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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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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Are Third-Party-Paid Fees Included in High-Cost Determinations?

Posted by DocMagic on 07/17/2014

By Melanie Feliciano

More than a month after the January 2014 implementation date of the Dodd-Frank Act’s rules, many in the industry still have questions about how fees and charges paid by a third-party (a third-party is a party other than the lender and the borrower), including the seller, should be treated for the purposes of calculating Section 32 and Qualified Mortgage (QM) total points and fees.

In September of 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending, among other things, the Official Staff Interpretation (the “Commentary”) for Section 32. A comment was added for paragraph 1026.32(b)(1) that states, “Under §1026.32(b)(1), points and fees may include charges paid by third parties in addition to charges paid by the consumer. Specifically, charges paid by third parties that fall within the definition of points and fees set forth in §1026.32(b)(1)(i) through (vi) are included in points and fees (emphasis added). In calculating points and fees in connection with a transaction, creditors may rely on written statements from the consumer or third party paying for a charge, including the seller, to determine the sources and purpose of any third-party payment for a charge.” The Commentary then goes on to provide examples of charges that would, or would not, be included in points and fees.

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DocMagic Rolls out QM Test Functionality

Posted by DocMagic on 10/28/2013

Press Release
Compliance leader puts Dodd-Frank readiness tools into action well ahead of schedule

DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance and eDelivery solutions for the mortgage industry, said it will roll out its new qualified mortgage (QM) test to its customers this month. The new functionality, based on the most recent rules handed down by the federal government, is in testing now with a select group of DocMagic clients.

“While the new qualified mortgage standard doesn’t go into effect until 2014, lenders need access to the tools now in order to train their internal teams,” said Laurie Spira, DocMagic’s Chief Compliance Officer. “DocMagic will have the tool available to lenders within the month, giving them a head start towards implementation before the regulations go into effect in January of next year.”

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Webinar: 7 Myths of Document Preparation...and How to AVOID them

Posted by DocMagic on 10/24/2013

Join us Thursday, November 7th for a FREE webinar:
7 Myths of Document Preparation and How to Avoid them.

Not all doc prep companies are the same…far from it! Join us for this informative and entertaining FREE webinar and learn the truth behind some common document preparation myths:

1. All document preparation companies are the same.
2. My LOS provides compliant disclosures for free.
3. My closers know what documents are needed.
4. There’s no real value in eSigning my documents.
5. I’m already complying with Dodd-Frank today.
6. My processors catch data entry errors.
7. I’m with a bank or credit union and predatory lending doesn’t apply.

REGISTER NOW>

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Compliance Edge Webinars | High-Cost (HOEPA) Mortgage Rule

Posted by DocMagic on 07/29/2013

We're helping you get ready for Dodd-Frank implementation!
Join us Tuesday, August 13th for:
High-Cost (HOEPA) Mortgage Rule

The webinar will focus on the expanded definition of “points and fees” and how to avoid making a high-cost loan under the new High-Cost Mortgage (HOEPA) Rule. You’ll learn what makes a mortgage a high-cost mortgage - as well as specifics about disclosures, limitations and prohibited provisions.

We will also provide the following tools to help you with a logical plan for timely implementation and compliance:

- A recording of the full content of the webinar
- The complete presentation deck
- Handouts and handy implementation guides

Featuring speakers with legal and compliance expertise, the webinar will offer focused perspectives and hands-on experience with Dodd-Frank compliance.

Register Now

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Podcast: The DocMagic Moment – Episode #3 – Compliance Edge Webinars

Posted by DocMagic on 06/11/2013

In this edition of the DocMagic Moment Ron talks about the huge turnout for the Dodd-Frank Kick-Off webinar. Ron also discusses future Compliance Edge webinars such as Ability to Repay, LO Compensation, and High-Cost Mortgage Rule. Listen Now: [audio http://www.docmagic.com/media/download/podcasts/2013/DocMagic-2013wk22.mp3]

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DocMagic Compliance Webinar Attracts Record Crowd

Posted by DocMagic on 05/30/2013

Press Release
Dodd-Frank Implementation Roadmap program attracts over 2,000

DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance and eDelivery solutions for the mortgage industry, announced today that its Dodd-Frank Implementation Roadmap webinar attracted a capacity crowd, with over 2,000 people requesting a spot at the virtual table, making it the most popular online event the company has presented this year. The program, which aired May 15, was the first in a series that the company is offering to the industry and was designed to help those who may be subject to the final Dodd-Frank Rules jumpstart implementation of the Rules. Other webinars in the series include the Ability-to-Pay/Qualified Mortgage, Loan Officer Compensation and HOEPA.

“The Compliance Edge in-house compliance team is proud to sponsor this Dodd-Frank webinar series. The high turnout for our Kick-Off webinar demonstrated that compliance with the Dodd-Frank Rules is at the forefront of everyone’s mind,” said Melanie Feliciano, DocMagic’s Chief Legal Officer and co-host for the event. “In fact, based on polling taken during the webinar, it is clear that many in our industry, at this point in time, do not feel sufficiently prepared to comply with the Dodd-Frank Rules. Industry participants are navigating a very complex compliance landscape right now, and they need tips and guides as well as dependable tools and resources they can use to mitigate noncompliance risks with the Dodd-Frank Rules.”

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Get the Compliance Edge

Posted by DocMagic on 03/29/2013

On April 2, DocMagic’s comprehensive compliance resource website will have a new name and whole new look! We’re proud to introduce our updated and improved compliance website: Compliance Edge.

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DocMagic Expert Tapped to Present at Industry Conference

Posted by DocMagic on 03/22/2013

Press Release:
Chief Legal Officer Melanie Feliciano spoke on compliance issues at industry meeting.

DocMagic, Inc., the leading provider of fully-compliant loan document preparation and delivery solutions for the mortgage industry, announced today that Melanie Feliciano, the company’s Chief Legal Officer, spoke on a panel with Roger Fendelman of Interthinx about vendor management and technology changes resulting from the Dodd-Frank rules at the RegList Workshop 2013, held in Costa Mesa, Calif., on March 14th and 15th.

“It was exciting to have an interactive audience to discuss technology changes stemming from Dodd-Frank and the necessity for the uniqueness of vendor management policies based on the type of third-party vendor,” said Feliciano. “We’re all working in a very volatile environment where change has become the norm. I was impressed with the feedback from the audience.

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