Updates to DocMagic Interest Only Loan Plans

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.  Note: these plans were discontinued by FNMA and FHLMC in August 2014, but DocMagic continues to provide modified programs and documents at customer request. 

Changes to the plans include changes to the plan descriptions to better describe the parameters of the loan plan and some changes to the documents that will return under those plans.  The changes for each plan are described in a table below.

These changes will be released to our production environment on September 19, 2019, after 2:00 pm PDT.

Should you have any questions, please feel free to contact DocMagic’s Compliance Department.

DocMagic Plan Code

Change

DSI_FHM—Fixed Private Money Interest Only
  • Change from the standard Fannie Mae/Freddie Mac Fixed Rate 3200 Note to our generic Interest Only Period Fixed Rate Note, DocMagic Form ID of US3271.NOT
  • Remove the Interest Only Addendum to Fixed Rate Note, DocMagic Form ID of FIO.ATN
  • Add our Balloon Rider, DocMagic Form ID of USB.RDR, to populate when applicable

DSI_FIO5—Fixed Rate with 5yr Interest Only

 

DSI_FIO10—Fixed Rate with 10yr Interest Only

 

DSI_FIO15—Fixed Rate with 15yr Interest Only

 

DSI_FIO30—Fixed Rate with 30yr Interest Only

 

DSI_FIO40—Fixed Rate with 40yr Interest Only
  • On the Interest Only Period Fixed Rate Note, DocMagic Form ID of US3271.NOT, we will remove the ‘Addendum Programming’, as it applies to the Interest Only features of the form
  • Add our Balloon Rider, DocMagic Form ID of USB.RDR, to populate when applicable

DSI_31TBIO2—3/1 T-Bill Interest Only 60 months 2/2/6 Caps
  • Change Rider to DocMagic Form ID of US5106U.RID, Initial Interest Adjustable Rate Rider

DSI_31TBIO3—3/1 T-Bill Interest Only 120 months
  • Remove plan - Duplicate of DSI_31TBIO which has the correct documents

DSI_51TBIO2—5/1 T-Bill Interest Only 120 months
  • Remove plan – Duplicate of DSI_51TBIO which has the correct documents

DSI_71TBIO2—7/1 T-Bill Interest Only 120 months 5/2/5 Caps
  • Remove plan – Duplicate of DSI_71TBIO which has the correct documents

DSI_1LIO—1 YR LIBOR Interest Only 120 MONTHS 2/2/6 Caps
  • Change Rider to DocMagic Form ID of US3155.RID, Adjustable Rate Rider (10YR Interest Only Period)

DSI_31LIO3—3/1 LIBOR Interest Only 120 MONTHS 2/2/6 Caps
  • Remove plan - Duplicate of DSI_31LIO which has the correct documents

DSI_51LIO3—5/1 LIBOR Interest Only 10YR 2/2/5 Caps
  • Remove Interest Only Rider, DocMagic Form ID of IO.RID

DSI_51LIO4—5/1 LIBOR Interest Only 5YR 2/2/5 Caps
  • Change Rider to US3187.RID

DSI_71LIO—7/1 LIBOR Interest Only 10YR 5/2/5 Caps
  • Remove Interest Only Rider, DocMagic Form ID of IO.RID

DSI_71LIO3—7/1 LIBOR Interest Only 84 Months 5/2/5 Caps
  • Change Rider to US3187.RID

DSI_101LIO—10/1 LIBOR Interest Only 120 Months 5/2/5 Caps
  • Remove Interest Only Rider, DocMagic Form ID of IO.RID

DSI_101LIO2—10/1 LIBOR Interest Only 120 Months 2/2/5 Caps
  • Change Rider to DocMagic Form ID of US3153.RID, Fixed/Adjustable Rate Rider (10YR Interest Only Period)

DSI_51LIONYCEMA—FNMA 5/1 LIBOR Interest Only New York CEMA 5/2/5 Caps

 

DSI_71LIONYCEMA—FNMA  7/1 LIBOR Interest Only New York CEMA 5/2/5 Caps
  • Add Interest Only Rider, DocMagic Form ID of IO.RID

DSI_228IO2—2/28 LIBOR with 5YR Interest Only 3/1/6 Caps
  • Replace with new plan:

DSI_26MOIO5  -  2YR/6MO LIBOR ARM with 5YR Interest Only 3/1/6 Caps

DSI_327IO3—3/27 LIBOR with 10YR Interest Only 1/1/7 Caps
  • Replace with new plan:

DSI_36MOIO  -  3YR/6MO LIBOR ARM with 10YR Interest Only 1/1/7 Caps

DSI_327IO2—3/27 LIBOR with 5YR Interest Only 1/1/7 Caps
  • Replace with new plan:

DSI_36MOIO5  -  3YR/6MO LIBOR ARM with 5YR Interest Only 1/1/7 Caps

DSI_525IO2—5/25 LIBOR With 10YR Interest Only 1/1/7 Caps
  • Replace with new plan:

DSI_56MOIO  -  5YR/6MO LIBOR ARM with Interest Only 1/1/7 Caps

DSI_723IO2 –7/23 LIBOR with 10YR Interest Only 1/1/7 Caps
  • Replace with new plan:

DSI_76MOIO  -  7YR/6MO LIBOR ARM with 10YR Interest Only 1/1/7 Caps

 

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