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.
Indiana is updating its points and fees threshold for purposes of its high cost test on July 1, 2018 from $44,000 to $48,000. This change occurs on even-numbered years. Under Indiana Code § 24-9-2-8, beginning on July 1st, loan amounts under $48,000 may only have maximum points and fees of 6%. For loans above $48,000, loans may only have maximum points and fees of 5%.
South Carolina is updating its Prepay Penalty threshold beginning July 1, 2018. For 2018, the threshold is being increased from $255,000 to $270,000. This change often takes place on even-numbered years.
On July 1, 2018, Fulton County, Georgia will require all recording documents to contain the tax parcel identification number on the first page of each recordable document. The change becomes effective due to the passing of Georgia House Bill 1036. DocMagic has updated its documents to automatically print the tax parcel identification number on the first page of each recorded document.
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