Pandemic Spotlights Importance of Remote Online Notarizations
Prior to our current situation where everyone is encouraged, or in some cases required, to stay at home except when conducting “essential activities”, the use of technology in mortgage closings had already taken a hold. Learn More
The Ohio Department of Commerce recently published the annual adjustment to the loan amount limit for prepayment penalties under Ohio Revised Code Section 1343.011(C). Read More
On March 11, 2020, the California Attorney General’s office announced the release of a second set of modifications to the proposed regulations for the California Consumer Privacy Act. Read More
As the impact from the Coronavirus grows, state agencies have begun sending out communication and guidance to licensees on how to operate during the crisis. Read More
On March 26, 2020, the CFPB issued a press release that it is providing flexibility for financial companies during the pandemic period... Read More
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Compliance Term of the Month
eClosing
The closing of a loan by some electronic means, including borrower signatures and/or notary signatures, seal affixation and signature. An eClosing includes three hybrid variations where all but the following are eSigned: paper note, paper note and notary, or paper notary.
On April 1, 2020, Fannie Mae and Freddie Mac (the “GSEs”) issued additional guidance regarding the transition from LIBOR to SOFR ARM loans including eligibility, underwriting, and delivery requirements. Read More
In order to keep DocMagic software users better apprised of document changes and additions as they occur, DocMagic posts listings of all newly created and revised documents. Read More
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AutoPrep
DocMagic introduces AutoPrep, a new technology that leverages artificial intelligence and machine learning to change standard documents into e-enabled documents in less than 10 seconds.
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