An algorithm that produces systemically prejudiced results due to biases introduced in its design or input of training data, leading to “unfair results” or inaccurate predictions.

Freddie Mac has announced the availability of standardized subordinate mortgage documents.  After leading an effort to draft and review the documents, Freddie Mac has published the model forms on a new Freddie Mac subordinate lien document webpage. The webpage also provides additional information regarding the use of the standardized subordinate lien documents, including FAQs and links to additional lender information.

The U.S. Department of Housing and Urban Development (“HUD”) has announced 2024 loan limits applicable to FHA-insured Single Family Forward Mortgages in Mortgagee Letter 2023-21.  FHA loan limits have increased across the country, reflecting the continued appreciation of home prices in 2023.   

The Federal Housing Finance Agency (“FHFA”) has announced a 5.56% increase in baseline conforming loan limits and high-cost area loan limits for 2024 to reflect the rise in average U.S. home prices. These maximum loan limits will apply to single-family conventional loans purchased by Fannie Mae and Freddie Mac in 2024.  Loans above these limits are known as jumbo loans.

As we approach the end of another remarkable year, we find ourselves filled with gratitude for continued partnerships and shared successes in the mortgage industry. Throughout 2023, we’ve witnessed incredible strides, advancements, and innovations in our collective endeavors.

It’s our sincere wish that the coming year brings even more prosperity and success to you and your business.

In observance of the holidays, we would like to inform you that DocMagic's offices will be closed on the following dates:

Starting on January 1, 2024, Florida Statutes Section 695.26(1)(c) will require recordable documents that include the names of witnesses to also include the post office address of each witness.

On November 4, 2023, the Pennsylvania Department of Banking and Securities published the annual adjustment to the definition of “base figure” in the Pennsylvania Loan Interest and Protection Law. Effective January 1, 2024, the inflated-adjusted base figure for the 2024 calendar year will increase from $301,022 to $312,159.

The Consumer Financial Protection Bureau, along with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, posted the annual adjustment to appraisal requirements for higher-priced mortgage loans (“HPMLs”).  The new threshold will apply to loans in an amount not exceeding $32,400.   

The North Carolina Secretary of State has issued the second (“Phase II”) of three planned sets of rulemaking packages that are intended to implement and interpret the North Carolina Remote Electronic Notarization Act (“RENA”), which was adopted on July 8, 2022, and modified by Senate Bill 552 on June 23, 2023 and Senate Bill 615 on September 28, 2023. Senate Bill 552 extended the emergency use of video notarizations and video witnessing to June 30. 2024 and Senate Bill 615 added clarifying language to notary journal sections.

Updated "Trustee" definition to match that of CO3006.DOT. (Date of Release to Production: 11/16/23)