MORTGAGE INDUSTRY BLOG

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Legends of Lending

Posted by DocMagic on 04/21/2015

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.

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DocMagic Acquires Doc-Tech Corp., Further Establishing Market Dominance

Posted by DocMagic on 12/11/2014

Press Release:
Second acquisition this quarter adds industry-leading talent proven to deliver exceptional service

TORRANCE, Calif., Dec. 9, 2014-- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that it has acquired the assets of Doc-Tech Corporation, dba Document Express, a boutique document preparation company known for its exceptional customer service. The acquisition comes on the heels of DocMagic completing the purchase of award-winning eSignSystems in October.

As part of the acquisition, DocMagic will bring on the entire team of Doc-Tech Corp, including co-founder and Doc-Tech president Lori Johnson, and Doc-Tech EVP of sales, Michael Chaney. In addition, DocMagic gains DocTech's customer base of lenders, which it will continue to service and support using DocTech's service-oriented staff located at its corporate office in Palatine, Illinois.

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DocMagic Takes eSign to the Streets, Signs 4506-T in Moving Tesla

Posted by DocMagic on 10/29/2013

Press Release:
Proof that current technology allows for completely electronic transactions, eSigned on the go

DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance and eDelivery solutions for the mortgage industry, has taken the all electronic mortgage lending process to a whole new level by completing the first ever electronic document eSigning from a remote location while in motion. The firm recently completed, and memorialized on video, the eSigning of an IRS 4506-T from inside a moving Tesla automobile, using the car’s own 17” touchscreen.

“One of the promises of eServices is that it will allow us to do business with our borrowers anywhere, anytime. This demonstration proves that we have reached that goal,” said Dominic Iannitti, CEO of DocMagic. “DocMagic has taken innovation beyond the whiteboard and put it to the test on the streets of America and that test was a complete success.”

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Podcast: The DocMagic Moment – Episode #6 – Loan Detail Report

Posted by DocMagic on 07/11/2013

Wouldn't it be great to know that you have everything right, before you begin processing your documents? In this edition of the DocMagic Moment, Ron discusses the important tools that allow DocMagic customers to review all pertinent loan information before they draft the docs.

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New Disclosure Requirement Opens Door to Improve Closing Process

Posted by DocMagic on 05/22/2013

Interview with Dominic Iannitti, President and CEO, DocMagic, Inc.

New compliance requirements don’t typically inspire the most innovative technology enhancements in the mortgage industry. But the upcoming overhaul of borrower disclosure forms has created an opportunity to re-engineer the way lenders and title companies execute mortgage closings, according to Document Systems Inc. CEO Dominic Iannitti.

The Consumer Financial Protection Bureau’s proposal to combine the final Truth in Lending Act disclosure and HUD-1 settlement statement into one document also includes a provision requiring delivery of this new “Closing Disclosure” three days prior to loan closing—which Iannitti says opens the door to provide additional disclosures at the same time.

“We’re seeing this particular new chapter in the workflow as being a great opportunity to deliver more of the closing documents upfront, perhaps even allowing for a complete review at that same three-day mark,” he said.

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DocMagic Achieves Unparalleled 100% Uptime

Posted by DocMagic on 03/25/2013

Press Release:
Mission critical service provider sets nearly impossible standard for service and achieves it

DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance and eDelivery solutions for the mortgage industry, announced today that the company has maintained a perfect 100% uptime record for the past 120 days. DocMagic provides system status information on its website in real time. Over the past 12 months, DocMagic has maintained an unparalleled 99.989% uptime record. That period of time includes the company’s move to their new location and switch-over to the new state-of- the-art technology center resulting in the new 100% uptime record.

"Some service providers and IT executives will say that 100% uptime is an impossible standard," said Dominic Iannitti, CEO of DocMagic. "I can assure you that it is possible and meeting this standard involves investment in infrastructure, superior staff training, constant monitoring and an unwavering commitment to the task."

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Seas of Change

Posted by DocMagic on 08/02/2012

How will Dodd-Frank's ability-to-repay rule change underwriting -- and originating?

By Laurie Spira, Chief Compliance Officer, DocMagic, Inc.

Underwriting processes vary from lender to lender, but it’s often said that four C’s are at the heart of every sound underwriting decision: credit, capacity, cash and collateral. Even in the wake of the financial crisis, a quick Internet search will reveal that the four C’s still are alive and well; they’re discussed on countless websites and blogs, and almost any mortgage bank or lender will be familiar with the nuances of each of these all-important C’s. Although much has changed in the mortgage industry, the core underwriting principles have remained the same — at least they have thus far.

Depending on whom you ask, the Dodd-Frank Wall Street Reform and Consumer Protection Act’s ability-to-repay rule may come to replace at least a few of the four C’s. Because underwriting is such a vital facet

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