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.
For additional information, please see the Federal Register (Vol. 81, No. 91), Frequently Asked Questions ("FAQs") in FinCEN Guidance FIN-2016-G003 and FinCEN Guidance FIN-2018-G001,
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.
Additional update to selection logic for Your Home Loan Toolkit (YHLT.MSC) in the master plan to exclude subordinate liens and "construction only" loans with a term less than 24 months. YHLT.MSC in only the master plan should return for an owner-occupied residence that may be a second home.
Changes to MA HPML audit to better align with Federal HPML Audit as defined in MA law.
Update to the subtotal loan amounts listed on the form to only include borrower-paid for the time to recoup loan costs.
N/A