Mortgage news to keep you compliant.

04/12/2018

Setting the Record Straight on Digital Mortgages

The Whole is Greater than the Sum of its Parts When it Comes to Digital Mortgage Solutions and eNotes

By Tim Anderson,
Director of eServices, DocMagic, Inc.

Having worked in the mortgage industry for over 30 years, I’ve pretty much seen it all. As a mortgage technologist, I’ve watched vendors and lenders alike create hype around various technologies and new buzz words over the years, only to see so many of them never gain adoption or provide value. Sometimes, the rollout is flawed or it’s an outright failed go-to-market strategy. I recall when the likes of Service Oriented Architecture (SOA), Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), cloud-based computing, and so many others instantly became attractive terms and acronyms with mortgage technology vendors flocking to incorporate them into their marketing speak—whether they delivered on their promises or not.  

Collaborating closely with the GSEs, investors, lenders, servicers, warehouse lenders, and many other industry participants, I’ve worked to forge ahead and evangelize the far-reaching benefits of a comprehensive “eMortgage” process, a term that has essentially been replaced by “digital mortgage.”  No matter what you call it, it’s always been about replacing and automating paper-based processes with automation.

Now we’re living in a world of digital mortgage. We’ve seen many new and small software companies pop up, driving hard to attract lenders with slick marketing speak and often low price points for what is sometimes immature, unproven technology.  

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04/11/2018

Join us for a UCD-Compliance Demo at MBA Tech

See our UCD-Compliant Collaborative Closing Demo!

SmartCLOSE™ solves many of the key challenges between lenders and settlement providers. Join us as we demo the latest SmartCLOSE™ capabilities - electronic generation and delivery of XML UCD files to the GSE of your choice.

  • Automatic data quality & compliance validations
  • Supports the embedded XML, SMARTDoc® requirement today
  • Combines (merged) borrower and seller CD
  • Integrated to title systems to share XML data 

Join our LIVE DEMO at MBA Tech Showcase II

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03/29/2018

Deutsche Bank Implements DocMagic’s eVault Technology

TORRANCE, Calif., March 29, 2018  — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that Deutsche Bank has successfully implemented and is actively utilizing its proprietary eVault technology.

“Deutsche Bank has an international footprint in multiple forms of lending and servicing, and having a company of their size select our eVault to safely and securely store sensitive loan documents speaks volumes about the bank’s confidence in our technology,” said Dominic Iannitti, president and CEO of DocMagic, Inc. “We are very pleased to partner with Deutsche Bank on a long-term basis to help achieve its servicing goals with our eVault.”

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03/08/2018

Going 100 Percent Paperless: Where It Is Now and Where It Is Headed

National Mortgage Professional Magazine recently sat down with Tim Anderson, Director of eServices at DocMagic, to gain insight and trending into the mortgage industry’s current progress and needs to achieve a completely paperless lending transaction. Tim is a subject matter expert in end-to-end digital mortgage processes, electronic compliance and supporting eServices, among an array of other mortgage technologies. He has more than 30 years of industry experience working on both the lender and vendor side of the business.

NMP: Lots of attention has been placed on the importance of digital mortgages as of late, in particular in the last 18 months. Why the sudden rush?

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01/24/2018

DocMagic Reaches 300 Million Mortgage eSignings as More Borrowers Opt for eSigning and More Lenders Require Proof of TRID Compliance

3-million-esign.jpgMilestone results from increased adoption of several DocMagic technologies

TORRANCE, Calif., Jan. 24, 2018 — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that it has processed more than 300 million mortgage-related electronic signatures.

This milestone achievement is the direct result of increased adoption of several DocMagic technologies that feature its comprehensive eSigning platform, which can be accessed as a software-as-a-service (SaaS) or on-premise enterprise platform. Each of DocMagic’s digital platforms reports a significant increase in volume, which the company attributes to lenders’ growing need to prove a TRID-compliant, 100 percent paperless mortgage process.

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12/05/2017

DocMagic Opens High-Tech Print Fulfillment Supercenter to Support Growth

New facility provides compliant solution to 'opt-out' requirements for mortgage transactions that revert from digital to paper processes

TORRANCE, Calif., Dec. 5, 2017 (SEND2PRESS NEWSWIRE) — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that it has opened a 12,000 square foot print fulfillment center minutes from its Torrance, California headquarters. DocMagic added the high tech “supercenter” to support lenders’ growing need for secure, compliant paper documents as the mortgage industry transitions to a 100 percent digital mortgage process.

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11/29/2017

Press Release: DocMagic’s Jonathan Kearns Appointed to MISMO Residential Standards Governance Committee

The committee is comprised of select subject matter experts

TORRANCE, Calif., Nov. 28, 2017 (SEND2PRESS NEWSWIRE) — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that Jonathan Kearns has been appointed to the Mortgage Industry Standards Maintenance Organization (MISMO) Residential Standards Governance Committee.

The committee is comprised of select subject matter experts, nine of which who will began their two-year term on Jan. 1, 2018 through Dec. 31, 2019. The Mortgage Bankers Association (MBA) is the parent corporation of MISMO and is actively involved in the organization’s ongoing contributions to the industry.

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10/24/2017

LoanCare now subservicing eNotes with DocMagic’s eVault Technology

A leading national subservicer opens up market opportunities by servicing eNotes stored electronically via DocMagic's eVault Technology.

VIRGINIA BEACH, Va. – October 20, 2017 – LoanCare, a ServiceLink company, announced today that it has begun utilizing DocMagic, a provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, in order to add eVaulting capabilities to its process. This allows LoanCare to begin servicing loans registered with MERS® as eNotes.

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10/17/2017

Bringing Digital to MBA Annual in Denver!

There's so much happening at this year's 2017 MBA Annual! Are you ready? Stop by booth 707 to learn how DocMagic's digital technology is helping lenders to close on fully paperless mortgages. Total eClose™, our suite of seamless, end-to-end, digital eClosing technology, is providing solutions to problems across the mortgage lifecycle. Read more see what else we have in store for the event.

TechLIVE —  Fintech Solutions to Digital Mortgage
October 25th — 9:00 AM - 10:30 AM Level 3 - Four Seasons Ballroom 1
Tim Anderson, DocMagic Director of eServices

Learn about opportunities to digitally transform your operation and how lenders and agents are collaborating through technology.

 


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10/03/2017

eMortgage Revolution: The Fully Digital Future of Mortgage Signings is Here (Part 2 of 2)

Written by Nathan Batts. This is the part 2 of a blog series. Click here to read part 1.

What is Driving the Transition

North Carolina is not the first state to begin offering electronic mortgages, but it is the first state in which the government has taken an active role in the development and rollout. The decision by the Secretary of State to begin a pilot project, convene various market participants together for a discussion, and form an advisory committee with the goal of developing best practices and standards now positions North Carolina to help form the national model for such transactions.

The groundwork began many years ago. The legal basis for digital signatures and documents has existed at the federal level, through such laws as the Electronic Signatures in Global and National Commerce Act (E-Sign Act), and at the state level in North Carolina, through such laws as the Uniform Electronic Transactions Act found in Article 40 of Chapter 66, since at least the year 2000. Similarly, North Carolina has had a structure for electronic recording and electronic notarization in place since 2005. The North Carolina structure includes safeguards such as a requirement that the electronic notary must be physically present with the borrower so as to protect against fraud or impersonation and duress.

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