On August 24, 2018, New Jersey enacted Assembly Bill 2035, which becomes effective on November 22, 2018.  The bill amends provisions of the New Jersey Residential Mortgage Lending Act (RMLA).  The RMLA has not previously been amended since it was enacted in 2009 to establish licensing standards and oversight for residential mortgage lenders, residential mortgage brokers, qualified individual licensees and mortgage loan originators. The amendments to the RMLA should help to resolve some fee issues lenders and brokers faced in New Jersey due to previous ambiguity in the law.

You may notice over the next few weeks that our logo has changed in the footer of our documents.   We are removing the url referencing our website at “www.docmagic.com” from DocMagic eforms in the bottom right corner of all DocMagic documents.  The changes will only affect DocMagic standard forms right now, but we will advise of any additional changes (including any made to custom forms) at a later date.  However, beginning October 10, 2018, any new custom forms we create will begin using the new version of our logo which does not include the url.  

In the state of Minnesota, late fee dollar amounts are subject to periodic adjustments on even numbered years under Minnesota statutes, section 47.59, subdivision 3(i), and 56.131, subdivision 4.  The changes in dollar amounts are provided by the Minnesota Department of Commerce in their publishing of the Consumer Credit Code Adjustments for 2018.

The state of Indiana provides for periodic adjustments in certain dollar amounts including late fees on even-numbered years, becoming effective on July 1 of those even-numbered years.  The changes are published by the Indiana Department of Financial Institutions and can be seen here.

Virginia FHA Adjustable Note (VAFHAA.MOD) updated to add Originator and Loan Originator Organization name and NMLSR information to the last page. 

When processing a Construction-to-Permanent loan we need the construction months to properly calculate. This audit will help ensure we always have construction months when the loan is a CTP. Sample Wording: Please review construction loan terms.

New Audit to alert for Loan Estimate or Closing Disclosure on a Non-TRID Loan (non-appropriate use that it is not applicable). The audit will fire whenever the RESPA Rule Reg Type is non-TRID, e.g., not October2015 or October2018, and they are getting a Loan Estimate (LE.DCS) or Closing Disclosure (CD.DCS). This audit is only a warning and will not stop the disclosure from being drawn in the document package. 

Sample Message: Please review the loan. The closing disclosure or loan estimate disclosure is not appropriate for this loan.

Converted to letter size and two pages. (Date of Release to Production: 02/19/26)

Updated the 3-day disclosure audit to recognize when a lender has already issued an initial CD at the time of locking. The CD does not show the rate lock date. The requirement to redisclose upon rate lock is specific to the LE as a result. If a lender has already issued a CD when they lock the requirement to redisclosure a LE no longer applies. In that case the audit should not fire. 

Prepayment Rider - Illinois (ILPR.PPF) updated to expand the spacing allocated for the page 2 verbiage in the within section for typed out months.