By Carrie Bay
DocMagic, Inc., a provider of loan document preparation, compliance, eSign, and eDelivery solutions for the mortgage industry, says it has a variety of solutions available that support lenders’ compliance with the ECOA Valuation Rule, no matter what the lender’s business rules are.
Under the ECOA Valuation Rule, a creditor must provide an applicant with a copy of the appraisal and other written valuations "upon completion, or three business days prior to consummation of the transaction, whichever is earlier." This means the lender must prove that in fact, the delivery of the appraisal occurred within the prescribed time requirements. If the appraisal is revised, then a new appraisal must be sent to the borrower. The appraisal or written valuation must automatically be provided, regardless of whether credit is extended, denied, incomplete, or withdrawn.
"DocMagic has solutions ready today that will keep lenders compliant with the ECOA Rule," said Dominic Iannitti, president and CEO of DocMagic. "With DocMagic, a lender can ensure that they deliver (or redeliver) the appraisal or written valuation to borrowers, complete with tracking, eSignature options, and fulfillment to ensure compliance and be able to prove to anyone that needs to know, that the appraisal was delivered to the borrower on time."
Founded in 1988 and headquartered in Torrance, California, DocMagic develops software, mobile apps, processes, and Web-based systems for the production and delivery of compliant loan document packages.
DocMagic guarantees and warrants that all agency forms are up to date and in compliance with GSE requirements. The company says its compliance experts and in-house legal staff constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy.