MORTGAGE INDUSTRY BLOG

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The URLA Gets A Facelift

Posted by DocMagic on 09/13/2016

Industry experts weigh in on recent changes to Fannie Form 1003/Fredie Form 67.

By Patrick Barnard

In the first update for the form in more than 20 years, government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac have redesigned the Uniform Residential Loan Application (URLA – Fannie Form 1003/Freddie Form 67) in order to make it simpler to use and to add new data fields for increased reporting under the Home Mortgage Disclosure Act (HMDA).

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Paperless Automation Key to Lender Compliance and Competition

Posted by DocMagic on 01/04/2016
After lenders and their technology providers spent much of 2015 implementing the TILA-RESPA integrated disclosures, forthcoming compliance audits and a government-sponsored enterpriseplan to start collecting data from the new forms will tell if those efforts truly paid off.

Lenders are also looking ahead at other technology initiatives to bolster their competitive advantage at a time when more purchase originations are expected to take a larger share of overall mortgage lending.

"TRID was like the story of the century because it had such an impact on technology, process and regulatory compliance. The story in 2016 will be auditing that compliance," said Tim Anderson, director of eServices at Torrance, Calif.-based document technology provider DocMagic.

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TRID will make the eMortgage an industry standard

Posted by DocMagic on 10/16/2015

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.

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The CFPB eClosing Pilot

Posted by DocMagic on 04/27/2015

By Melanie Feliciano and Tim Anderson

What does the recently launched CFPB e-closing pilot really say thus far, and what may it reveal?

Any mortgage professional can attest to the overwhelming amount of paperwork associated with the closing process. For consumers, this final step to homeownership has become notorious for causing confusion and even surprises in the form of unexpected costs. In an effort to assess how the industry can reduce the complexity of this arduous process, the Consumer Financial Protection Bureau (CFPB) introduced its mortgage eClosing pilot, with seven financial institutions and four technology vendors participating in this program. While the closing is just one portion of the mortgage, this pilot could be key to proving the value electronic records, e-signatures, electronic workflows and even electronic notarizations can have, bringing to light trends that are critical to the mortgage lending world as a whole.

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Tim Anderson of DocMagic to Moderate Panel Session at MBA Tech on Electronic Processes

Posted by DocMagic on 03/24/2015

TORRANCE, Calif., March 20, 2015—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that its director of eServices, Tim Anderson, will be moderating a key panel session at the annual Mortgage Bankers Technology Conference on the topic of what automated Electronic Processes look like. The panel will be held on March 30, 2015 from 3:00 p.m. – 4:15 p.m.

This panel is comprised of leading industry experts who will provide their perspective and expert advice on eDisclosures and eClosings, among other eServices topics. The session is designed to help industry participants gain a better understanding of these trends and impacts. There are many questions around “e-everything,” says the MBA. Attendees of the session will leave with a solid grasp on how to electronically and compliantly connect with consumers and trading partners.

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DocMagic Execs Named to Prestigious Industry Boards

Posted by DocMagic on 01/10/2014

DocMagic Inc. has announced that Melanie Feliciano, the firm's chief compliance officer, has been appointed to the board of directors of the Electronic Signature & Records Association (ESRA). She was elected during the organization’s E-Sigantures 2013 Conference in New York last month.

“Melanie will make an excellent addition to the board of this organization,” said Dominic Iannitti, CEO of DocMagic. “Her legal background and long experience in the industry has made her a great advisor and educator to DocMagic’s customers. Now, she can share her experience with ESRA members. It is our hope that her service will lead to greater adoption of eSigned documents in the mortgage industry.”

ESRA is an important initiative focusing on e-signatures and electronic records. Its original founding members included Genworth Financial and Wells Fargo Home Mortgage. Education is the primary mission of ESRA. The association is a centralized educational resource for its members and the public with respect to the legal, regulatory and operational issues in relation to the use of electronic signatures and records.

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Signing On The Digital Dotted Line

Posted by DocMagic on 02/07/2013

MortgageOrb Interview with Tim Anderson, Director of eServices, DocMagic, Inc.

For many years, there was talk about migrating mortgage banking from a paper-driven endeavor to an electronic environment. And while no one is ready to assign paper to a display in the Smithsonian, the progress being made in e-mortgages and e-signatures is substantial. To discuss this trend, MortgageOrb spoke with Tim Anderson, director of e-services at Torrance, Calif.-based DocMagic.

Q: Why has it taken so long for the e-mortgage environment to be embraced by both the industry and the federal government?

Anderson: Primarily, because we're operating in a business that is driven by investor demands. Consequently, innovation and change has always been a painfully slow process in this industry. It seems that every time we begin to get some traction on a certain issue, something else happens in the marketplace that preoccupies the participants.

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Industry Veteran Tim Anderson Joins DocMagic

Posted by DocMagic on 10/24/2012

Press Release: An expert in electronic commerce for the mortgage industry joins as head of eServices.

TORRANCE, Calif.--October 22, 2012--DocMagic, Inc., a leading provider of fully-compliant loan document preparation and delivery solutions for the mortgage industry, announced today that Tim Anderson, well known advocate of electronic commerce and eMortgages, has joined the company as head of the firm’s new eServices Division. In his new role, Anderson will help DocMagic grow its market share as the industry continue to adopt electronic means of fulfillment.

“Tim was among the first to see the benefits in electronic documents, signatures and fulfillment,” said Dominic Iannitti, president and CEO of DocMagic, Inc. “With more of our clients adopting and embracing our electronic offerings, now was the perfect time to bring Tim aboard and let him continue his work of sharing the eMortgage value proposition with the rest of the industry.”

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