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Wed, 04/30/2008

Serving the industry since the beginning of computerized forms, the DSI team is ready to take the industry to the next level with intelligent documents.

CARSON, CALIF., May 29, 2008 – Document Systems, Inc. (DSI), Carson, CA, has announced that it has passed a major milestone by serving the U.S. financial services industry for over 20 years. When the company was founded, mortgage loan officers completed applications with clipboards and pens. Since then, DSI has led the industry into the future through the development of its DocMagic software, which is still the easiest way to get completely accurate, fully compliant mortgage loan documents for thousands of loan programs from all of the industry’s largest investors.

DocMagic started out as an incredibly efficient and simple software designed to let brokers easily produce and print out error-free closing documents. Over the last twenty years DocMagic has evolved to offer a complete range of robust, flexible solutions that provide millions of fully compliant disclosures and closing document packages each year to originators of all sizes.

“We took a month-long, paper-based process that involved hours of manual labor to gather, fill-in, copy, collate and store hundreds of different documents and turned it into a simple process of choosing a loan program and pushing a button,” said Don Iannitti, founder and CEO of DSI. “The loan was no longer the Deed of Trust and all the supporting documents, it was a deal that was supported by a closing package that we provided, easily, quickly, affordably and accurately, every time. It would never have been possible to reach the historic loan volumes we saw at the beginning of this century without this technology.”

While Iannitti is proud of what his company has accomplished thus far, he says that even greater opportunity lies ahead for lenders and settlement services providers that can adapt to a changing marketplace.

”The mortgage industry is at a crossroads today, a challenging time that will change this business once again,” he said. “The lending community is ready now to move into fully electronic lending, the paperless processing of all loan documents. Lenders must save time and money if they hope to remain competitive. Our technology enables them to do that.”

DSI has been ready to delivery fully electronic mortgage documents for years now, but neither lenders nor borrowers have been eager to adopt paperless lending. That is changing, Iannitti said, and the industry will see greater adoption in 2008. But all electronic mortgage lending is just the first step in his mind.

“Soon, all lenders will realize that the documents aren’t just forms filled with information, they are living instruments that contain electronic data, much of it pulled automatically from the lender’s other systems,” Iannitti said. “Our forms are intelligent and can tell what data is included in them and can even check it for accuracy and compliance, alerting the lender of potential problems long before the borrower gets to the closing table. This is the future of our industry and I’m very excited about DSI being part of it.”

In addition to DocMagic, DSI introduced LoanMagic software in 2000. LoanMagic has quickly become one of the leading mortgage customer contact management systems in the industry and is a cornerstone of the High Performance Seminars Toolkit, a collection of products and services designed to make loan officers more success. The toolkit is made available to attendees of David Bartel's popular High Performance Seminars across the country.