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.

Update to the programming of the Settlement Statement (HUD-1) specifically in the Transfer Taxes and Title Policies to show in the appropriate column based on who is paying the charge, Seller or Borrower for business purpose loans that are exempt from Reg X. 

Update to the programming of the FHA Informed Consumer Choice Disclosure Notice (ICCDN.FHA) This is an annual update to the example numbers in the chart based on current interest rate FHA Loan • interest rate : 6% • monthly payment: $588.69 • insurance premium: $67.97 Conventional Loan • interest rate: 6% • monthly payment: $569.57

Good Faith Estimate of Settlement of Costs (GFEOSC.MSC) updated on Line 1201 for Charge (RecordingDeed, RecordingMortgage, RecordingRelease, RecFilingFee) if only one of them is there to be listed individually and adds them all up if more than one fee type is listed. 

The New Jersey Department of Banking and Insurance annually adjusts the definition of "high-cost home loan" under the Home Ownership Security Act of 2002 – the maximum principal amount of a loan that may be considered under this definition is $644,634 and is effective for all completed applications subject to the Act on or after January 1, 2026 (retroactive).

Update agent address information on Authorization for the Social Security Administration to Disclosure Your SSN Verification (SSA89ES.MSC) to print in standard font.

Loan Analysis (266393.VA) updated on page 1 sections 19 "Maintenance & Utilities" and 21 "Total" as well as page 2 sections 42 and 43. This will only affect clients who input the housing maintenance cost into a special custom section instead of the proper Maintenance section. The form will now show and include in the total the amount.