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January 2023 Edition


CFPB Annual Threshold Adjustments for Regulation Z

The Consumer Financial Protection Bureau (“CFPB”) is required to calculate annually the dollar amounts for several provisions in Regulation Z.  The CFPB recently issued a final rule amending the dollar amount thresholds under the HOEPA "points and fees" provisions of Regulation Z...Learn More


Compliance Term of the Month

Digital Audit Trail

A record of all transactions during the life of a loan including transfer of ownership or custody and transfer of location.


Form Updates

Form 4506-C IVES Request for Transcript of Tax Return Updates

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As previously announced, the Internal Revenue Service (“IRS”) has released a final draft of Form 4506-C, IVES Request for Transcript of Tax Return, as part of a broader modernization effort. The new form includes changes to make it better suited for use with optical character recognition ("OCR").




Vermont Extends Suspension of High-Rate Disclosure Requirement

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Under Title 9, Section 104 of the Vermont Statutes Annotated, the Vermont Commissioner of Financial Regulation (the “Commissioner”), adopted Regulation B-98-2, which adds a disclosure requirement for a first-lien loan when a borrower is expected to be charged (1) interest in excess of three percent over a rate established pursuant to 32 V.S.A. § 3108 (the "Declared Rate") or (2) over four points in closing costs.




RON Law Takes Effect in New York

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On February 25, 2022, New York Gov. Kathy Hochul signed Senate Bill 7780 into law, which will become effective January 31,  2023. The new law amends Senate Bill 1780C, which was signed into law in December 2021, and authorized use of remote online notarization ("RON") technology in the state.




New/Revised Documents - December 2022

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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.




Upcoming Event

Join Us at the New England Mortgage Expo

DocMagic will be attending the New England Mortgage Expo at the Mohegan Sun Resort & Casino on January 12 - 13, 2023!


System Updates