DocMagic will be increasing the severity of its "Rate Type Default Audit from a warning to a fatal in its system on October 2, 2018.

Under TRID 2.0 - the alternate LE/CD may be used for any simultaneous-subordinate financing.  Our audit has previously prevented use of the alternate forms on a purchase transaction.  This has been updated to fire when a client has not indicated their loan is a simultaneous-subordinate on a purchase transaction.

DocMagic is adding three additional charge codes (County Transfer Taxes, State Transfer Taxes, City Transfer Taxes) to its audit to support additional transfer tax codes that clients send with their transactions.  These charges codes will be factored into the audit that detects if transfer taxes are being charged on a particular transaction.

DocMagic has updated the FHA Amendatory Clause (AC.FHA) to exclude it from printing in 203K loans per the HUD Handbook 4000.1,II.A.1.a

Arizona Application Disclosure print logic has been updated to print for both Broker and Lender loans.  For Brokered loans, the form will print if the loan amount is under $200,000.  Lender loans will print on all transactions regardless of loan amount.

Update to selection logic for the Wisonsin Mortgage Broker Agreement.  A Non-TRID version is available and will print for Non-TRID transactions.

Various form updates to the Loan Estimate and Closing Disclosure to support TRID 2.0 functionality.  Funcationality is triggered by the application date after October 1, 2018 or by passing an indicator to trigger TRID 2.0 functionality.  

DocMagic is updating the configuration option used for selecting the FNMA rules for MI dropoff for 2-4 unit primary residences and 1-4 unit investment properties.   For these properties, MI is eligible to be terminated on the first day of the month after the date that is the mid-point of the original amortization period.  DocMagic added this configuration option late in 2017 but has now updated the calculation to consider additional property types: Condo, Co-operative, Manufactured Housing, Manufactured Housing/Condo, Manufactured Housing/PUD, PUD.

DocMagic will be adding a new audit available to all clients that will return on a file when a user attempts to collect more than 12-months of a single escrow item in the initial escrow deposit.  If more than 12-months of collections are detected, the following audit message will appear: " Initial Escrow Deposit should not collect more than 12 months of escrow payments."

DocMagic will be updating the severity of its audit that compares the selected rate type (ARM/Fixed) in the file, against the default rate type of the plan that has been selected.  If the rate type selected does not match the default rate type of the plan, DocMagic's audit system will now trigger a fatal audit requiring the user to change the rate type in order to proceed.