TORRANCE, Calif., Feb. 14, 2019—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that MReport magazine has named company president and CEO Dominic Iannitti one of its Top 25 Industry Leaders & Influencers for 2019.
Maintaining an effective Compliance Management System (CMS) entails each lender’s structured plan for meeting regulatory compliance. Developing training manuals and documents — the people, training, procedures — is just part of implementing a working CMS. It’s critical for lenders to implement automated technology solutions to ensure standardization, consistency and verifiable compliance across their entire operation.
Electronic document generation coupled with automated compliance is key to delivering a verifiable service protecting all parties in the mortgage process. Providing a scalable and adaptable set of tools, DocMagic’s automated compliance solution allows lenders to respond quickly and easily to shifting regulatory requirements.
DocMagic is excited to report that CEO Dominic Iannitti was recognized with the 2018 ‘Innovation Award’ at October Research’s 14th annual National Settlement Services Summit (NS3). Now in its 7th year, October Research presents three awards for excellence in leadership, innovation, and philanthropy.
Iannitti won the award for his hands-on development and launch of DocMagic’s SmartCLOSE™ collaborative closing platform, along with the success of its Total eClose™ solution for comprehensive, 100% paperless eClosings. He was also credited with helping drive the early adoption of eSign technology in the mortgage industry in an effort to eliminate the use of paper and create new lending efficiencies. In January of this year, DocMagic hit a company milestone with its proprietary eSign technology, surpassing 300 million electronic signatures.
By Brian Hornea
Cybersecurity has become an increasingly pressing issue in all industries that store personal information, particularly after a cyber-attack in 2014 against JPMorgan Chase that compromised some 83 million accounts.
Protecting data has become a larger concern to mortg
age professionals in recent years as the industry has become more and more digitized—many mortgage loans now are completed electronically to where no paperwork is involved at all. On top of that, mortgage lenders collect more personal information on customers than any other sector in the financial services industry, making them prime targets for hackers.
Dominic Iannitti, president and CEO of DocMagic, talked candidly about what the mortgage industry needs to do to improve the lending process.
With the TRID deadline behind us, the industry is breathing easy again. But should it? Recently ComplianceEase, a provider of automated compliance solutions to the financial services industry, released an analysis of compliance defects for closed loans and estimated that the cost of correcting these errors is increasing the cost of origination, on average, by approximately $28 for every loan. The analysis was based on a cross-section of 700,000 audits that were performed in ComplianceAnalyzer and RESPA Auditor during the first quarter of 2015. It found that 17 percent of the loans failed for Truth in Lending Act (TILA) reasons. Another 6 percent of the loans—or one in 15—failed for being outside of the Real Estate Settlement Procedures Act (RESPA) tolerances.
So, this industry clearly is struggling with compliance. The answer to ironclad compliance is migrating to a truly data-driven process according to Dominic Iannitti, president and CEO of DocMagic.
It was like coming home. “The first moment Iwalked into this building, I knew it was the right place for our company,” Dominic “Don” Iannitti says.
Iannitti is president and CEO of DocMagic, the largest loan document production company in the U.S., and the building he’s speaking of is an impressive, 25,000-square-foot state-of the art technology center in Torrance, California. Within the mostly curved walls of this modern office space, more than 100 employees dedicate themselves to providing unparalleled service for their clients, some of which are the nation’s top lenders.
By Phil Hall
On the company Web site, DocMagic bills itself as “The largest loan document production company in the U.S.” And while that is a grand definition, it doesn’t capture the intelligence, innovation and celebrated customer service level that has earned the company the respect of the industry.
National Mortgage Professional Magazine spoke with Don Iannitti, the company’s founder, president and chief executive officer, to discuss how DocMagic emerged to become a leader in its field.
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?
MBA's National Technology in Mortgage Banking Conference & Expo was a success!
