The holidays always offer an opportunity to reflect on the past year, to recall the moments and people that made this or that year such a success. First and foremost, all of us here at DocMagic wish to thank you for the loyalty and trust you, our clients,extended to us over this exciting year. 2016 has been an amazing year for this company and the industry as a whole. Allow me to highlight some of the year’s milestones.
Mark your Calendars!
We're celebrating the innovative eFuture of the mortgage industry on April 3 - 6 at MBA's Technology Convention & Expo in Los Angeles, CA! You're invited to attend our Futurescape Event Monday night, April 4th, at the Conga Room inside LA Live!
Join us at booth #302 where we'll be introducing our new eClosing process! We've extended the functionality of SmartCLOSE™ to support a complete eClosing collaboration between lenders and title companies.
DocMagic's eClosing process seamlessly joins our enote, e-signature, e-notary, MERS e-registration, e-delivery, and e-Vault services to deliver an end-to-end eClosing solution.
We're designing the tools and technology to help our customers work smarter... not harder!
By Dominic Iannitti
President and CEO,
When the Mortgage Bankers Association released the most recent MBA Quarterly Mortgage Bankers Performance Report, few industry professionals should have been surprised to learn that loan originators achieved the lowest average profit per loan since the MBA began tracking performance in 2008. Likewise, loan origination expenses were the highest recorded in any quarter since the Performance Report was created midway through 2008.
How far has loan origination profitability fallen? The average per-origination profit among independent mortgage banks and mortgage banking subsidiaries of chartered banks in 4Q 2013 weighed in at an anemic $150, according to the MBA report. That’s down from $743 per loan in the third quarter. Meanwhile, loan production expenses increased by $591, to $6,959 per loan from the previous quarter.
Certainly the drop in mortgage originations, approaching 40% for some of the nation’s largest lenders, along with the inclement weather much of the nation received earlier this year, contributed to mortgage bankers’ current financial performance. Coupled with the precipitous rise in compliance-related expenses the industry has been experiencing, the lending side of the mortgage business is feeling the squeeze. According to the MBA, lenders are earning only 7% of what they had been making just one year ago. Obviously, this is not sustainable.
Press Release: With over 25 years of experience in solving industry problems, Iannitti is recognized
TORRANCE, Calif.—March 18, 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 Chief Executive Officer, Dominic Iannitti, has made an exclusive list of top industry technologists. This year’s Mortgage Banking magazine Tech All-Star list only includes 8 talented executives.
“It’s an honor to be recognized, however, our work has never been in pursuit of accolades,” Iannitti said. “We know we’ve done the job well when our customers tell us so and I am proud to say they tell us that every single day. I thank the editors of Mortgage Banking Magazine and look forward to serving this industry for many years to come.”
Iannitti founded DocMagic in 1988 when personal computers were new and business solutions that capitalized on technological tools were rare. He foresaw the day when all documents used to originate mortgage loans would be generated automatically in a fully compliant manner, provided in an electronic format and securely stored indefinitely. That goal was achieved this month when DocMagic became the first in the industry to originate an FHA mortgage with every document except the note executed in a completely electronic format.