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CFPB rescinds 7 pandemic-related policy statements

Posted by Compliance Team on 04/07/2021

The Consumer Financial Protection Bureau has announced that it is rescinding seven policy statements that were issued last year to assist financial institutions during the height of the pandemic. Issued between March 26 and June 3, 2020, the policy statements provided some flexibility in complying with certain regulatory filings and consumer finance laws.

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What is data validation and why is it so important?

Posted by Pauline Vu on 03/31/2021

The first step of a closing is for a massive amount of information—about the borrower, the property and the type of loan—to be entered into the lender’s loan origination system (LOS). Data validation is the process by which that information is audited and verified.

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Survey: Almost 40% of millennials would buy home online

Posted by Pauline Vu on 03/24/2021

Millennials are much more likely than other generations to say they would be comfortable buying a home online—and their younger Gen Z counterparts aren’t far behind, according to a new Zillow survey.

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DocMagic, Secure Insight partner to create national eNotary training program

Posted by DocMagic on 03/18/2021

DocMagic is teaming up with New Jersey-based Secure Insight to set up a training program on remote online notarization (RON) technology and processes. The move will establish a database of notaries who have been fully trained and certified on DocMagic’s industry-leading, 100% paperless Total eClose platform. The partnership combines DocMagic’s technology and Secure Insight’s unique database and individual training for notaries.

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DocMagic named to HousingWire's Tech100 list for 8th straight year

Posted by Pauline Vu on 03/11/2021

DocMagic has been named to HousingWire’s 2021 Tech100 Mortgage list, which recognizes the mortgage industry’s most innovative and impactful companies.

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Ask the eClosing Team: What do lenders need to get set up for eNotes? 

Posted by Pauline Vu on 03/04/2021

Welcome to Ask the eClosing Team, a new series where DocMagic’s eClosing pros tackle real questions that we’re hearing from lenders. Today’s response is supplied by eClosing Team leader Dan McGrew, president and CEO of Elite Digital Advisors.

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Magazine survey shows overwhelming demand for eClosings

Posted by Pauline Vu on 02/24/2021

By a large margin, PROGRESS in Lending magazine’s 90,000+ readers say that eClosing technology is in high demand. 

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The new URLA: The No. 1 thing to do ASAP to ensure you’re ready

Posted by Pauline Vu on 02/17/2021

The effective date requiring the new Uniform Residential Loan Application (URLA) is fast approaching—starting March 1, the updated form will be required in residential mortgage loan packages that lenders intend to sell to Fannie Mae or Freddie Mac.

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RON update: First new remote online notarization law of 2021 passes

Posted by Pauline Vu on 02/12/2021

The first remote online notarization (RON) law of 2021 has passed, and it has a surprising detail—it also enshrines remote ink-signed notarization (RIN) in the state’s statute.

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CFPB issues statement on financial institutions serving LEP consumers

Posted by Compliance Team on 02/03/2021

On Jan. 13, the Consumer Financial Protection Bureau (CFPB) issued a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency (LEP)." The statement encourages financial institutions to expand services to LEP consumers who often face barriers such as language access issues when obtaining credit.

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