DocMagic is making various updates for the selection of forms in redisclosure packages based on changes from prior disclosures to the loan’s rate type or loan type. These changes will help clients ensure a loan receives all required disclosures that may not have been included in the initial disclosure package because the loan terms changed after the initial disclosure package was generated.
Redisclosure packages will now include forms which if not provided at the time of initial disclosures, would otherwise not be provided at any point. These changes include, for example, the addition of an ARM disclosure when a loan was initially disclosed as a Fixed Rate loan. Additional changes would be to include forms based on changes in loan type, such as a change from a conventional loan to FHA or VA, or vice versa. State specific forms such as Tangible Net Benefit Worksheets will also be provided when applicable.
In order to detect these differences, DocMagic will rely only on packages that have actually been delivered prior to the processing of the redisclosure package. If the prior delivered initial disclosure packages indicated a rate or loan type change with the redisclosure package, these changes will trigger these forms for inclusion in the redisclosure package.
