Governing law requires the South Carolina Application Notice (SCAN.MSC) be given "at the time of application for a motgage loan."  DocMagic has previously offered this notice in both the Initial and Closing packages, but is now adding it to the Application package for all clients immediately. 

DocMagic is introducing a Massachusetts State Specific Compliance Agreement (MACOMP.MSC) similar to its standard Compliance Agreement form (COMP.LSR).  The updated form has state specific notary information.

DocMagic is providing an update to its Qualified Mortgage Determination to exclude VA loans from a points and fees test (unless VA IRRRL).  This update is in response to the recent release of DocMagic's VA QM enhancements that separately audit VA QM loans.  This update is an enhancement to it existing audits to provide its customers with more accurate reporting.

Update to form selection logic in the DocMagic defualt 15 due in 30 plan to provide more accurate selection for subordinate lien riders.

DocMagic is introducing a new bi-weekly impounds form into its bi-weekly specific plan.  The form will more accurately disclose impounds for bi-weekly loans.

The Certification Regarding Beneficial Owners of Legal Entity Customers (CRBOLEC.MSC) will be added to closing packages for loans processed on or after May 11, 2018 when a borrower is a legal entity.  This form is issued by the Financial Enforcement Network ("FinCEN") for certain financial institutions required to obtain, verify, and record beneficial ownership information on legal entity customers at the time of account opening.

Enhancement for DocMagic's audit to more accurately detect the 7 specific business day waiting period required before consummation may occur.

Selection logic for Your Home Loan Toolkit (YHLT.MSC) in the Michigan State Build by changing "owner-occupied" to "primary residence." The selection logic update is needed because the definition of "mortgage loan" includes the borrower's principal dwelling, 1-4 units, and owner-occupied.

On May 1, 2018, DocMagic will be making improvements to its Veteran Affairs Qualified Mortgage ("VA QM") testing, including the addition of more in depth audits for all VA loans.  For additional information, please see our VA QM memo posted under our "High Cost Memos" under our Ability to Repay and Qualified Mortgage Requirement headings, or click here.

Update to selection logic for the Shopping For Your Home Loan: HUD's Settlement Cost Booklet (SFYHL.HUD) to exclude subordinate liens and "construction only" loans with a term less than 24 months. SFYHL.HUD should return for an owner-occupied residence that may be a second home.