By Tim Anderson

The days of no pressure are over. Any lender that hasn’t already waded into the ePool had better be ready to jump. With immense regulatory pressure looming, the old method of just doing something is no longer sufficient. It's time for a new tack.

The recent news about the IRS decision is an ex- ample of this. With all the buzz around this news, we’re already hearing from lenders who are interested in a point solution that will allow them to take advantage of this decision for doing business with the IRS. This makes sense because this is front and center in the news, but since these lenders are not considering how this decision impacts the rest of their business, it’s short sighted.

By Tim Anderson

For years a core group of us has been telling the industry that it’s time to get the paper out of our systems. We’ve performed studies that show paper is more expensive, that it takes more time to process, is usually missing pages or signatures, or gets lost. It took the foreclosure crisis to really bring home to the industry the negative implications of lost or incomplete documents. After billions of dollars in settlements to federal regulators and attorneys, it looks like our industry is finally ready to say goodbye to paper forever, or at least a majority of it.

DocMagic recently helped a Massachusetts lender close on a series of fully paperless mortgages! DocMagic’s eclosing technology, Total eClose™ tracked each completely paperless loan process in real time, combining an electronic closing with an electronically signed promissory note and deed of trust!

Stop by booth #50 at the New England Mortgage Expo on January 13th to learn how DocMagic continues to move the needle in digitizing the mortgage process by working with our customers and partners at every stage of their eClosing evolution!

Press Release:

DocMagic's cutting-edge technology seamlessly incorporates eSignature-enabled SMART™ Documents, a nationwide eNotary network, MERS eRegistry access, a secure eVault, and Investor eDelivery in a single comprehensive eClosing platform.

TORRANCE, Calif., Nov. 29, 2016—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that it has successfully completed the mortgage industry’s first comprehensive eClosing in Massachusetts, which included both lender and closing/settlement agent documentation, for radius financial group, inc. 

Press Release:

Fully TRID-compliant solution delivers superior service and a competitive advantage

TORRANCE, Calif., Sept. 29, 2016—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that Corporate Settlement Solutions (CSS), a title and settlement services company, has successfully implemented DocMagic’s Total eClose™ solution.As a result, CSS can offer a completely new customer experience, gain a competitive advantage, and remain 100 percent TRID compliant at all times.

New CFPB compliance requirements mandate that it's time for 'e.'

By Tim Anderson

Back in 2002, when Fannie Mae said it would begin buying this thing called a MISMO category one SMART-Doc e-note, some in the industry thought, “If Fannie Mae is mandating it, the world will quickly embrace it.” 

Boy, were those people wrong. 

TRID went live on Oct. 3. Some industry analysts say one consequence of the new consumer-disclosure rules will be that paperless eMortgages will become standard in the post-TRID world. Tim Anderson, director of eServices for DocMagic, spoke to Scotsman Guide News on why the regulations and consumer preferences might inevitably push the industry toward a paperless mortgage.  

How would you define an eMortgage?

My definition of an eMortgage is a full and complete paperless process from initial loan application all the way to closing.

Why is it difficult from a technical standpoint for mortgage lenders to cross over to paperless?

You are dealing with so many different parties from application to closing and also to investor delivery.  Everybody has got to sign off on an electronic process and agree to it. That has been part of the problem. The majority of the steps have all been automated by various partners, like notary, title and closing and [document preparation]. The major obstacle is that you still have to get the investor to buy it. That is the last barrier to adoption. You have [Fannie Mae] and [Freddie Mac], but most of the mid-tier guys don’t sell direct to Fannie and Freddie. They sell to Chase, [Wells Fargo] and others. Until they start buying eNotes, it is still going to be limited adoption.

What are the benefits to going electronic?

In this edition of the DocMagic Moment, Ron talks about taking the paper out of the mortgage process. He'll discuss the benefits of going electronic and how it can improve the borrower experience along with saving you time and money.

Listen Now: [audio www.docmagic.com/media/download/podcasts/2013/DocMagic-2013wk29.mp3]