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May 2019 Edition


Transition from LIBOR to SOFR

The industry has been aware for some time now that the London Interbank Offered Rate (“LIBOR”) is due to be phased out of the United States, Britain and other markets by Learn More


Compliance Term of the Month


Regulation Z defines Consummation as the time a consumer becomes contractually obligated on a transaction, but leaves when that contractual obligation occurs to state law.   Other federal laws are generally silent as to when consummation occurs.   Applicable state laws can vary on the term. For example, many states define consummation as occurring when the consumer executes the promissory note and mortgage. (N.Y. Banking Law § 2(30)). However, some escrow states, such as …, define the legal obligation to not occur until the funding date.


Form Updates

Updated Form: Borrower's Identity-Of-Interest Certification

After performing a routine inspection of DocMagic’s FHA forms, the Compliance Department is updating the selection logic for the Borrower’s Identity-Of-Interest Certification form (Form I Read More



DocMagic to add new disclosure to FHA Packages

DocMagic currently includes the Borrower Certification and Authorization (Form ID: TDC.LSR) in all FHA initial and closing document packages.  That form allows the lender to obtain p Read More



New/Revised Documents - May 2019

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. Read More




Upcoming Event

Watch Our URLA Webinar

Be prepared for the 2020 URLA!

Watch our Webinar where our Chief Compliance Officer coves the intricacies of the new forms layout and requirements.


System Updates