eClosing just got a lot easier because DocMagic’s new AutoPrep technology can convert ANY document from ANY lender into a compliant e-enabled document that’s ready for electronic signature inside our eClosing platform.
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.
For many years, there was talk about migrating mortgage banking from a paper-driven endeavor to an electronic environment. And while no one is ready to assign paper to a display in the Smithsonian, the progress being made in e-mortgages and e-signatures is substantial. To discuss this trend, MortgageOrb spoke with Tim Anderson, director of e-services at Torrance, Calif.-based DocMagic.
Q: Why has it taken so long for the e-mortgage environment to be embraced by both the industry and the federal government?
Anderson: Primarily, because we're operating in a business that is driven by investor demands. Consequently, innovation and change has always been a painfully slow process in this industry. It seems that every time we begin to get some traction on a certain issue, something else happens in the marketplace that preoccupies the participants.
By Dominic Iannitti, President and CEO, DocMagic, Inc.
It was Leonardo da Vinci who said, “Obstacles cannot crush me. Every obstacle yields to stern resolve. He who is fixed to a star does not change his mind.” When it comes to facing hurdles, those of us working to remove paper from the mortgage process can certainly relate to one of history’s greatest innovators, a man who dreamed of helicopters and solar power centuries before they would become reality. Then again, in the 10-plus years since federal e-signature legislation was signed into law, it occasionally feels as though the e-mortgage is also centuries away from becoming a reality.
A big reason for this is the collapse of the housing market, which led to increased regulations and tighter investor guidelines that have drawn out the time it takes to originate loans.