MORTGAGE INDUSTRY BLOG

Read all the latest information about our solutions, compliance updates and company culture

CFPB’s 5-year TRID assessment produces mixed results

Posted by Pauline Vu on 10/15/2020

Earlier this month the Consumer Financial Protection Bureau (CFPB) released a five-year lookback assessment of the TRID rule—and its findings contain mixed results.

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Why lenders still need print fulfillment—even if they're going digital

Posted by Pauline Vu on 08/25/2020

It may seem like the need for print fulfillment services is counterintuitive to digitizing the mortgage process, but the two things aren’t mutually exclusive.

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TRID Talks Video Series: Preparing for TRID 2.0 on October 1

Posted by DocMagic on 09/11/2018

Introduction to TRID 2.0

Throughout the month of September Chief Compliance Officer, Gavin Ales, will introduce some of the major changes coming with TRID 2.0 and provide clarification for each topic along with expert commentary on the new regulations, what has changed and what it means to be compliant.

Training and Education Manager, Ron Carillo, will show you how and where to get started testing TRID 2.0 implementation inside DocMagic.

Below, you’ll find the topics for current and upcoming episodes of TRID Talks.

Got questions about TRID 2.0? Contact us at trid@docmagic.com

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Can a Single Platform Handle Both TRID & UCD?

Posted by DocMagic on 09/06/2017

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Corporate Settlement Solutions Implements DocMagic's Total eClose™ Solution

Posted by DocMagic on 09/29/2016

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.

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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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No More Excuses

Posted by DocMagic on 09/07/2016

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. 

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DocMagic Unveils New Premium Rep and Warrant Offering Guaranteed TRID Compliance up to $5 Million

Posted by DocMagic on 02/16/2016

Press Release:
DocMagic puts its money where its mouth is with the most far-reaching compliance guarantee of its kind in the mortgage industry

TORRANCE, Calif., Feb. 16, 2016 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, today announced the development of an extensive set of new reps and warrants for its calculations, documents and data, which provides peace of mind to lenders when it comes to compliance with the TRID rule.

The greater risk of civil liability under the new TRID disclosure requirements means lenders and investors may face liability for incorrectly completing various sections on the TRID disclosures. With DocMagic's TRID-ready systems and now the Premium Compliance Guarantee, DocMagic has implemented a solution that mitigates lender risk of non-compliance. With the Premium Compliance Guarantee, the Loan Estimate and Closing Disclosure are guaranteed to be accurate and complete.

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Revolutionizing Mortgage Lending

Posted by DocMagic on 01/05/2016

Dominic Iannitti, president and CEO of DocMagic, talked candidly about what the mortgage industry needs to do to improve the lending process.

With the TRID deadline behind us, the industry is breathing easy again. But should it? Recently ComplianceEase, a provider of automated compliance solutions to the financial services industry, released an analysis of compliance defects for closed loans and estimated that the cost of correcting these errors is increasing the cost of origination, on average, by approximately $28 for every loan. The analysis was based on a cross-section of 700,000 audits that were performed in ComplianceAnalyzer and RESPA Auditor during the first quarter of 2015. It found that 17 percent of the loans failed for Truth in Lending Act (TILA) reasons. Another 6 percent of the loans—or one in 15—failed for being outside of the Real Estate Settlement Procedures Act (RESPA) tolerances.

So, this industry clearly is struggling with compliance. The answer to ironclad compliance is migrating to a truly data-driven process according to Dominic Iannitti, president and CEO of DocMagic.

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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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