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This paper presents a new digital self-oscillating modulator (DiSOM) that allows the duty cycle to be changed instantly. The DiSOM modulator is shown to have variable switching that is a function of the duty cycle. Compared to a more traditional digital PWM modulator based on a counter and comparator the DiSOM modulator allows the sampling frequency of the output voltage control loop to be higher than the switching frequency of the power converter, typically a DC/DC converter. The features of the DiSOM modulator makes it possible to design a digitally controlled DC/DC converter with linear voltage mode control and very fast transient response. The DiSOM modulator is combined with a digital PID compensator algorithm is implemented in a hybrid CPLD/FPGA and is used to control a synchronous Buck converter, which is used in typical Point of Load applications. The computational time is only three clock cycles from the time the A/D converter result is read by the control algorithm to the time the duty cycle command is updated. A typical POL converter has been built and the experimental results show that the transient response of the converter is very fast. The output voltage overshoot is only 2.5% of the nominal output voltage when a load step of 50% - 100% of nominal output current is applied to the converter. The settling time is approximately 8 PWM cycles.