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December 2019 Edition


GSEs to Modify ARM Note Language in Preparation for Discontinuance of LIBOR

On November 15, 2019, the Alternative Reference Rates Committee (“ARRC”) released "recommended contractual fallback language" for closed-end, residential adjustable-rate mortgage (ARMs). Learn More


Compliance Term of the Month

Escrow Account Computation Year

The 12-month period beginning with a loan’s first payment date, and recurring each 12-month period thereafter, used for performing an escrow account yearly analysis.


Form Updates

New Taxpayer First Act Consent Form

As part of the Taxpayer First Act that was passed into law earlier this year on July 1, 2019, a lender who obtains a borrower’s tax transcript during the origination process must obtain the borrower's consent to share... Read More



Update to Washington Residential Mortgage Interest Rate Lock Agreement

The Washington Department of Financial Institutions has adopted amended rules under the Consumer Loan Act (WAC 208-620) as authorized by Wash. Rev. Code... Read More



Texas Finance Commission Amends Loan Status Rules and Forms

On November 1, 2019, the Texas Finance Commission published amendments adopted for the Texas Administration Code rules 7 TAC §§80.201 and 81.201 in the Texas Register... Read More



New/Revised Documents – November 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




Introducing LoanMagic® for Borrowers

LoanMagic® for Borrowers is an application for smartphone or tablet that dramatically reduces the time it takes to process mortgage loans...


System Updates