strategy.


System Updates