By Kelsey Thompson
Guaranteed TRID compliance up to $5 million
Loan document preparation firm, DocMagic unveiled its new representations and warrants offering that guarantees TRID compliance, called the Premium Compliance Guarantee, for up to $5,000,000.
Just a short time after the DocMagic SmartCLOSE received MISMO certification, it announced the development for all its calculations, documents and data.
DocMagic is backing its offer for up to $50,000 per loan, which provides peace of mind to lenders when it comes to compliance with the TRID rule. The guarantee ensures timely electronic delivery of initial disclosures, compliance with federal and state high cost/HPML laws and accurate document selection logic resulting in compliant loan packages.
The guarantee also ensures that all other compliance and data validation audits will trigger at the appropriate times during the loan process, providing critical warning messages to help lenders stay in compliance with applicable laws.
“Now more than ever, our clients need assurance that they are operating in full compliance at all times,” said DocMagic president and CEO Dominic Iannitti. “That is why we invested in developing and integrating the Premium Compliance Guarantee into DocMagic’s suite of products, including the TRID-based SmartCLOSE collaborative closing portal, for every user on every transaction.”
The risk of civil liability under the new TRID disclosure requirements means lenders and investors may face liability for incorrectly completing various sections on the TRID disclosures. DocMagic’s TRID-ready systems and the premium compliance guarantee implement a solution that eliminates the lender’s risk of non-compliance.
“With the integration of the Premium Compliance Guarantee into DocMagic’s suite of services, significant lender risk is virtually eliminated," said DocMagic Chief Legal Officer Melanie Feliciano.