DocMagic is updating the selection logic of the Missouri Rate-Lock Agreement (MOMRLA.MSC) to return in redisclosure packages when the rate is locked.
DocMagic is adding an audit to test the permissible fees limitations in the state of North Carolina. Under North Carolina law, additional charges and fees payable to the lender maybe not, in the aggregate, exceed 1/4 of 1% of the principal balance of the loan, or $150, whichever is greater.
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DocMagic is adding the Flood Hazard Notice (FHN.MSC) to its main build. The form has previously been selected from specific loan programs, but will now be included in closing packages on all loans, and available to all clients.
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DocMagic is adding four additional forms to its default Homestyle Renovation plan's form list. The forms will be available for selection by the user, but will not print as a default form in a clients file. The following is a list of the forms being added:
US3730.MSC - Renovation Contract
US3731.MSC - Renovation Loan Agreement
US3732.RID - Renovation Loan Rider to Security Instrument (for Owner-Occupied properties)
US3733.RID - Investor rider to Security Instrument (for Non Owner-Occupied properties)
Maryland requires lenders to provide a borrower with options for paying recordation tax on Home Equity Lines of Credit. A new form will be added to the Maryland State build to allow borrowers to indicate whether or not the borrower would like to pay the tax on the maximum line of credit or only on the advanced amount at closing. This form will print for closing packages where the loan type is equity.
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DocMagic is updating the Impound Account Analysis to use the actual first payment date. Currently, DocMagic uses the first of the month even if the actual first payment date is not on the first of that month.
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DocMagic is removing the Mortgage Loan Origination Agreement (MLOA.RH) from the generic USDA plan (DSI_USDA-RHS) as it does not contain USDA specific language. State-specific or multistate broker agreements will be provided instead, as applicable.
Alaska: Alaska Stat. § 06.60.350
Illinois: 815 Ill. Comp. Stat. 120/3(e)
Minnesota: Minn. Stat. Ann. § 58.13(1)(a)(25)
Ohio: Ohio Rev. Code Ann § 1345.031(B)(12)
Ohio: Ohio Admin. Code § 109:4-3-26
Virginia: Va. Code Ann. § 6.2-1614
Washington: Wash. Admin. Code § 208-620-560(4)(d)
Tangible Net Benefit forms have been created for the states of Alaska, Illinois, Minnesota, Ohio, Virginia, and Washington.
Update to the Oklahoma late fee dollar amount which will increase from $25.00 in 2017 to $25.50 as of July 1, 2018, for loans made under the Oklahoma Uniform Consumer Credit Code.
South Carolina late fee dollar amounts will increase the minimum late fee from $7.20 to $7.40 and the maximum late fee from $18.00 to $18.50 as of July 1, 2018, for loans made under the Consumer Protection Code.
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