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

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 FICO Chart to 2023 version. (Date of Release to Production: 11/09/23)

Updated FICO Chart to 2023 version. (Date of Release to Production: 11/09/23)

Updated FICO Chart to 2023 version. (Date of Release to Production: 11/09/23)

Updated to 10/2023 version. (Date of Release to Production: 11/02/23)

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

Updated paragraph reference in Section A. (Date of Release to Production: 11/02/23)

Updated paragraph reference in Section A. (Date of Release to Production: 11/02/23)

Updated paragraph reference in Section A. (Date of Release to Production: 11/02/23)