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Tue, 12/31/2013

By Brena Swanson

"Adjusting to compliance might take a little longer"

Executive Conversations is a HousingWire web series that profiles powerful people in the financial industry, highlighting the operations and the people that make this sector tick. In the latest installment, we sit down with Laurie Spira, chief compliance officer at DocMagic, to see how the lender is laying the groundwork for new regulations.

While Spira has only worked with DocMagic for a little over three years, she has been a long time customer of the company. "I have worked for state licensed lenders, a bank and a credit union in the past, and in many of the companies that I have worked for, DocMagic has been our document service provider,” said Spira, now chief compliance officer of DocMagic.

Spira’s job responsibilities include being hands on with DocMagic’s technology to make sure that the loan documents and compliance audit engine comply with applicable laws and regulations.

Two things set DocMagic apart, Spira explained.

"In this very technological environment, we are actually very personal and hands on with our customers," she said.

"Our customer service team is available by phone email and chat. They are assisting our customers in using our products and services almost everyday. Customers can also directly contact our compliance team," Spira added.

The second is DocMagic’s focus on innovation.

"We don’t typically get into a space by following other technology vendors. Our role in the industry has been providing leadership. We are always pushing the envelope," Spira said. With the new implementation of the Qualified Mortgage rule by the Consumer Financial Protection Bureau, a lot of lenders are turning to compliance companies like DocMagic.

Spira noted that while she is typically very positive about the industry, she thinks it may take longer than six months for everyone to adjust to the QM era.

"We want to help our customers build a sustainable operational model. The good news is that we have multiple solutions for that. The more electronic your mortgage process the more likely you are to get a loan that is correct and complete," she said.

Although Spira has only been with DocMagic for three years, she is well versed in the industry.

"When I started in the industry, there were a few people in the company that I worked for who were responsible for compliance. They would read and digest the rules and provide procedures and instructions for everyone else to follow," she recalled.

However, times have changed.

"Now all of us who touch mortgage loans have to have an understanding of the rules because there are so many more rules. To make a mortgage loan, you not only have to be able to follow mortgage procedure, but you also have to be able to understand the reasons behind them in order to do an effective job," Spira concluded.

As featured by HousingWire, January 2014