Updated audit logic to support the exclusion of "payoff" charge codes from the permissible fees calculation in support of customers who convey this data.
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A new Warning audit will be live for all users that will appear if the disbursement date is not at least 3 days after the signing date.
DocMagic is adding two audits to account for the updates to the New Jersey Residential Mortgage Lending Act that now prohibits Discount Points or Origination Fees being charged directly by a Broker. The two audits will fire if either a Discount Point or an Origination Fee paid to the Broker is detected for loans transacted in the state of New Jersey.
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Illinois Chicago/Cook County High Cost audit message was updated to better clarify the returning message for loan applicable to the high cost test. The audit message was updated to be dynamic and will display a "Pass" message for loans that meet these requirements, or a "Fail" message for loans that fail the applicable high cost test.
Updated signature lines to only reflect one borrower, form generates one copy per borrower.
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On February 28, 2019, DocMagic replaced one index value with the index description on second paragraph of the form to properly display the type of index used.
L.A.R.S. 6:1098
DocMagic will be updating the Louisiana Mortgage Loan Origination Agreement (Form ID. LAMLOA.MSC) to provide the NMLS for the Originator’s License # on page 3 per guidance from the Louisiana Office of Financial Institutions.
Audit Enhancement
DocMagic updated an audit that checks to see if the lender has listed a payoff when performing a refinance transaction. DocMagic updated the audit to account for additional charge codes that may be conveyed from various lenders to accommodate different data options.
Mo. Rev. Stat. § 375.937
DocMagic is removing the Missouri Choice of Insurance Notice (MOCOIN.MSC) from its plan build as the legal requirement that calls for this form is covered if clients use the Missouri Anti-Coercion Disclosure (MOACD.MSC).
Similar to first lien notes, DocMagic will automatically add elective language to second lien notes (MD Commercial Law Title 12, Subtitle 10). If you like to remove the language, please contact customer service.
Statute: 24-1.1A(c)(1)