MORTGAGE INDUSTRY BLOG

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

DocMagic Selected by PHH Mortgage to Further Enhance its Compliance Capabilities

Posted by DocMagic on 10/02/2015

Press Release:

Enables lenders to adhere with TRID requirements and provides the SmartCLOSE™ portal for settlement providers and other parties to collaborate efficiently, compliantly and cost effectively

TORRANCE, Calif., Oct. 1, 2015 — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that PHH Mortgage (“PHH”), one of the largest providers of residential mortgages in the United States, has signed a multi-year license agreement to use its expansive set of products to help ensure compliance with the TILA-RESPA Integrated Disclosure (TRID) rule that goes into effect on Oct. 3, as well as other federal, state and investor requirements.

“We have worked closely with DocMagic for the last year to thoroughly evaluate, test and integrate their technology and compliance solutions, and we will use various components to ensure we are TRID compliant,” said Eric Sadow, chief compliance and fair lending officer. “We are confident that our use of the DocMagic technology and compliance solutions will meet our needs and the needs of our clients, regulators, investors, partners and borrowers.”

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Countdown to TRID–The Final Implementation Checklist

Posted by DocMagic on 09/08/2015

The one-month countdown until the TILA-RESPA Integrated Disclosure (TRID) rule is implemented is in full effect. This checklist of the critical items you will need to will not only ensure compliance, but more importantly deliver the electronic evidence when the Consumer Financial Protection  Bureau (CFPB) comes knocking on your door asking you to prove what you said you did to prevent paying fines that could run up to $1 million dollars a day per infraction!

It’s déjà vu’ all over again. I remember in 2010 when the last major RESPA overhaul occurred and the response by everyone, (Lender, LOS providers, DocPrep companies, Title system vendors) was to build a GFE/TIL calculator; however, no one stood behind them and rep and warranted their accuracy.

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DocMagic's SmartCLOSE Production Ready - Receives High Scores from Lender and Settlement Providers

Posted by DocMagic on 08/14/2015

Press Release:
Most Feature Rich and Easy-to-Use TRID Solution in the Industry Hits a Home Run

TORRANCE, Calif., Aug. 13, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that after extensive testing by lenders, settlement providers and other relevant parties, SmartCLOSE™ has been honed to perfection and been moved to a secure cloud-based production environment for its official release date of Aug. 15, 2015.

In June, over 250 lenders participated in the testing of DocMagic's new SmartCLOSE collaborative closing portal in order to provide key feedback to DocMagic for continued fine-tuning of the system. As a result of months of preparation and testing, lender and settlement provider feedback and fine tuning the technology, SmartCLOSE is now ready for production.

"The innovative enhancements that DocMagic has added to the portal makes SmartCLOSE the most feature rich and easy-to-use TRID solution in the industry," said Kevin Marconi, COO of United Fidelity Funding. "Even though the TRID deadline was pushed to October 3, DocMagic's early readiness today gives me the peace of mind I absolutely must have to know that I am TRID ready."

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DocMagic Officially Kicks Off Client Testing of its SmartCLOSE Collaborative Closing Portal for TRID Compliance

Posted by DocMagic on 06/24/2015

Press Release:

Phased testing approach with select clients enables DocMagic to perfect new solution

TORRANCE, Calif., June 24, 2015 - DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that a group of clients have begun to test the features and functionality available within its new Collaborative Closing Portal, SmartCLOSE™. 

The portal was made available to nearly 250 lenders last week to start working with the system and provide comments. The complete product will be rolled out in two planned phases as features are continuously added and the solution is enhanced.

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DocMagic Will Be Fully TRID Compliant by Aug.1, Regardless of When the New Rule Actually Takes Effect

Posted by DocMagic on 06/19/2015

Press Release

Oct. 1 due date is only a “proposed delay” by the CFPB; it could still come sooner and DocMagic will be ready

TORRANCE, Calif., June 19, 2015 — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that the CFPB’s proposed delay will have no bearing on its plans to be ready to meet the CFPB’s originally planned Aug. 1 due date to implement the TILA-RESPA Integrated Disclosure (TRID) rule.

“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” commented Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Mr. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that,” said Horn.

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Come See The Magic | MBA's National Secondary Market Conference & Expo

Posted by DocMagic on 05/15/2015

Mark Your Calendars!

MBA's National Secondary Market Conference & Expo
May 17-20 | New York Marriott Marquis

We’re excited to attend the MBA's National Secondary Market Conference & Expo on May 17. Stop by booth #507 to catch up on the latest Mobile Technology, Integrated Disclosure implementation and new Collaborative Closing Solution. We’re always ready to demonstrate our end-to-end loan document preparation, compliance, and eDelivery solutions for the Mortgage Industry. See you there!
Click here to schedule a meeting.

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DocMagic Releases New TRID Functionality to its Entire Client Base and All LOS Vendors

Posted by DocMagic on 05/11/2015

Press Release:
Completed software updates now accessible online for users to become familiar with the new changes.

TORRANCE, Calif., May 7, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that it has completed all required TILA-RESPA Integrated Disclosure rule (TRID) software development and testing, and the new TRID enhancements have been officially released into DocMagic's production environment.

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DocMagic to Launch Collaborative Closing Platform to Meet TRID Requirements

Posted by DocMagic on 04/24/2015

Press Release:
New solution brings lenders and settlement providers together inside a secure collaborative portal to view and exchange fee data prior to closing

TORRANCE, Calif., April 23, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that it will launch a Collaborative Closing Platform for the mortgage industry. The solution is comprised of a secure, seamless and dynamic web-based portal that efficiently and expeditiously helps lenders comply with the TILA-RESPA Integrated Disclosure (TRID) rule that becomes effective on August 1.

DocMagic's Collaborative Closing Platform enables streamlined, real-time exchange of information between lenders, settlement agents and their associates via a secure web portal designed to electronically access, edit, validate and approve both data and documents. As a result, the coordination of all closing costs and audits of critical disclosure details are addressed prior to closing and in full compliance with TRID.

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Compliance Edge™ Webinar Series | TILA-RESPA Integrated Disclosure Rule

Posted by DocMagic on 04/13/2015

Join DocMagic's Compliance Edge™ for a FREE Webinar!

TRID: The Basics

This webinar is the first in our series focused on the TILA-RESPA Integrated Disclosure (TRID) Rule. Our goal is to help you with answers to the compliance questions you’ll be asking as you prepare for TRID reform on August 1, 2015.

DocMagic’s Chief Compliance Officer, Gavin T. Ales, will clarify the fundamental requirements surrounding the new regulations.

Build your fundamental knowledge:
■ Loans which are covered by the TRID Rule
■ New definitions explained
■ The Loan Estimate/Closing Disclosure in detail
■ Timing & tolerance requirements

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DocMagic Implements MISMO Version 3.3 in Support of the TILA-RESPA Integrated Disclosure Rule

Posted by DocMagic on 02/11/2015

Press Release:
Adherence to MISMO’s latest dataset helps prepare DocMagic for the CFPB’s Integrated Disclosure deadline

TORRANCE, Calif., Feb. 11, 2015 – DocMagic, Inc., the mortgage industry’s leader in compliant loan document preparation and driver of complete eMortgage adoption, announced that its entire solution set now adheres to version 3.3 of the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model.

The Consumer Financial Protection Bureau’s (CFPB) Integrated Disclosure Rule combines the mortgage disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). It requires lenders to use the new integrated disclosures beginning on Aug. 1, 2015. Successful compliance with this rule depends on use of the latest version of the data standard.

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