DocMagic is adding the Flood Hazard Notice (FHN.MSC) to its main build. The form has previously been selected from specific loan programs, but will now be included in closing packages on all loans, and available to all clients.
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DocMagic is adding four additional forms to its default Homestyle Renovation plan's form list. The forms will be available for selection by the user, but will not print as a default form in a clients file. The following is a list of the forms being added:
US3730.MSC - Renovation Contract
US3731.MSC - Renovation Loan Agreement
US3732.RID - Renovation Loan Rider to Security Instrument (for Owner-Occupied properties)
US3733.RID - Investor rider to Security Instrument (for Non Owner-Occupied properties)
Maryland requires lenders to provide a borrower with options for paying recordation tax on Home Equity Lines of Credit. A new form will be added to the Maryland State build to allow borrowers to indicate whether or not the borrower would like to pay the tax on the maximum line of credit or only on the advanced amount at closing. This form will print for closing packages where the loan type is equity.
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DocMagic is updating the Impound Account Analysis to use the actual first payment date. Currently, DocMagic uses the first of the month even if the actual first payment date is not on the first of that month.
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DocMagic is removing the Mortgage Loan Origination Agreement (MLOA.RH) from the generic USDA plan (DSI_USDA-RHS) as it does not contain USDA specific language. State-specific or multistate broker agreements will be provided instead, as applicable.
Alaska: Alaska Stat. § 06.60.350
Illinois: 815 Ill. Comp. Stat. 120/3(e)
Minnesota: Minn. Stat. Ann. § 58.13(1)(a)(25)
Ohio: Ohio Rev. Code Ann § 1345.031(B)(12)
Ohio: Ohio Admin. Code § 109:4-3-26
Virginia: Va. Code Ann. § 6.2-1614
Washington: Wash. Admin. Code § 208-620-560(4)(d)
Tangible Net Benefit forms have been created for the states of Alaska, Illinois, Minnesota, Ohio, Virginia, and Washington.
Update to the Oklahoma late fee dollar amount which will increase from $25.00 in 2017 to $25.50 as of July 1, 2018, for loans made under the Oklahoma Uniform Consumer Credit Code.
South Carolina late fee dollar amounts will increase the minimum late fee from $7.20 to $7.40 and the maximum late fee from $18.00 to $18.50 as of July 1, 2018, for loans made under the Consumer Protection Code.
Minnesota has updated the amount a lender may charge for a late fee from $5.20 to $8.32. These changes become effective on July 1, 2018. Minnesota statutes, Section 47.59, subdivision 3(i), and 56.131, subdivision 4, provide for periodic adjustments in dollar amounts on even-numbered years. For more information click here.
Update to the Indiana late fee dollar amount which will increase from $18.50 in 2017 to $19.00 as of July 1, 2018, for loans made under the Indiana Department of Financial Institutions.
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