MORTGAGE INDUSTRY BLOG

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Stay Ahead of Regulatory Changes

Posted by DocMagic on 05/03/2013

Efficient technology can avert delays as disclosure rules change

Following the housing crisis, disclosure issues have been brought to the forefront and tackled by regulatory changes. As a result, mortgage professionals have been adjusting their procedures to ensure that their businesses comply with current requirements. With more disclosure changes in the pipeline, now is the time for mortgage originators and lenders to review if their technology is adequate to deal with potential changes.

This past November, the Consumer Financial Protection Bureau (CFPB) closed the comment period on a proposal that introduces an integrated disclosure rule to replace disclosure forms currently required by the Truth in Lending Act and the Real Estate Settlement Procedures Act (RESPA). It’s not clear when the final rule will be published, but there are expectations that it will be this year.

When these changes take effect, mortgage professionals should ensure that they have the proper technology in place to comply with new disclosure requirements. If the new rule goes into effect as it is written today, many changes will take place, and most significant will be the three-business-day closing-disclosure rule. This rule requires lenders to disclose the final closing cost through a new closing- disclosure form at least three business days before borrowers close on the loan.

Many in the industry are wary of the potential closing delays associated with the implementation of this new rule. Regardless of whether or not these concerns are warranted, mortgage professionals must focus on how to comply in a manner that benefits consumers — without unduly disrupting the normal flow of businesses.

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AIA recognizes DocMagic for one of the 2013 Institute Honor Awards for Interior Architecture

Posted by DocMagic on 01/15/2013

DocMagic has been recognized by the American Institute of Architects (AIA) for one of the 2013 Honor Awards for Interior Architecture. This is the profession’s highest recognition of works that exemplify excellence in architecture, interior architecture and urban design.

Selected from over 700 total submissions, DocMagic and 27 other recipients located throughout the world will be honored at the AIA 2013 National Convention and Design Exposition in Denver.

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Jury Comments
This Beautiful design creates a powerful and fluid space where light dominates.

With a strong conceptual parti, the project submission described real challenges in executing such ambitious design exploration.

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Don't Make Another Blind Choice

Posted by DocMagic on 12/04/2012

An informed decision is key when selecting a new loan-origination system.

By Steve Ribultan, director of business development, DocMagic Inc.

Despite the recession’s lingering effects on lenders and the vendors that serve them, many options remain for loan originators in search of good technology. For instance, there still are many great loan-origination systems (LOS) on the market. Although this is a great benefit to mortgage businesses in one way, it’s a problem in another: Despite the efforts of ambitious technology vendors to provide end-to-end solutions, every LOS on the market must interface with other technologies to get the loan from application to the closing table.

Studies have indicated that most originators are in the market for a new LOS about every five years. That means that, for all but the largest lenders in the business, institutions are ready to try something new about twice a decade. That rate may have slowed for existing lenders during the downturn, but the number of new lenders that have come into the space over the past few years has brought the average back to its norm.

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Vote for DocMagic - On the campaign trail with the DocMagic Bunny

Posted by DocMagic on 10/02/2012

Every four years presidential candidates face off and issues are debated. This year, however, you get to vote for a rabbit! What an opportunity! A vote for “Doc”, the Presidential DocMagic bunny, is a vote for cutting edge technology, top-notch compliance and stop-at-nothing customer service.

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DocMagic and LendingQB Team, Integrate Two Platforms

Posted by DocMagic on 09/26/2012

Press Release: COSTA MESA, CA -- LendingQB, a provider of end-to-end loan origination software, announced that they completed a seamless interface with DocMagic's document production and compliance technology. The integrated solution provides users working in LendingQB's loan origination system (LOS) with seamless access to DocMagic's document preparation functionality. The companies partnered to make the process of ordering, sending, signing and receiving compliant mortgage documents as effortless as possible.

The new interface completely embeds DocMagic's functionality within LendingQB's LOS, preventing users from ever having to leave the environment in which they are accustomed to working in-LendingQB. All activities, from selecting document packages to auditing data, occurs in LendingQB's centralized database, eliminating the need to re-key information and potential loan data mismatches, thus ensuring accuracy and compliance with all state and federal regulations.

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