When Dominic Iannitti started his company in 1988, the mortgage lending industry was still originating loans on paper applications using clipboards. In a very short period of time, the company’s PC-based systems revolutionized loan document production with low cost, error-free, same day service. Soon, this dedication to technological advancement resulted in the development of the industry leading document preparation solution, DocMagic. Today, DocMagic is the industry leader for compliant loan document production, electronic disclosures, eSign technology and compliance services.
What sets DocMagic apart is that Iannitti knew from the beginning it would take more than great technology to create a great company. He was the first leader in the doc prep world to fully recognize the importance of compliance in the future of any document production solution. He was the first to take appropriate action to meet his clients’ needs with the industry acclaimed Doc Magic Audit System built into the first version of DocMagic software.
As early as 2007, DocMagic had cultivated its own internal staff of leading compliance attorneys and was delivering compliance information directly to lenders on a periodic basis. Today the company is home to one of the industry’s largest teams of compliance professionals and the Compliance Wizard is read by thousands of executives around the industry every month. DocMagic electronically delivers thousands of closing packages every month and many more up-front disclosures to lenders in all 50 states, each one fully compliant, ready to close and ship to the investor.
What has made DocMagic a leader in innovation is the way it thinks about client value.
In the beginning, the value came from ease of use and speed in production that saved time, delivery systems that saved money, built in audits to ensure compliance and many other innovations. Recently Iannitti found a new way to add incredible value to his clients. In a move that surprised the industry, DocMagic made its proprietary eSign technology available to anyone for free.
This truly is a service innovation because it takes what is most valuable to lenders at this point in time and makes it a natural extension of a service they already depend upon at no additional cost. It reduces waste and aids in the transition to a more environmentally friendly paperless environment. Lenders can now electronically sign nearly any of their own documents - including contracts, NDAs, proposals and approval sheets - as well as any DocMagic loan document.
Constant innovation is why DocMagic has been named a top mortgage technology provider for 10 years in a row. It’s also why in the first quarter of 2012 the company will be moving into an even larger facility in Torrance, Calif. For more information on eSign or the company’s other document production and compliance solutions, visit www.docmagic.com or call (800) 649-1362.
As published in Giants, February 2012.