Mortgage news to keep you compliant.

02/21/2017

Going "E" from End to End, Part 2

By Tim Anderson

The days of no pressure are over. Any lender that hasn’t already waded into the ePool had better be ready to jump. With immense regulatory pressure looming, the old method of just doing something is no longer sufficient. It's time for a new tack.

The recent news about the IRS decision is an ex- ample of this. With all the buzz around this news, we’re already hearing from lenders who are interested in a point solution that will allow them to take advantage of this decision for doing business with the IRS. This makes sense because this is front and center in the news, but since these lenders are not considering how this decision impacts the rest of their business, it’s short sighted.

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02/16/2017

Going "E" from End to End, Part 1

By Tim Anderson

For years a core group of us has been telling the industry that it’s time to get the paper out of our systems. We’ve performed studies that show paper is more expensive, that it takes more time to process, is usually missing pages or signatures, or gets lost. It took the foreclosure crisis to really bring home to the industry the negative implications of lost or incomplete documents. After billions of dollars in settlements to federal regulators and attorneys, it looks like our industry is finally ready to say goodbye to paper forever, or at least a majority of it.

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02/09/2017

E's of Use: E- or digital mortgages offer increased speed, efficiency, and savings, but lenders and other industry players still face challenges in implementation.

By Brian A. Lee

E- or digital mortgages offer increased speed, efficiency, and savings, but lenders and other industry players still face challenges in implementation.

Fintech investment has skyrocketed in recent years, from $1.8 billion in 2010 to $19 billion in 2015, according to a Citigroup report, but the mortgage industry, by most accounts, has been slow to board that high-speed train. Regarding the adoption of digital mortgages, lenders and other industry players are more apt to be like your old-fashioned parents who outwardly embrace innovation but wind up only using a relatively small percentage of their tech tools and gadgets.
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01/30/2017

Dominic Iannitti Honored with HousingWire's 2016 Vanguard Award for Major Industry Contributions

DocMagic, Inc. is proud to announce that president and CEO, Dominic Iannitti, was honored by HousingWire with its 2016 Vanguard Award, which recognizes top mortgage executives for professional accomplishments and for their positive impact on the industry at-large.

The Vanguard Award list is limited to business unit executives within the housing and mortgage finance spheres, specifically those who stand out as innovators and trailblazers. The bar is set extremely high, so all Vanguard nominees represent the highest caliber and demonstrate substantial industry influence.

“The HW Vanguards continues to impress going into its second year; the winners are second-to-none and this list represents the finest cross section of mortgage talent available,” said Jacob Gaffney, HousingWire editor-in-chief.
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01/12/2017

Join us at the New England Mortgage Expo on Jan. 13

Join the eClosing evolution!

DocMagic recently helped a Massachusetts lender close on a series of fully paperless mortgages! DocMagic’s eclosing technology, Total eClose™ tracked each completely paperless loan process in real time, combining an electronic closing with an electronically signed promissory note and deed of trust!

Stop by booth #50 at the New England Mortgage Expo on January 13th to learn how DocMagic continues to move the needle in digitizing the mortgage process by working with our customers and partners at every stage of their eClosing evolution!

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12/29/2016

A Year-End Message From Dominic Iannitti, President and CEO of DocMagic

The holidays always offer an opportunity to reflect on the past year, to recall the moments and people that made this or that year such a success. First and foremost, all of us here at DocMagic wish to thank you for the loyalty and trust you, our clients,extended to us over this exciting year. 2016 has been an amazing year for this company and the industry as a whole.  Allow me to highlight some of the year’s milestones.

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12/20/2016

What It Took to Make a Fully Paperless Mortgage

This fall, a Massachusetts lender closed on a fully paperless mortgage. The work that led to this rare achievement captures the difficulties originators still face in digitizing the loan process.

Radius Financial Group in Norwell electronically closed six loans beginning in October. The process was created in partnership with the tech vendor DocMagic, the MERS loan registry, Fannie Mae and Santander Bank.

Electronic closings and e-notes have been kicking around for a long time. Fannie Mae and Freddie Mac have purchased e-mortgages since the early 2000s. But they remain rare, partly because there are few warehouse lenders that can handle these transactions. Rarer still are completely paperless loan processes that combine an electronic closing with an electronically signed promissory note and deed of trust.

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11/30/2016

Total eClose™ Enables Industry's First Completely Paperless Digital Closing--Start to Finish


Press Release:

DocMagic's cutting-edge technology seamlessly incorporates eSignature-enabled SMART™ Documents, a nationwide eNotary network, MERS eRegistry access, a secure eVault, and Investor eDelivery in a single comprehensive eClosing platform.

TORRANCE, Calif., Nov. 29, 2016—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that it has successfully completed the mortgage industry’s first comprehensive eClosing in Massachusetts, which included both lender and closing/settlement agent documentation, for radius financial group, inc. 

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11/18/2016

The Increasingly Intense Focus on Cybersecurity

By Brian Hornea

Cybersecurity has become an increasingly pressing issue in all industries that store personal information, particularly after a cyber-attack in 2014 against JPMorgan Chase that compromised some 83 million accounts.

Protecting data has become a larger concern to mortg

 

age professionals in recent years as the industry has become more and more digitized—many mortgage loans now are completed electronically to where no paperwork is involved at all. On top of that, mortgage lenders collect more personal information on customers than any other sector in the financial services industry, making them prime targets for hackers.

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10/28/2016

DocMagic celebrates Halloween with Pediatric Therapy Network!

The DocMagic team was thrilled to be a part of Pediatric Therapy Network's (PTN) Halloween celebration this year. PTN invited its corporate sponsors to donate treats for the children and even gave DocMagic the opportunity to participate in the festivities as well! Anula Mohan and Mike Zarrilli attended the event on behalf of DocMagic and were given their very own station in the costume parade to distribute toys and treats (and high fives) to the halloween-clad children. 

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