Corporate Settlement Solutions (CSS) recently implemented DocMagic’s Total eClose solution, which is an end-to-end e-closing solution that aids compliance.
“We recognized early on that in order to differentiate ourselves from a crowded marketplace, it was paramount to offer elevated service to our clients,” said Jerome Jelinek, CEO and general counsel at CSS. “With the addition of DocMagic’s Total eClose, we offer lenders the opportunity to transform their mortgage origination process through the elimination of paper, thereby significantly reducing costs and increasing efficiencies.”
DocMagic’s Total eClose functionality unites e-note, e-signature, e-notary, MERS e-registration, e-delivery, and e-vault services. In addition, documents that need to be notarized can be conveniently e-signed and e-notarized without leaving the comfort of their home.
“We are excited that CSS is successfully leveraging our Total eClose solution to provide a completely electronic closing process for their customers,” said Dominic Iannitti, president and CEO of DocMagic. “As a settlement service provider, it is impressive that CSS has taken a leading role in promoting the benefits of eClosings and as an early adopter, they will enjoy a significant advantage over their competitors.”
The Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures (TRID) rule) increased liability for lenders and their assignees. Because of this, companies that originate, sell, buy or service loans, must be able to demonstrate TRID compliance years after a loan closes. DocMagic says its system provides electronic proof and evidence of compliant transactions for future audits with a date and time stamp audit trail of everyone who has touched the transaction at any level. From the original loan application and Loan Estimate (LE) to receipt of delivery of the final Closing Disclosure (CD), data and documents are all stored in an e-vault to provide the ability to replicate proof of compliance.
With TRID’s increased compliance requirements and soon the implementation of the new Uniform Closing Dataset (UCD) requirement, DocMagic believes fully-electronic transactions can help lenders meet strict timing requirements and provide the ability to recreate compliance checks at every point in the transaction.
As featured by American Land Title Association, October 2016