Meets TRID regulations
Lending document provider DocMagic received MISMO certification for their SmartCLOSE software product.
This award specifically means DocMagic prep work is totally TRID compliant by MISMO standards.
“We congratulate DocMagic for obtaining a certificate for SmartCLOSE through MISMO’s software compliance certification program,” said MISMO President Mike Fratantoni. “Industry participants continue to work through the many challenges created by the Know Before You Owe rule and so we are pleased to be able to certify SmartCLOSE for appropriate use of the MISMO standards for TRID.”
Only products certified by MISMO may utilize the term “certified MISMO compliant” – called a symbol of industry excellence in a shared release from MISMO and DocMagic.
According to that same release, SmartCLOSE brings lenders, settlement service providers, and other relevant entities together inside a secure environment to share, edit, validate, audit, track and collaborate on documents, data and fees. Everything is accessible within SmartCLOSE, including the eSigning and eDelivery of documents, it adds.
“With the UMDP quality initiatives mandated by the GSE’s and the CFPB’s move toward supporting more automated audits, we felt it was crucial to get certified since DocMagic is integrated to more lender LOS systems than any other vendor to perform compliance checks and audits” stated Tim Anderson, Director of eServices for DocMagic.
“In fact, we see MISMO software certification as a competitive differentiator since we provide representations and warranties regarding compliance and need to be sure the data is correct since our clients rely on our compliance services to ensure regulatory and investor compliance,” added Anderson.