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DocMagic Adds New SOFR NY CEMA Loan Programs

DocMagic is adding new generic SOFR New York CEMA loan programs which will use the 30-day Average SOFR index:

DocMagic Plan ID

Description

FN56SNYC

5/6 SOFR New York CEMA 2/1/5 Caps

FN76SNYC

7/6 SOFR New York CEMA 5/1/5 Caps

FN106SNYC

10/6  SOFR New York CEMA 5/1/5 Caps

36SNYCEMA

3/6 SOFR New York CEMA 2/1/5 Caps

56SIONYCEMA

5/6 SOFR Interest Only New York CEMA 2/1/5 Caps

76SIONYCEMA

7/6 SOFR Interest Only New York CEMA 5/1/5 Caps

 

DocMagic’s new programs include the following new SOFR NY CEMA Consolidated and Gap Notes:

  • NY3441CU.NOT: Consolidated Adjustable-Rate Note 30-day Average SOFR
  • NY3441GU.NOT: Gap Adjustable-Rate Rider 30-day Average SOFR
  • NY3442CU.NOT: Consolidated Fixed/Adjustable-Rate Note 30-day Average SOFR
  • NY3442GU.NOT:  Gap Fixed/Adjustable-Rate Note 30-day Average SOFR
  • NY3442CIO.NOT: Consolidated Fixed/Adjustable-Rate Interest Only Note 30-day Average SOFR
  • NY3442GIO.NOT: Gap Fixed/Adjustable-Rate Interest Only Note 30-day Average SOFR

Generic multistate and state-specific forms will also reflect the new SOFR index as applicable, including the Adjustable Rate Disclosure (DocMagic Form ID: ARM.DSC).

The plans are available now in DocMagic’s testing environment and will be available in production on October 6, 2020. 

If you have any questions, please contact DocMagic’s Compliance Department.

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