Compliance Newsletter - November 2021
96
DocMagic
MortgageBot Product Training
MortgageBot is one of many LOS systems that works seamlessly with DocMagic’s exclusive, proprietary online data integration software.
Don't get charged multiple times for the same package. Click here.
Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating MortgageBot.
If you have any further questions, you can download the FAQ Page. This MortgageBot at-a-glance provides you with answers to many common questions about MortgageBot.
If you still need help, click on the Customer Service button to schedule a call with one of our trained professionals.
AutoPrep Product Training
AutoPrep is DocMagic’s newest innovation allowing agents to instantly tag documents for signature. AutoPrep utilizes Machine Learning, Artificial Intelligence and Optical Character Recognition saving agents time and ensuring more accurate signature tagging.
Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating AutoPrep.
If you still need help, click on the Customer Service button to schedule a call with one of our trained professionals.
U.S. Treasury and FHFA suspend provisions of the PSPAs
The U.S. Treasury and the Federal Housing Finance Agency (“FHFA”) recently announced the suspension of certain provisions of the Preferred Stock Purchase Agreements (“PSPAs”) which govern the conservatorship of Fannie Mae and Freddie Mac (the “GSEs”). The provisions, which went into effect on Jan. 14, 2021 under the outgoing former FHFA Acting Director, Mark Calabria, placed several restrictions on the GSEs’ activities.
One of the suspended restrictions is a 7% volume cap on the total acquisition of single-family mortgages secured by second homes or investment properties that includes a 52-week look-back period. In response to the suspension, Freddie Mac retired sections 4201.15 and 4501.16 of the Freddie Mac Single-Family Seller/Servicer Guide that limited its acquisition of single-family mortgages with these property types.
Multifamily lending volume caps were also removed along with restrictions on the use of cash windows by lenders (loans acquired for cash consideration) and loans with multiple risk factors.
Expected to last for at least one year, the suspension will provide “FHFA time to review the extent to which these requirements are redundant or inconsistent with existing FHFA standards, policies and directives that mandate sustainable lender standards,” said FHFA Acting Director Sandra L. Thompson. FHFA plans to consult with the U.S. Treasury regarding the review of the PSPA requirements and on any recommended revisions.
The suspension of the provisions does not affect the GSEs’ ability to retain all their earnings under the FHFA’s Enterprise Regulator Capital Framework Rule finalized in November 2020. However, the FHFA’s recent announcement states that it will be reviewing the GSE’s Regulatory Capital Framework and “expects to announce further action in the near future.”
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OpenClose Product Training
OpenClose is one of many LOS systems that works seamlessly with DocMagic’s exclusive, proprietary Direct Integration.
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Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating OpenClose.
If you have any further questions, you can download the FAQ Page. This OpenClose at-a-glance provides you with answers to many common questions about OpenClose.
If you still need help, click on the Customer Service button to schedule a call with one of our trained professionals.
LendingQB Product Training
MeridianLink Mortgage (formerly LendingQB) is one of many LOS systems that works seamlessly with DocMagic’s exclusive, proprietary DocMagic Direct integration.
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Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating LendingQB.
If you have any further questions, you can download the FAQ Page. This LendingQB at-a-glance provides you with answers to many common questions about LendingQB.
If you still need help, click on the Customer Service button to schedule a call with one of our trained professionals.
LendingPad Product Training
LendingPad is one of many LOS systems that works seamlessly with DocMagic’s exclusive, proprietary Direct Integration.
Don't get charged multiple times for the same package. Click here.
Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating LendingPad.
If you have any further questions, you can download the FAQ Page. This LendingPad at-a-glance provides you with answers to many common questions about LendingPad.
Click on the Wrench Icon to access very helpful Hacks for this product!
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Encompass Product Training
Encompass is one of many LOS systems that works seamlessly with DocMagic’s exclusive, proprietary Direct Integration.
Don't get charged multiple times for the same package. Click here.
Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating Encompass.
If you have any further questions, you can download the FAQ Page. This Encompass at-a-glance provides you with answers to many common questions about Encompass.
If you still need help, click on the Customer Service button to schedule a call with one of our trained professionals.
Total eClose Product Training
No more hybrids. Everything is electronic. A full eClosing includes all the eSigning in both Hybrid #1 and Hybrid #2, combined with an eNotarization method.
Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating Total eClose.
If you still need help, click on the Customer Service button to schedule a call with one of our trained professionals.
CFPB publishes analysis of consumer complaints
The Consumer Financial Protection Bureau (“CFPB”) recently published “Consumer complaints throughout the credit life cycle, by demographic characteristics,” an analysis that looks at various demographic and socio-economic characteristics of consumers that submitted complaints during the three-year time period of 2018 to 2020.
The CFPB states that through its analysis, which includes mapping complaints to a credit life cycle (loan origination, servicing of performing loans, delinquent servicing and credit reporting), it is possible to get a broader understanding of consumers’ financial experiences, rather than just looking at individual complaint submissions. The analysis looks at consumer non-public identifying information in relation to 2019 U.S. Census tract data from the American Community Survey. By looking at tract data, the analysis is able to provide community-level information about where consumer complaints are more prevalent and how that relates to demographic characteristics.
One of the key findings from the report is that lower income census tracts, and census tracts with a greater concentration of minority populations, are associated with greater rates of submitting credit reporting complaints and delinquent servicing complaints. In contrast, higher income census tracts were found to submit a greater share of complaints about loan origination and performing servicing than lower income census tracts.
The analysis also notes that since the CFPB was created in 2011, it has received more than 3 million consumer complaints, and that more than a quarter of those complaints were submitted after the beginning of the COVID-19 pandemic. Since March 2020, the largest increase in complaints has been in the category of loan origination, which correlates to an industry-wide increase in the number of refinance loans.
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