HUD Announces Policy Changes For Cash-Out Refinance Lending
In a recent press release, the U.S. Department of Housing and Urban Development (HUD) announced new agency efforts designed to reduce the risks associated with cash-out refinance lending. Learn More
On August 8, 2019, Fannie Mae and Freddie Mac (the GSEs) announced changes to be made to the revised Uniform Residential Loan Application (URLA) and a postponement of the mandatory use date. Read More
On August 8, 2019, the Department of Veterans Affairs (VA) published Circular 26-19-22 with additional policy guidance for compliance of Interest Rate Reduction Refinance Loans (IRRRLs)... Read More
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Compliance Term of the Month
Loan Churning
The process whereby a lender solicits an existing borrower to refinance their current mortgage with little to no financial benefit to the borrower with a different or the same investor. Churning involves repeatedly refinancing a loan with additional closing costs and fees on top of the original principal amount.
As part of our regular maintenance and review, DocMagic’s Compliance department has determined to make certain modifications to the existing DocMagic Interest Only loan plans. Read More
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
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5 Roadblocks to Your Digital Implementation ...and How to Overcome Them
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