DocMagic is removing the Illinois Loan Approval Notice (ILLAN.MSC).  The act requiring this form was repealed in October 2017.  DocMagic has provided this form in its Form List for clients who still wished to provide this form.  Beginning January 1, 2019, DocMagic will discontinue offering this form.

DocMagic has added an additional feature available to plan customization that allows clients to select how negative prepaid days interest affects the Total Interest Percentage/Payments (TIP) and Total of Payments(TOP).  DocMagic default currently includes negative prepaid days interest into all calculations, however, this can now be adjusted to only affect the TIP, TOP, or both.  Speak to your customer service rep for more information.

DocMagic is updating its Massachusetts HELOC late fee to increase from "5% or $10, whichever is less," to become "10% of the outstanding balance or $10, whichever is less."

New audit for North Carolina loans.  Under N.C.G.S 24-1.1A(c)(1), transactions in North Carolina may not have fees paid to the lender that exceed 1/4 of 1% of the loan amount (or $150 whichever is greater).  Fees such as application, origination, commitment, and interest rate lock fees have special exemptions.  Please refer to the statute for additional information.

Updated the Michigan Your Home Loan Toolkit selection logic by changing "owner-occupied" to "primary residence" which includes both owner-occupied and non-second home residence to better align with the definition of "mortgage loan" under Michigan law.

DocMagic is releasing an audit that prevents processing of a transaction in which the Intent to Proceed date is before the first Loan Estimate has been delivered.

DocMagic will be increasing the severity of its "Rate Type Default Audit from a warning to a fatal in its system on October 2, 2018.

Under TRID 2.0 - the alternate LE/CD may be used for any simultaneous-subordinate financing.  Our audit has previously prevented use of the alternate forms on a purchase transaction.  This has been updated to fire when a client has not indicated their loan is a simultaneous-subordinate on a purchase transaction.

DocMagic is adding three additional charge codes (County Transfer Taxes, State Transfer Taxes, City Transfer Taxes) to its audit to support additional transfer tax codes that clients send with their transactions.  These charges codes will be factored into the audit that detects if transfer taxes are being charged on a particular transaction.

DocMagic has updated the FHA Amendatory Clause (AC.FHA) to exclude it from printing in 203K loans per the HUD Handbook 4000.1,II.A.1.a