Stacking Order Product Training

 

Stacking Order allows you to modify the order of documents in your packages.

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Report Manager Product Training

 

Report Manager allows you to generate reports.

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Partner Admin Product Training

 

Placeholder description for Partner Admin.

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Loan Defaults Product Training

 

Loan Defaults allows you to manage charges, fees, premiums, and impounds among other things.

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Forms Analyzer Product Training

 

Form Analyzer is the latest version of Form Manager and it gives you access to over 300,000 forms.

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Document Files Product Training

 

Access and manage your loan document files here.

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Click on the Wrench Icon to access a very helpful Hack for this product!
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HUD publishes proposed rule for 40-year loan modification

On April 1, 2022, the Department of Housing and Urban Development (“HUD”) published a proposed rule in the Federal Register seeking comments on a proposal to extend the maximum modification loan term limit from 360 to 480 months.

Currently, under 24 CFR 203.616, a Federal Housing Administration (“FHA”) loan can be modified “for the purpose of changing the amortization provisions by recasting the total unpaid amount due for a term not exceeding 360 months from the date of the modification.” The proposed rule seeks to amend this loss mitigation option by extending the maximum modification loan term to 480 months.

The proposed rule states that the change would help mortgagees facing default by lowering monthly principal and interest payments by a meaningful amount, leading to a higher rate of home retention. HUD acknowledges that the longer term would mean slower equity accumulation and additional interest payments but concludes that the benefits of avoiding foreclosure outweigh these concerns. HUD also points out that most mortgagees do not carry an FHA loan for the full term. The average life of a 30 -year FHA-insurance mortgage is approximately seven years.

The proposed rule emphasizes that the amendment would provide FHA borrowers with a home retention option comparable to the 480-month options already allowed by Fannie Mae, Freddie Mac, the National Credit Union Association, and the U.S. Department of Agriculture.

Comments will be accepted until May 31, 2022, and can be submitted either by mail or electronically through the Federal eRulemaking Portal. Comments must reference Docket No. FR-6263-P-01 and the title of the notice, Increased Forty-Year Term for Loan Modifications.

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Arive Product Training

 

ARIVE offers mortgage professionals the ability to originate loan docs from a web-based platform, and is one of many LOS systems that works seamlessly with DocMagic’s exclusive, proprietary Direct Integration.

 

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Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating Arive.
If you have any further questions, you can download the FAQ Page. This Arive at-a-glance provides you with answers to many common questions about Arive.
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DocMaster Product Training

 

DocMaster is a proprietary program that facilitates printing, viewing, re-transmission and imaging of loan documents. DocMaster possesses complete imaging capabilities and increased functionality such as determining which documents were affected by the most recent change to the underlying data. DocMaster can also be downloaded separately and apart from DocMagic Online, and is utilized extensively by closing agents and others nationwide as a standalone product for the purpose of viewing, printing and re-transmitting loan documents.

Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating DocMaster.
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CFPB Releases Factsheet for Calculating Prepaid Interest Under General QM Rule

On February 23, 2022, the Consumer Financial Protection Bureau (“CFPB”) released a factsheet regarding the interest rate used to calculate prepaid interest for adjustable-rate mortgages (“ARMs”) and step-rate loans under the price-based General Qualified Mortgage (“QM”) rule. 

The General Qualified Mortgage Final Rule, which took effect on March 1, 2021, includes a “price-based General QM definition.” The definitions states that a loan’s APR cannot exceed the average prime offer rate (“APOR”) for a comparable transaction by the amounts set forth in the Rule as of the date the interest rate is set [12 CFR 1026.43(e)(2)(vi)]. Generally, the threshold amount is 2.25 percentage points, but the rule provides higher thresholds for smaller loan amounts, for certain manufactured housing loans, and for subordinate-lien transactions. Additionally, if a loan’s rate can change within the first five years after the date on which the first regular periodic payment will be due, the maximum interest rate that may apply during the five-year period must be used in the APR calculation for purposes of price-based General QM rule.

The fact sheet provides examples of how prepaid interest, also referred to as “per diem” interest, is generally paid in arrears and included in APR calculations under Regulation Z.   For ARMs and step-rate loans, the fact sheet states that the maximum interest rate that can be applied during the five-year period after the date on which the first periodic payment will be due must also be used to calculate prepaid interest and negative prepaid interest as part of the APR calculation under the price-based General QM definition. 

To view the CFPB Factsheet for additional information, click here.

DocMagic is reviewing the updated information and will advise on any changes that are necessary to our calculation of the APR based on the highest rate achieved in the introductory period, which is used in the QM Price-Based Limit test.

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