Mortgage news to keep you compliant.

10/03/2017

eMortgage Revolution: The Fully Digital Future of Mortgage Signings is Here (Part 2 of 2)

Written by Nathan Batts. This is the part 2 of a blog series. Click here to read part 1.

What is Driving the Transition

North Carolina is not the first state to begin offering electronic mortgages, but it is the first state in which the government has taken an active role in the development and rollout. The decision by the Secretary of State to begin a pilot project, convene various market participants together for a discussion, and form an advisory committee with the goal of developing best practices and standards now positions North Carolina to help form the national model for such transactions.

The groundwork began many years ago. The legal basis for digital signatures and documents has existed at the federal level, through such laws as the Electronic Signatures in Global and National Commerce Act (E-Sign Act), and at the state level in North Carolina, through such laws as the Uniform Electronic Transactions Act found in Article 40 of Chapter 66, since at least the year 2000. Similarly, North Carolina has had a structure for electronic recording and electronic notarization in place since 2005. The North Carolina structure includes safeguards such as a requirement that the electronic notary must be physically present with the borrower so as to protect against fraud or impersonation and duress.

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08/16/2016

Join us at the eSignRecords2016 Conference!

By Melanie Feliciano
ESRA Executive Board Member; and
Chief Legal Officer,
DocMagic, Inc.

As longtime members of Electronic Signature and Records Association (ESRA), DocMagic is proud to be a sponsor of this year's eSignRecords2016 Conference. Coming November 2-3 in Washington D.C., this year's signature event will take place at the iconic Ronald Reagan Building and International Trade Center. 

I encourage you to take the opportunity to attend this special event. ESRA's annual conference continues to be a unique platform for organizations across a wide variety of industries to meet and exchange ideas, best practices, and unified strategies in the electronic signature and digital transaction arena.

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03/30/2016

DocMagic Announces the Formal Launch of its New Total eClosing Solution

 

Presss Release:
Transforms the entire mortgage process from initial eDisclosure to final eClosing and investor eDelivery

TORRANCE, Calif., March 30, 2016 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today the formal launch of its fully integrated eClosing solution that electronically transforms the entire mortgage process from initial eDisclosure to final eClosing through investor eDelivery. 

DocMagic's total eClosing process seamlessly integrates its eDocument library, SMARTDoc™ eNote with eSignature, eNotary, MERS eRegistration, eDelivery and eVault services in a comprehensive end-to-end eClosing solution that delivers substantially faster closings, total data transparency, superior regulatory compliance and maximum process efficiency. 

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05/12/2015

Major eSigning Milestone Achieved: DocMagic Surpasses 100 Million eSignature Transactions for the Mortgage Industry

Press Release:
Unrivaled industry eSigning adoption among mortgage clients fuels transaction spike

TORRANCE, Calif., May 11, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that its eSign platforms have now processed more than 100 million mortgage-related eSignature transactions. 

"We are very pleased with the sheer number of eSignatures that we are seeing executed among our client base," said Dominic Iannitti, president and CEO of DocMagic. "This is positive news for the mortgage industry as a whole. In previous years, eSign adoption was much lower among lenders working with borrowers. We have always encouraged clients to take advantage of our eSigning technology; this impressive number of transactions certainly reflects that."

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05/01/2014

The eSign Console: A fresh new look!

DocMagic’s eSign Console is getting new look and feel!

This exciting enhancement includes a new intuitive Performance Dashboard that gives you a snapshot of recent eSignature activity and unveils new tools and features to help you find what you need faster, stay organized and keep track of work in progress – all in one place!

Redesigned with user feedback in mind, DocMagic’s eSign Console has a bright and contemporary look and includes robust new functionality designed to minimize keystrokes and improve access to the information and services you need. We’ve enhanced search capabilities and included upgrades to the features you already know and love. The eSign Console accelerates productivity, giving you up-to-the-moment access to the eSignature process, document management features, critical RESPA status, and much, much more!

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03/24/2014

Helping Lenders Go Mobile

By Dominic Iannitti
Many paths exist for lenders to adopt mobile mortgage technology.

No one that deals with consumers in any industry can doubt the power of mobile technology. Mobile has been fully embraced by the majority of Americans and the result is quite visible. Just look at computing equipment sales in this country — PC shipments are down, and tablets and smartphone sales are skyrocketing. People want to take their computers with them wherever they go and they expect the companies they do business with to keep pace.

While the mortgage industry has perhaps avoided this shift for a time — probably due to the complexity of the industry itself and its software — the writing’s on the wall. As consumers dive deeper into mobile, lenders will have to find a way to do business with them in new ways. As lenders explore this new requirement, they will do well to consider a few key points, issues that they will face as they begin to interact with borrowers in the mobile environment.

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03/18/2014

Historical First FHA eClosing Announced by DocMagic

Press Release:
First FHA loan closed electronically, all but the note generated and signed electronically

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.”

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12/17/2013

Podcast: The DocMagic Moment – Episode #10 – Quick and Easy Income Verification

Do you know how quickly and easily you can order a transcript through DocMagic?

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10/02/2013

Why Are We Paying Extra?

By Tim Anderson

New CFPB rules have been a boon to the many compliance providers to the mortgage lending industry. Every time a new rule comes out, lenders need some way of ensuring that their systems are compliant. Of course, no one wants to shut everything down and re-tool their shop every time something changes. And so compliance shops benefit. Is this good for our industry? Here’s my take:

I don’t have a particular problem with this. As many of you know, I’ve worked for technology and compliance service providers to this industry for a long time. As long as they’re adding real value to the lender or servicer, they’re entitled to benefit. But there seems to be a perception in the industry that data compliance can be separated from mortgage documents. Even in an all-electronic world that’s not true.

Should the industry pay more whenever a compliance firm decides to charge extra for running another rule or audit?

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09/26/2013

DocMagic Backs VA's Decision on eSignatures

Tim Anderson, director of eServices for DocMagic Inc., responded to the Veterans Administration’s recent decision to accept electronic signatures, the second of three steps to the realization of the fully electronic mortgage. The VA clarified its determination that electronic signatures are acceptable for use in conjunction with the VA Home Loan program in Circular 26, released late last month.

“This is great news and paves the way for the FHA to release a similar announcement soon, thus eliminating one of the very last obstacles preventing mass adoption of a full eClosing process,” Anderson said.

In its communication, the VA said that “lenders are not required to use electronic signatures in the course of closing VA home loans; but, if they choose to they must comply with the E-sign Act, just as they are required to comply with all Federal laws.”

Anderson pointed out that as government agencies clarify their position on accepting electronic signatures, industry participants will feel free to adopt them, solving many compliance-related problems in the process.

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