A recent DocMagic update has made it easier to conduct transactions that involve someone with power of attorney (POA) acting on a borrower’s behalf, especially during the closing event. This is crucial during the current COVID-19 era, helping to reduce the amount of in-person contact needed by borrowers and title companies.
New solution brings lenders and settlement providers together inside a secure collaborative portal to view and exchange fee data prior to closing
TORRANCE, Calif., April 23, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that it will launch a Collaborative Closing Platform for the mortgage industry. The solution is comprised of a secure, seamless and dynamic web-based portal that efficiently and expeditiously helps lenders comply with the TILA-RESPA Integrated Disclosure (TRID) rule that becomes effective on August 1.
DocMagic's Collaborative Closing Platform enables streamlined, real-time exchange of information between lenders, settlement agents and their associates via a secure web portal designed to electronically access, edit, validate and approve both data and documents. As a result, the coordination of all closing costs and audits of critical disclosure details are addressed prior to closing and in full compliance with TRID.
DocMagic participates in offering industry platform to support paperless lending
TORRANCE, Calif.-August 21, 2014-DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry, announced today that its strategic alliance with Pavaso will be expanded to allow the two firms to serve Franklin First Financial, Melville, New York, in the Consumer Financial Protection Bureau's eClosing pilot program.
"Lenders are now ready for a completely paperless loan closing process," said Dominic Iannitti, President and CEO of DocMagic. "Digital Close from Pavaso is designed to be a neutral technology platform that seamlessly integrates with other systems. That, along with DocMagic's eSign, eVault and eDelivery offerings, provides a fully supported, shrink-wrapped solution for anyone to do an eClosing. This partnership will show the industry and the CFPB that any lender can make the closing process better for consumers through the use of a completely electronic process without incurring the time and cost of creating or maintaining their own systems."
By Tim Anderson,
Director of eServices, DocMagic, Inc.
As we all know (and can’t get away from by now), the Consumer Financial Protection Bureau (CFPB) has issued a rule that they state will simplify and improve disclosure forms for mortgage transactions. For applications received on or after August 1, 2015, the Loan Estimate must be provided to the consumer three business days after the application, and the Closing Disclosure must be provided to the consumer three days before closing.
The new Combined Disclosure Regulation is going to force lenders to connect to title agents at the time of application and prior to closing to ensure compliance. As some of the recent posts on Closing Call have discussed, there are tolerances and limits on the increases to closing costs. Here’s the official word on closing-cost increases, extracted straight from the CFPB’s Final rule on simplified and improved mortgage disclosures:
TORRANCE, Calif.—March 17, 2014—DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry, announced today that its eSign compliant loan documents were chosen by Stewart Title® and Mountain America Credit Union to complete the industry’s first ever eClosing of an FHA loan, in conjunction with Stewart’s eClosingRoom®. DocMagic is the exclusive licensee of patent rights that enable its eSign technology.
FHA’s recent announcement supports the ability to eSign all documents with the exception of the note. The announcement states that the agency will begin accepting electronically signed notes by the end of the year.
“eSign has never just been about the upfront disclosures,” said Tim Anderson, director of eServices for DocMagic. “That’s where we started and we’ve done that for a long time now. Our ability to use this technology to help lenders realize a fully paperless mortgage is the real story here. There really is no excuse now not to provide this service to borrowers, who have been demanding it for some time.”
Interview with Dominic Iannitti, President and CEO, DocMagic, Inc.
New compliance requirements don’t typically inspire the most innovative technology enhancements in the mortgage industry. But the upcoming overhaul of borrower disclosure forms has created an opportunity to re-engineer the way lenders and title companies execute mortgage closings, according to Document Systems Inc. CEO Dominic Iannitti.
The Consumer Financial Protection Bureau’s proposal to combine the final Truth in Lending Act disclosure and HUD-1 settlement statement into one document also includes a provision requiring delivery of this new “Closing Disclosure” three days prior to loan closing—which Iannitti says opens the door to provide additional disclosures at the same time.
“We’re seeing this particular new chapter in the workflow as being a great opportunity to deliver more of the closing documents upfront, perhaps even allowing for a complete review at that same three-day mark,” he said.
By Steve Ribultan, director of business development, DocMagic Inc.
Despite the recession’s lingering effects on lenders and the vendors that serve them, many options remain for loan originators in search of good technology. For instance, there still are many great loan-origination systems (LOS) on the market. Although this is a great benefit to mortgage businesses in one way, it’s a problem in another: Despite the efforts of ambitious technology vendors to provide end-to-end solutions, every LOS on the market must interface with other technologies to get the loan from application to the closing table.
Studies have indicated that most originators are in the market for a new LOS about every five years. That means that, for all but the largest lenders in the business, institutions are ready to try something new about twice a decade. That rate may have slowed for existing lenders during the downturn, but the number of new lenders that have come into the space over the past few years has brought the average back to its norm.