Aligns with new industry standards
By Brena Swanson
Mortgage technology solution provider DocMagic has completed its integration with the MERS eRegistry, as the company continues to align its technology with the latest changes in the industry.
The eRegistry launched in 2004 and is the legal system of record that identifies the owner or holder and custodian for registered eNotes and provides greater liquidity, transferability and security for lenders.
The technology was created to meet demand in the industry for a system to satisfy certain safe harbor requirements under the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.
“The MERS eRegistry system excels at effectively handling a vital service for eMortgage originations,” said Dominic Iannitti, president and CEO of DocMagic.
“Fannie Mae and Freddie Mac both require use of the MERS eRegistry for all eNotes they purchase. DocMagic’s integration with MERS’ system fulfills the GSEs’ requirement and thus allows us to pass the benefits that the service offers along to our customers,” he added.
DocMagic also announced a week ago that its entire solution set now adheres to version 3.3 of the Mortgage Industry Standards Maintenance Organization reference model.
DocMagic is the first tech solution provider to provide this integration with MISMO 3.3, an important part of complying with the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, effective Aug. 1, 2015.
“Our early implementation of MISMO version 3.3 is significant because it is yet another step that we are taking to proactively prepare for the CFPB’s new Integrated Disclosure rule, as well as industry innovation involving the disclosures,” Iannitti said. “Any software provider that is involved in loan closings or data exchange must update their respective systems to implement the new dataset in order to effectively support their partners and lender clients. Those organizations that wait will likely not be ready to meet the CFPB’s deadline and as a result will encounter serious compliance issues.”