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 HUD Addendum to Uniform Residential Loan Application (92900A.HUD) to read AUS input of AA so that "Mortgagee Representative signature/name/title fills in top section on page 3. 

Invert the logic on the ARM Disclosure and Construction to Perm ARM Disclosure (ARM.DSC, CTPARM.DSC) so that the worksheet or sent data input is reviewed first instead of the plan settings. If the worksheet logic is blank, then look at the plan settings. Since the master DocMagic plan has N for demand feature, currently the N box is being checked always even if worksheet has Y listed. 

Nebraska Net Tangible Benefit Disclosure Form (NENTBDF.MSC) programming updated in the Loan Information Chart "Payment Amount" on the Existing Loan column and the "Removal or Addition of Negative Amortization Provision on the New Loan column.

Update to the programming of the California Financing Law Statement of Loan - Lender (CAFLLSLL.MSC) to review the “Construction Loan Purpose” input. If the input is purchase then check the "You are purchasing" box, if refinance then check the "You already own" box, if Construction, then check the Own Lot box if yes, then check "You already own" and if no, then check "You are purchasing". If the lot ownership box is blank, then Acquisition Cost will be reviewed and if there is an input, “You Already Own” will be checked.

Update to the programming of the Notification to Homeowners (KYNTNH.MSC) to add a signature date to the signing field.

Update to the programming of the New Mexico Authorization for Lender to Obtain Insurance (NMAFL.MSC) to remove non-borrowing spouse from signature requirements to match state matrix.