MORTGAGE INDUSTRY BLOG

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Countdown to TRID–The Final Implementation Checklist

Posted by DocMagic on 09/08/2015

The one-month countdown until the TILA-RESPA Integrated Disclosure (TRID) rule is implemented is in full effect. This checklist of the critical items you will need to will not only ensure compliance, but more importantly deliver the electronic evidence when the Consumer Financial Protection  Bureau (CFPB) comes knocking on your door asking you to prove what you said you did to prevent paying fines that could run up to $1 million dollars a day per infraction!

It’s déjà vu’ all over again. I remember in 2010 when the last major RESPA overhaul occurred and the response by everyone, (Lender, LOS providers, DocPrep companies, Title system vendors) was to build a GFE/TIL calculator; however, no one stood behind them and rep and warranted their accuracy.

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DocMagic's SmartCLOSE Production Ready - Receives High Scores from Lender and Settlement Providers

Posted by DocMagic on 08/14/2015

Press Release:
Most Feature Rich and Easy-to-Use TRID Solution in the Industry Hits a Home Run

TORRANCE, Calif., Aug. 13, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that after extensive testing by lenders, settlement providers and other relevant parties, SmartCLOSE™ has been honed to perfection and been moved to a secure cloud-based production environment for its official release date of Aug. 15, 2015.

In June, over 250 lenders participated in the testing of DocMagic's new SmartCLOSE collaborative closing portal in order to provide key feedback to DocMagic for continued fine-tuning of the system. As a result of months of preparation and testing, lender and settlement provider feedback and fine tuning the technology, SmartCLOSE is now ready for production.

"The innovative enhancements that DocMagic has added to the portal makes SmartCLOSE the most feature rich and easy-to-use TRID solution in the industry," said Kevin Marconi, COO of United Fidelity Funding. "Even though the TRID deadline was pushed to October 3, DocMagic's early readiness today gives me the peace of mind I absolutely must have to know that I am TRID ready."

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DocMagic Officially Kicks Off Client Testing of its SmartCLOSE Collaborative Closing Portal for TRID Compliance

Posted by DocMagic on 06/24/2015

Press Release:

Phased testing approach with select clients enables DocMagic to perfect new solution

TORRANCE, Calif., June 24, 2015 - DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that a group of clients have begun to test the features and functionality available within its new Collaborative Closing Portal, SmartCLOSE™. 

The portal was made available to nearly 250 lenders last week to start working with the system and provide comments. The complete product will be rolled out in two planned phases as features are continuously added and the solution is enhanced.

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DocMagic Will Be Fully TRID Compliant by Aug.1, Regardless of When the New Rule Actually Takes Effect

Posted by DocMagic on 06/19/2015

Press Release

Oct. 1 due date is only a “proposed delay” by the CFPB; it could still come sooner and DocMagic will be ready

TORRANCE, Calif., June 19, 2015 — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that the CFPB’s proposed delay will have no bearing on its plans to be ready to meet the CFPB’s originally planned Aug. 1 due date to implement the TILA-RESPA Integrated Disclosure (TRID) rule.

“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” commented Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Mr. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that,” said Horn.

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Compliance Edge™ Webinar Series | TILA-RESPA Integrated Disclosure Rule | A 360° Perspective

Posted by DocMagic on 06/15/2015

Join DocMagic on June 24th, 10AM PDT for a Compliance Edge™ Webinar

TRID Implementation: A 360° Perspective

This webinar will offer multiple perspectives for TRID implementation from several distinct vantage points in the mortgage industry. We're excited to feature a unique lineup of special guest speakers providing insight into lender, investor, and LOS company perspectives.

The webinar will focus on TRID pain points, working with vendors, changing processes and policies, educating staff, internal testing, and operational risk.

We will also provide the following tools to help you with your TRID implementation effort:

  • A recording of the webinar
  • The complete presentation deck

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LIVE TRID Question and Answer Session

Posted by DocMagic on 06/01/2015

Join DocMagic on June 4th for a Compliance Edge™ Webinar!

TRID: Question & Answer Session

We know you have many questions!

This exclusive TRID webinar has been added to our TILA-RESPA Integrated Disclosure Rule Webinar Series to provide as many answers as possible. 

We’ll be joined by our guest presenter, Richard Horn, formerly Senior Counsel and Special adviser to the CFPB's Office of Regulations and one of the key architects of the TRID rule.

Together we will be answering your TRID Rule questions live for a full hour. As a reminder, all registrations will be sent a copy of the webinar recording shortly following the webinar.

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Compliance Edge™ Webinar Series | TILA-RESPA Integrated Disclosure Rule | Beyond the Basics

Posted by DocMagic on 05/15/2015

Join DocMagic on May 27th for a Compliance Edge™ Webinar!

TRID: Beyond The Basics
This is the second webinar in our TILA-RESPA Integrated Disclosure (TRID) Rule Series.

We are pleased to announce that guest presenter, R. Colgate Selden, Counsel at Alston & Bird LLP in Washington, D.C will be taking the webinar audience Beyond the Basics of the TRID Rule.

Together with DocMagic's Legal and Compliance Department, Mr. Selden will illuminate some of the nuances regarding the Rule and focus on areas of concern for lenders.

Topics we'll cover include:

  • The meaning of "Consummation Dates"
  • Rounding rules
  • Use of addenda to the TRID forms
  • Tolerences and cures
  • Lenders' increased exposure to liability, and much more!

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DocMagic Releases New TRID Functionality to its Entire Client Base and All LOS Vendors

Posted by DocMagic on 05/11/2015

Press Release:
Completed software updates now accessible online for users to become familiar with the new changes.

TORRANCE, Calif., May 7, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that it has completed all required TILA-RESPA Integrated Disclosure rule (TRID) software development and testing, and the new TRID enhancements have been officially released into DocMagic's production environment.

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DocMagic to Launch Collaborative Closing Platform to Meet TRID Requirements

Posted by DocMagic on 04/24/2015

Press Release:
New solution brings lenders and settlement providers together inside a secure collaborative portal to view and exchange fee data prior to closing

TORRANCE, Calif., April 23, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that it will launch a Collaborative Closing Platform for the mortgage industry. The solution is comprised of a secure, seamless and dynamic web-based portal that efficiently and expeditiously helps lenders comply with the TILA-RESPA Integrated Disclosure (TRID) rule that becomes effective on August 1.

DocMagic's Collaborative Closing Platform enables streamlined, real-time exchange of information between lenders, settlement agents and their associates via a secure web portal designed to electronically access, edit, validate and approve both data and documents. As a result, the coordination of all closing costs and audits of critical disclosure details are addressed prior to closing and in full compliance with TRID.

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We're Building a Collaborative Closing Solution!

Posted by DocMagic on 04/20/2015

Our Collaborative Closing Solution is a seamless 2-Way data exchange between lenders and settlement providers!

DocMagic brings lenders, settlement providers and associates together inside our new Collaborative Closing Platform to view and exchange data, coordinate closing costs and audit critical disclosure details prior to closing. DocMagic’s Collaborative Closing Platform is a secure, seamless and dynamic web-based solution designed to efficiently help you meet TILA-RESPA Integrated Disclosure requirements.

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