DocMagic Inc. has completed a new integration with Veri-Tax that will provide lenders with a no-touch mechanism for ordering and delivering IRS tax transcripts. The workflow is triggered automatically when a borrower successfully e-signs the 4506-T form via DocMagic’s e-sign platform.
“This is the first, completely automated method for managing this common underwriting requirement,” Dominic Iannitti, CEO of DocMagic, told National Mortgage News.
Iannitti says DocMagic combined a number of its automated technology solutions in order to create this streamlined approach, which will improve lenders’ efficiencies while keeping them in compliance.
"DocMagic’s integration is the easiest and fastest way for lenders to request a borrower’s signature on the 4506-T and to automatically receive tax transcripts," says Maria Kirgan, Veri-Tax's senior director of product management.
In other company news, DocMagic rolled out a new qualified mortgage test to its customers this month. The new functionality, based on the most recent rules handed down by the federal government, has been in beta with a select group of DocMagic clients and is now ready for production.
The test won’t be required until the CFPB finalizes its QM rule, which is expected to go into effect in 2014.
Even though the new qualified mortgage standard won’t impact lenders until next year, lenders need access to the tools now in order to train their internal teams, says Laurie Spira, DocMagic’s chief compliance officer.
“Having the test now will give them a head start towards implementation,” says Spira.
Beginning in January, lenders must identify their new loan originations as either a safe harbor qualified mortgage, a rebuttable presumption qualified mortgage or a non-qualified mortgage loan.
The new QM test is available from within DocMagic’s regulatory audit engine and will help lenders make that determination. The Consumer Financial Protection Bureau will oversee and enforce the rule.
Finally, the company reports that it has “taken the all-electronic mortgage lending process to a whole new level” by completing the first electronic document e-signing from a remote location—while in motion.
DocMagic recently completed the e-signing of an IRS 4506-T from inside a moving Tesla automobile, using the car’s own 17-inch touchscreen.
“One of the promises of e-services is that it will allow us to do business with our borrowers anywhere, anytime,” Iannitti says. “We took that concept beyond the whiteboard and put it to the test on the streets of America and that test was a complete success.”
The transaction was conducted using the car’s onboard computer while the vehicle was in motion near DocMagic’s headquarters in Torrance, Calif. Iannitti said he ordered the test in response to the growing trend of borrowers doing business from remote locations.
In response to that trend, DocMagic launched BorrowerMobile earlier this year, an interactive mobile app that turns any tablet or smartphone, including the one built into the Tesla, into a seamless communication tool for borrowers and lenders.