As the number of data breaches that occur increases with technological advances, so does the interest of government regulators.  In addition to a state attorney general regulating a data incident at the state level, many federal administrative agencies may also respond to a data breach. For example, the Federal Trade Commission (“FTC”), which has a dedicated Bureau of Consumer Protection, enforces various laws, including the Federal Trade Commission Act, Health Breach Notification Rule, and the Standards for Safeguarding Consumer Information Rule (“Safegu

On December 14, 2023, DocMagic will update our standard underwriting package and Forms List to replace default selection of the Uniform Underwriting and Transmittal Summary (Fannie Mae Form 1008 /Freddie Mac Form 1077) dated 06/09 with the 12/18 version.

The Uniform Underwriting and Transmittal Summary 06/09 (Form ID: 1008.MSC-2-3-1) is currently provided by default when MISMO v2 data is provided. The updated 12/18 version (Form ID: UUATS.MSC) is populated using worksheet data.  

The 12/18 version includes the following modifications:

The use of computer systems to perform tasks in a manner similar to that performed by a human.

This month, we’re showcasing our state-of-the-art AI-driven audit and compliance solution, which is poised to redefine document verification, classification, and data extraction with up to 95% accuracy. By substantially reducing manual intervention, our solution is meticulously designed to empower loan officers, unlock valuable time savings, and ensure rigorous adherence to compliance protocols.

DocMagic is adding a new form that will be included in standard packages for West Virginia, in certain situations.  West Virginia requires that a lender document their ability-to-repay analysis that confirms the borrower does have an ability to repay, when the calculated Debt-to-Income (“DTI”) ratio is over 50%.  The assessment must consider the borrower’s ability to repay while considering all current debt obligations, the term of the loan, and the particular circumstances of the borrower(s), including both their current asset and debt obligations as wel

The U.S.

On November 7, 2023, Texas voters will have the opportunity to vote on many amendments to the state’s constitution. One of those amendments is Proposition 4 - HJR 2 . This amendment is proposing to, among other things, increase the amount of exemption for school district taxes on residential homesteads. The current homestead exemption is $40,000 of the market value of the residence.

On October 16, 2023, the Federal Housing Administration (“FHA”) announced new policies applicable to Single Family Title II Forward Mortgages that expand financing options for properties with an accessory dwelling unit (“ADU”).  The definition of ADU is provided as “a single habitable living unit with means of separate ingress and egress that meets the minimum requirements for a living unit.”  The ADU can be added to, created within, or detached from a one-uni

DocMagic is updating our Loan Detail Report to include enhanced information as calculated by DocMagic for compliance with TILA-RESPA Integrated Disclosure (“TRID”) Rules.  When TRID was implemented, DocMagic added a new section to the Loan Detail Report (“LDR”) entitled “TILA-RESPA Integrated Disclosure Summary,” which included four new disclosures that were required by the TRID Rule: Total Paid in 5 Years, Total Interest Percentage, Total Loan Costs, and Total of Payments.  DocMagic is

Updated to most recent website version. (Date of Release to Production: 10/19/23)