In this edition of the DocMagic moment, Ron looks back on how the CFPB’s January rules changes have impacted the industry.
Compliance leader puts Dodd-Frank readiness tools into action well ahead of schedule
DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance and eDelivery solutions for the mortgage industry, said it will roll out its new qualified mortgage (QM) test to its customers this month. The new functionality, based on the most recent rules handed down by the federal government, is in testing now with a select group of DocMagic clients.
“While the new qualified mortgage standard doesn’t go into effect until 2014, lenders need access to the tools now in order to train their internal teams,” said Laurie Spira, DocMagic’s Chief Compliance Officer. “DocMagic will have the tool available to lenders within the month, giving them a head start towards implementation before the regulations go into effect in January of next year.”