MORTGAGE INDUSTRY BLOG

For over 30 years DocMagic has developed award-winning loan document preparation, compliance and delivery solutions.

No More Excuses

Posted by DocMagic on 09/07/2016

New CFPB compliance requirements mandate that it's time for 'e.'

By Tim Anderson

Back in 2002, when Fannie Mae said it would begin buying this thing called a MISMO category one SMART-Doc e-note, some in the industry thought, “If Fannie Mae is mandating it, the world will quickly embrace it.” 


Boy, were those people wrong. 

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Topics: Smartdoc, Dodd-Frank, eSign, CFPB, enote, TILA-REPSA, eNotes, innovation, paperless mortgage, TRID

Countdown to TRID–The Final Implementation Checklist

Posted by DocMagic on 09/08/2015

The one-month countdown until the TILA-RESPA Integrated Disclosure (TRID) rule is implemented is in full effect. This checklist of the critical items you will need to will not only ensure compliance, but more importantly deliver the electronic evidence when the Consumer Financial Protection  Bureau (CFPB) comes knocking on your door asking you to prove what you said you did to prevent paying fines that could run up to $1 million dollars a day per infraction!

It’s déjà vu’ all over again. I remember in 2010 when the last major RESPA overhaul occurred and the response by everyone, (Lender, LOS providers, DocPrep companies, Title system vendors) was to build a GFE/TIL calculator; however, no one stood behind them and rep and warranted their accuracy.

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Topics: TILA-RESPA, CFPB, Integrated Disclosures, TRID, Checklist

DocMagic Will Be Fully TRID Compliant by Aug.1, Regardless of When the New Rule Actually Takes Effect

Posted by DocMagic on 06/19/2015

Press Release

Oct. 1 due date is only a “proposed delay” by the CFPB; it could still come sooner and DocMagic will be ready

TORRANCE, Calif., June 19, 2015 — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that the CFPB’s proposed delay will have no bearing on its plans to be ready to meet the CFPB’s originally planned Aug. 1 due date to implement the TILA-RESPA Integrated Disclosure (TRID) rule.

“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” commented Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Mr. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that,” said Horn.

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Topics: Integrated Disclosure, TILA-RESPA, CFPB, Press, TRID, TRID Deadline

The CFPB eClosing Pilot

Posted by DocMagic on 04/27/2015

By Melanie Feliciano and Tim Anderson

What does the recently launched CFPB e-closing pilot really say thus far, and what may it reveal?

Any mortgage professional can attest to the overwhelming amount of paperwork associated with the closing process. For consumers, this final step to homeownership has become notorious for causing confusion and even surprises in the form of unexpected costs. In an effort to assess how the industry can reduce the complexity of this arduous process, the Consumer Financial Protection Bureau (CFPB) introduced its mortgage eClosing pilot, with seven financial institutions and four technology vendors participating in this program. While the closing is just one portion of the mortgage, this pilot could be key to proving the value electronic records, e-signatures, electronic workflows and even electronic notarizations can have, bringing to light trends that are critical to the mortgage lending world as a whole.

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Topics: eclosing, xml data, CFPB, News, pilot, Tim Anderson, melanie feliciano

DocMagic Implements MISMO Version 3.3 in Support of the TILA-RESPA Integrated Disclosure Rule

Posted by DocMagic on 02/11/2015

Press Release:
Adherence to MISMO’s latest dataset helps prepare DocMagic for the CFPB’s Integrated Disclosure deadline

TORRANCE, Calif., Feb. 11, 2015 – DocMagic, Inc., the mortgage industry’s leader in compliant loan document preparation and driver of complete eMortgage adoption, announced that its entire solution set now adheres to version 3.3 of the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model.

The Consumer Financial Protection Bureau’s (CFPB) Integrated Disclosure Rule combines the mortgage disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). It requires lenders to use the new integrated disclosures beginning on Aug. 1, 2015. Successful compliance with this rule depends on use of the latest version of the data standard.

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Topics: TILA, RESPA, CFPB, Integrated Disclosures, Press, mismo

Executive Conversation: DocMagic reveals where eMortgages are headed

Posted by DocMagic on 01/14/2015

The new mortgage wave is now.

Executive Conversations is a HousingWire web series that profiles powerful people in the financial industry, highlighting the operations and the people that make this sector tick. In the latest installment, we sit down with Don Iannitti, president and CEO of DocMagic, to see how the company how the company thrived in 2014, along with its plans to grow in 2015.

HW: DocMagic has announced some key acquisitions in 2014, how are these coming along and where does the company plan to grow in 2015?

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Topics: Know before you owe, housingwire, Dominic Iannitti, eSign, CFPB, Integrated Disclosures, News, emortgage

The Real Impact of Integrated Disclosures

Posted by DocMagic on 10/27/2014

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

What can the industry expect when the CFPB’s final rule and new forms take effect next year?

When federal regulators change the rules governing the requirements for originating a mortgage loan, it can mean pain for both the industry and the consumers it serves. But this time, the move to an integrated disclosure may surprise you and translate into an unexpected side benefit to all parties—that benefit is the eMortgage.

For almost a decade and a half, proponents of all-electronic lending have urged lenders to take the paper out of the process in favor of fully electronic mortgage origination. Despite its significant benefits, eMortgage adoption gave way to the critical mass of lenders unwilling to abandon their legacy systems and paper-intensive processes.

Meanwhile, behind the scenes, lenders’ partners have been implementing systems that allow them to complete more of their loan origination workflow without stopping to paper out. The reality is that a fair amount of lenders have, in fact, been operating fundamentally without paper up until the loan closing, when they print all of the forms for their borrowers’ signatures.

We all know regulation drives change, and the new integrated disclosures lenders will begin using next year provide all the incentive needed to let go of the paper once and for all. Here’s why.

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Topics: Compliance, TILA, RESPA, CFPB, Integrated Disclosures, mortgage, News, emortgage

Increase Profits by Controlling Compliance Costs

Posted by DocMagic on 10/24/2014

By Dominic Iannitti
President and CEO,
DocMagic, Inc.

When the Mortgage Bankers Association released the most recent MBA Quarterly Mortgage Bankers Performance Report, few industry professionals should have been surprised to learn that loan originators achieved the lowest average profit per loan since the MBA began tracking performance in 2008. Likewise, loan origination expenses were the highest recorded in any quarter since the Performance Report was created midway through 2008.

How far has loan origination profitability fallen? The average per-origination profit among independent mortgage banks and mortgage banking subsidiaries of chartered banks in 4Q 2013 weighed in at an anemic $150, according to the MBA report. That’s down from $743 per loan in the third quarter. Meanwhile, loan production expenses increased by $591, to $6,959 per loan from the previous quarter.

Certainly the drop in mortgage originations, approaching 40% for some of the nation’s largest lenders, along with the inclement weather much of the nation received earlier this year, contributed to mortgage bankers’ current financial performance. Coupled with the precipitous rise in compliance-related expenses the industry has been experiencing, the lending side of the mortgage business is feeling the squeeze. According to the MBA, lenders are earning only 7% of what they had been making just one year ago. Obviously, this is not sustainable.

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Topics: mortgage technology, Compliance, ECOA, atr, CFPB, QM, News, MBA, LOS

Podcast: The DocMagic Moment – Episode #20 – The Compliance Edge™

Posted by DocMagic on 10/13/2014

There is no more pressing matter to DocMagic’s clients than compliance.

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Topics: wizard, resources, Compliance, tools, Dodd-Frank, DocMagic, CFPB, Podcasts, Compliance Edge, regulations

Podcast: The DocMagic Moment – Episode #18 - CFPB eClosing Pilot Program

Posted by DocMagic on 09/22/2014

DocMagic is Proud To Be Participating In CFPB's eClosing Pilot Program.

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Topics: home loans, eclosing, DocMagic, CFPB, pilot, Podcasts

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