On July 8, as posted in the Texas Register, the Finance Commission of Texas and the Texas Credit Union Commissioner (the "Commissions") adopted new definitions for business day for Texas Home Equity loans.Read More
On July 19, 2022, the Federal Reserve Board (the “Fed”) issued a notice of proposed rulemaking that would implement provisions of the federal "LIBOR Act", which is formally known as the "Adjustable Interest Rate (LIBOR) Act". Read More
Compliance Term of the Month
"LEP" stands for "Limited English Proficiency" or "Limited English Proficient" regarding a borrower's ability to negotiate a mortgage loan in English.
DocMagic has added new forms to our document library for use with ARM programs that include a conversion option. The ARM disclosures include language that describe the conversion option provided in the accompanying note. Read More
As a reminder, DocMagic delayed the release of the new conventional Uniform Instruments to August 12, 2022. After this date, DocMagic will automatically return the new 07/2021 versions of the Fannie Mae and Freddie Mac Uniform Instruments...Read More
DocMagic will be updating the FHA and VA notes and security instruments later this year. As noted in several prior articles, Fannie Mae and Freddie Mac published new versions of their Uniform Instruments in July 2021. Read More