Expertise in any specialized area requires both access to information and the ability to analyze it. The DocMagic legal department uses a variety of methods to ensure not only that its attorneys know the law, but that they can understand, implement and explain it.
DocMagic attorneys are mortgage-lending experts.
Knowing the Law: Standard Legal Resources
The DSI legal department is provided with unbridled access to the most respected and up-to-date legal resources available. Our Compliance team uses a number of resources to track changes in relevant statutes and regulations.
One of these legal resources actually has attorneys observe -- on each state senate and house floor -- legislative developments as they occur. This resource immediately distributes significant developments, via email, to our legal department as they occur. Regular participation in seminars and conferences ensures that our attorneys are abreast of the latest developments in mortgage lending and related areas of the law. Analyzing The Law and Changes In The Law Knowing what law exists and what changes in these laws have taken place is only the first step in the compliance process. Top-notch compliance procedures demand that relevant laws are not only known, but also analyzed and understood. Ambiguities must be appropriately resolved. The regulatory framework of banking and mortgage lending can be a land mine of confusion and an expensive trap for the uninformed. DSI goes the extra mile to ensure that its analysis of the law -- and its implementation of the same -- is accurate. Regulatory Opinions We solicit legal opinions -- when necessary -- from state attorneys general and/or other state regulatory agencies. Recently, for instance, the state of Arkansas passed predatory lending legislation. The legislation was ambiguous in terms of the loan transactions that it covered. Our attorneys contacted the Arkansas Attorney General's Office for clarification and in a matter of days learned that its analysis of the new statute was consistent with the Arkansas legislatures, unlike most of the other sources it had examined. As one authority recently stated:" The interchange of ideas from attorney to attorney is invaluable." This interchange occurs directly between DSI attorneys and the attorneys who make discretionary regulatory judgments that bear directly on DocMagic customers. Direct Relationships Our attorneys and compliance personnel have direct relationships with representatives of Fannie Mae, Freddie Mac, Veterans Administration, Federal Housing Administration and Ginnie Mae as well as other government or government-sponsored mortgage lending entities. This enables us to learn quickly and first-hand of any changes in their mortgage lending products and allows clarification of ambiguities literally overnight. Legal Networking Because legal and compliance issues are not always cut and dried, we also maintain close relationships with other expert attorneys to discuss legal, regulatory and administrative requirements. For federal real estate lending regulatory and administrative advice: For state legal, regulatory and administrative advice: |
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