MORTGAGE INDUSTRY BLOG

Read all the latest information about our solutions, compliance updates and company culture

Paper is the Past

Posted by DocMagic on 09/21/2017

By Tim Anderson

Today, digital technology is driving more of the loan transaction away from paper to online. The industry is realizing that it’s time to get the paper out of our systems and manual processes. Paper documents take more time to process, require more people to validate, and key information from and follow-up efforts to track down missing pages, signatures, or total file loss.

For example, delivering a correct closing disclosure (CD) to the borrower three days before closing highlights just how difficult it is to get everything right and on time in a paper world.

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Webinar: Get Ready for the UCD Requirement- What you need to know!

Posted by DocMagic on 07/03/2017

Join us for a Free DocMagic Webinar: Get Prepared for the UCD Requirement! 
July 11th  |  10AM PDT

Join our own Tim Anderson, Director of eServices, along with Kathy Scanlon, Lead Project Manager – UCD / Loan Closing Advisor at Freddie Mac, for a FREE educational webinar! Learn what you need to know to prepare for the Uniform Closing Dataset (UCD) Requirement before the September 25, 2017 deadline.

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DocMagic’s SmartCLOSE and Total eClose Solutions Receive ALTA ‘Elite Provider’ Designation

Posted by DocMagic on 06/06/2017

Press Release:
TORRANCE, Calif. — 
DocMagic, Inc., the mortgage industry’s leading provider of document production, automated compliance and comprehensive eMortgage services, announced that it has been accepted into the Elite Provider Program for American Land Home Title Association (ALTA).

Applicants to the ALTA Elite Provider Program must provide their five most recent balance sheets demonstrating the company’s financial stability and a list of ten references. Each is assessed based on its financial strength, its commitment to the overall industry, its national distribution capabilities, and reference checks with existing customers.

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DocMagic and BeSmartee Integrate, Creating a Fast, Fully Digital Application Process for Borrowers

Posted by DocMagic on 05/10/2017

Integration reduces time from initiating a loan application to receiving disclosures from days or weeks to just minutes

TORRANCE, Calif., May 9, 2017 (SEND2PRESS NEWSWIRE) — DocMagic, Inc., the mortgage industry’s leading provider of document production, automated compliance and comprehensive eMortgage services, announced that it completed an integration with BeSmartee, a leader in mortgage automation technology.

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Texas Capital Bank Implements DocMagic’s Total eClose™ Solution for eWarehouse Lending

Posted by DocMagic on 04/21/2017

One of the nation’s largest lenders completes its first eClosing as an eWarehouse lender, using DocMagic’s Total eClose™ solution for eWarehouse lending

TORRANCE, Calif., April 21, 2017—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that Texas Capital Bank has implemented its Total eClose™ solution. This implementation enables the bank to function as an eWarehouse lender. They can now accept and fund eNotes from its lender customers that want to drastically speed up the process of closing and selling loans.

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North Carolina institutes eClosing pilot

Posted by DocMagic on 04/13/2017

North Carolina Secretary of State Elaine Marshall wants the state to be a leader in eCommerce. It adopted the Uniform Electronic Transactions Act, the Uniform Real Property Electronic Recording Act and the Electronic Notarizations Act. All of this was to prepare for the day when the state could institute eClosings.

“We have been working diligently over the past 15 years to build the infrastructure to build electronic commerce,” Director of Electronic Notarization and Notary Enforcement Ozie Stallworth said. “We thought it was a prime time for North Carolina to step forward and lead in this space because we have the legal infrastructure in place to support a full end-to-end eClosing. We looked to our state’s lending institutions to see whether or not they understood and believed that the industry was headed down the road towards eClosings.”

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DocMagic Achieves 42 Percent Growth in 2016

Posted by DocMagic on 04/07/2017
TORRANCE, Calif., April 5, 2017— DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, reported a 42 percent increase in revenue for 2016. The company credits its growth to the mortgage industry’s demand for products that enable TRID compliance, eSignatures and eClosings. This is the second consecutive year that DocMagic’s revenue has increased by roughly 40 percent.
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DocMagic Ranked a ‘Top 100 Mortgage Employer’ by National Mortgage Professional Magazine for Second Consecutive Year

Posted by DocMagic on 03/16/2017

TORRANCE, Calif., March 16, 2017—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that it was named to National Mortgage Professional (NMP) magazine’s annual ‘Top 100 Mortgage Employers’ list for 2017. This is the second consecutive year that DocMagic has earned placement on the annual list.

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Going "E" from End to End, Part 2

Posted by DocMagic on 02/21/2017

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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Going "E" from End to End, Part 1

Posted by DocMagic on 02/16/2017

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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