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DocMagic Helps Mountain America Make History with VA eClosing

Posted by DocMagic on 09/03/2014

Press Release:
They did it with an FHA hybrid eClosing earlier this year. This time, they tackle a VA loan.

TORRANCE, Calif.-September 2, 2014-
DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry, is proud to announce that the firm has partnered again with Mountain America Credit Union to provide a paperless loan closing, this time for a loan insured by the Veteran's Administration. To the company's knowledge, this is one of the first VA loans that have been closed electronically since the VA made the announcement that it would begin accepting eSigned loan documents late last year.

"Mountain America Credit Union is committed to serving the men and women of the armed forces -- both those currently serving and our veterans -- by offering VA loans in a paperless environment," said Amy Moser, Vice President and Mortgage Services Manager for the Utah-based credit union. "Until now, few institutions could serve our military personnel effectively, especially those serving overseas. This loan closing proves that we can accommodate the needs of our armed forces personnel and veterans no matter where in the world they may be."

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DocMagic Backs VA's Decision on eSignatures

Posted by DocMagic on 09/26/2013

Tim Anderson, director of eServices for DocMagic Inc., responded to the Veterans Administration’s recent decision to accept electronic signatures, the second of three steps to the realization of the fully electronic mortgage. The VA clarified its determination that electronic signatures are acceptable for use in conjunction with the VA Home Loan program in Circular 26, released late last month.

“This is great news and paves the way for the FHA to release a similar announcement soon, thus eliminating one of the very last obstacles preventing mass adoption of a full eClosing process,” Anderson said.

In its communication, the VA said that “lenders are not required to use electronic signatures in the course of closing VA home loans; but, if they choose to they must comply with the E-sign Act, just as they are required to comply with all Federal laws.”

Anderson pointed out that as government agencies clarify their position on accepting electronic signatures, industry participants will feel free to adopt them, solving many compliance-related problems in the process.

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