As previously announced, DocMagic released the new versions of all Conventional Uniform Instruments published by Fannie Mae and Freddie Mac on August 12, 2022. These revisions are dated with a 07/2021 revision date.
As announced last month, DocMagic will also be making updates to our FHA and VA notes and security instruments as a result of this change by the GSEs. Learn More
The Federal Housing Administration (“FHA”) recently published Mortgagee Letter 2022-14, Unique Entity Identifier for FHA-Approved Lenders, Mortgagees, and Institutions Seeking FHA Approval, to announce that entities have an active Unique Entity Identifier ("UEI"). Read More
The New York Department of Financial Services (“NYDFS”) recently proposed draft amendments to its cybersecurity regulations that would expand the requirements of covered entities in relation to cybersecurity events. Read More
The Consumer Financial Protection Bureau (“CFPB”) published Circular 2022-04 on August 11, 2022 which confirmed that financial institutions may violate the prohibition on unfair acts or practices under the CFPA by having insufficient data protection or information security. Read More
Compliance Term of the Month
Community Land Trust
A form of property ownership that serves to preserve affordable housing in a community by purchasing homes and then leasing the land for low or middle income housing.
DocMagic is making an update to the consent requirements for the Adverse Action Package. Currently, DocMagic has an account-level configuration option for who is required to consent before a package is considered complete in eSign, or before it will trigger print fulfillment of the package. Read More
DocMagic is making a configuration update to automatically allow for the Loan Originator and Settlement Agent to be able to eSign documents. Currently, this functionality needs to be configured by the customer to provide for eSigning by these persons. Read More
On May 3, 2022, the Federal Housing Finance Agency (“FHFA”) announced that the Supplemental Consumer Information Form ("SCIF") will once again be required for loans sold to Fannie Mae and Freddie Mac (the "GSEs") starting with applications dated on or after March 1, 2023. Read More
On August 30, 2022, the U.S. Department of Agriculture, Rural Housing Service ("USDA") announced changes to four forms that have been updated following the implementation of a final rule which mandated the use of the RHS Guaranteed Underwriting System ("GUS") for all supported loan originations and the Lender Loan Closing System ("LLC") for loan closings.Read More