As previously announced, DocMagic has released new versions of FHA-specific notes, riders, and security instruments based on the updated Fannie Mae and Freddie Mac (“GSEs") uniform instruments published in July 2021. Learn More
The Ohio Department of Commerce recently published its annual adjustment to the loan amount limits for prepayment penalties. Ohio Rev. Code § 1343.011(C)(2)(b) requires the loam amount to be adjusted annually...Read More
Following the recommendation of the Federal Reserve Board, Fannie Mae and Freddie Mac (the "GSEs") published servicing notices on January 25, 2023, confirming that the Secured Overnight Financing Rate ("SOFR") index will be the replacement index used for servicing...Read More
Compliance Term of the Month
IVES - Income Verification Express Service is an IRS program used by mortgage lenders to confirm a borrower's income.
The Department of Veterans Affairs ("VA") has announced several form updates since the start of the new year. VA Circular 26-23-02 was issued on January 5, 2023, to announce updates to VA Form 26-1880 and VA Form 26-1817. Read More
The GSEs recently published new Spanish Translations for the 07/2021 revised Uniform Instruments. The forms are currently available on Fannie Mae’s Multi-Language Resource for Lenders webpage. Read More