Leading Doc Prep and Compliance Firm Plays Key Role in Historic eClosing Pilot Program
TORRANCE, Calif.-August 21, 2014-DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance, patented eSign and eDelivery solutions for the mortgage industry, announced today that the Consumer Financial Protection Bureau has granted DocMagic approval on another eClosing pilot. In this second pilot, The CFPB approved DocMagic's joint proposal with Mountain America Credit Union to participate in its eClosing pilot program. DocMagic will play a key role in the pilot for compliance and loan documentation. DocMagic was also approved in a joint proposal with Franklin First Financial and Pavaso.
"We're excited about being selected to participate in this pilot program as it will demonstrate proven solutions to problems faced by both borrowers and industry participants," said Dominic Iannitti, President and CEO of DocMagic. "Lenders must find more efficient ways to ensure compliance without increasing their loan origination costs or cutting corners. Implementing a secure electronic process with built in compliance audits is the best way to accomplish efficiencies, ensure compliance and keep costs down. Lenders who take advantage of these new technologies will have a competitive advantage over their peers and will see higher borrower pull thru and customer satisfaction levels as well."