Generally refers to fees paid by a consumer from which they derive no benefit; no extra value is provided through the payment of added junk fees.

DocMagic has added Freddie Mac Form 490, Community Land Trust Ground Lease Rider  (Form ID: 490.MSC) for use with loans secured by land leased through a Community Land Trust.  The Rider is required as part of the documentation in order for such a loan to be salable to Freddie Mac. 

The Office of the Comptroller of the Currency (“OCC”), Board of Governors of the Federal Reserve System (“Board”), Federal Deposit Insurance Corporation (“FDIC”), Farm Credit Administration (“FCA”), and National Credit Union Administration (“NCUA”)  (collectively, the “Agencies”) recently issued revised and expanded interagency q

DocMagic, Inc. announced that it attained MISMO’s eClosing System and remote online notarization (RON) certifications for its Total eClose™ solution.

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On May 6, 2022, the Internal Revenue Service (“IRS”) released a draft of a revised Form 4506-C.  The draft version of the form includes many changes to make the form better suited for optical character recognition (“OCR”) modernization efforts.  To read more about the IRS moving to a more automated process, click here.

In response to customer feedback, DocMagic is postponing the transition of our Uniform Instruments one month to August 12, 2022.  

The revised 07/2021 version of the Uniform Instruments will remain available on our Stage environment for testing through the revised released date of August 12, 2022. On that date, the Uniform Instruments in our production environment will be updated to the new 07/2021 versions.

Late fee dollar amounts indexed in the Minnesota Regulated Loan Act, Chapter 56 and Section 47.59(3)(i) of the Minnesota Consumer Credit Code are subject to periodic adjustment on July 1 of even-numbered years, based on a percentage change in the Implicit Price Deflator for the Gross Domestic Product. 

Removed legal citation SC ADC §28-400(C)(2) from footer information. (Date of Release to Production: 06/30/22)

Removed "Executed this day of" on page 3. (Date of Release to Production: 06/23/22)

Sections of the Oklahoma Uniform Consumer Credit Code allow for an annual adjustment to dollar amounts based on figures from the Consumer Price Index for Urban Wage Earners and Clerical Workers (“CPI-W”).  The allowable adjustments include the maximum late fee that can be charged for both installment and revolving loans under Okla. Stat. Ann. Title 14, §3-203(1)(b) & (5).