DocMagic was recently honored with Mortgage Professional America (MPA) Magazine’s 5-Star Mortgage Technology Provider Award.

MPA’s editors and researchers spoke to lenders and tech specialists across the country, and also considered advancements in innovation, to determine which companies should receive the recognition.

“This may be the year mortgage tech finally breaks through in a big way,” MPA stated.

The award lauds mortgage technology firms that have excelled in their respective fields over the last year, especially with the pandemic ramping up demand for eClosings. DocMagic’s end-to-end Total eClose platform, digital mortgage solutions, eServices and document preparation products were cited as key reasons for receiving the honor.

“Mortgage technology continues to be critical because it’s how lenders differentiate themselves; it’s how they improve their processes and their bottom line,” DocMagic CEO and president Dominic Iannitti told MPA. “Technology enables them to handle a high volume of transactions effectively and not let anything fall through the cracks.”

Even before the pandemic, DocMagic established a dedicated eClosing team “to hand-hold lenders uncomfortable with crossing that chasm to a paperless environment and advising them through that process,” Iannitti said. That kind of support for clients taking on new tech “is where the industry needs to go — and we’re committed to getting it there.”

Related Content:

• DocMagic named to 2021 Inc. 5000 list of fastest-growing companies (8/26/2021)
• DocMagic's Leah Sommerville wins inaugural NextGen Leader Award (4/29/2021)
• DocMagic named to HousingWire's Tech100 list for 8th straight year (3/11/2021)

The Consumer Financial Protection Bureau (“CFPB”) is required to annually calculate the dollar amounts for several provisions in Regulation Z. 

The CFPB recently issued a final rule amending the dollar amount thresholds under the HOEPA “points and fees” provisions of Regulation Z (12 CFR § 1026.32))a)(1)(ii)), referred to as “Section 32” by the industry, and the qualified mortgage “points and fees” provisions under Regulation Z (12 CFR § 1026.43((e)(3)(i)) based on the annual percentage change provided in the Consumer Price Index (CPI-U) in effect on June 1, 2021. Starting this year, the CFPB is also updating the loan amount thresholds for the APOR, price-based limits.

The threshold adjustments will be effective Jan. 1, 2022.

HOEPA Points and Fees Thresholds

The adjusted HOEPA points-and-fees dollar trigger for high-cost mortgages in 2022 will increase from $1,103 to $1,148. Additionally, the total loan amount threshold used to determine whether a loan is subject to the “total points and fees” provision of HOEPA, or Section 32 will increase from $22,052 for 2021 to $22,969 for 2022.

The fee-based trigger is used to determine whether the total points and fees payable by the consumer at or before loan closing subjects that loan to Section 32. Section 32 applies, in part, to certain loans if the total points and fees payable by the consumer at or before loan closing exceed the greater of eight percent (8%) of the total loan amount or a dollar amount threshold.

In addition to the Federal Section 32 test, this annual adjustment applies to the following state high cost tests: Colorado, Illinois, Maryland, Massachusetts, Oklahoma, Pennsylvania, Texas, and Utah. Please click here for more information.

To see DocMagic’s memorandum regarding HOEPA determination, please see Section 32 High Cost Calculation.

Qualified Mortgage Points and Fees Thresholds

The final rule updates the dollar amount thresholds for determining whether a loan is a qualified mortgage (“QM”) under the “points and fees” provision specified in Regulation Z (12 CFR § 1026.43(e)(3)(i)).

Qualified Mortgage APOR Price-Based Limits

In addition, to satisfy the General QM loan definition effective on March 1, 2021, the APR may not exceed the average prime offer rate for a comparable transaction as of the date the interest rate is set by the following amounts:

Related Content:

• U.S. Treasury and FHFA suspend provisions of the PSPAs (10/20/2021)
• CFPB publishes analysis of consumer complaints (10/13/2021)
• FHFA to eliminate the adverse market refinance fee (8/4/2021)