Every once in a while, an organization comes along, an organization that sets trends, remains ahead of the curve and sets a bar by which all others strive to attain. This month, we take a look at a sampling of these organizations, organizations that we have deemed “Visionary” for their inspiration to always strive to improve and go above and beyond to assist their clients, but ones that have successfully navigated an ever-changing mortgage industry marketplace. We present to you the following movers and shakers in the industry and the leaders behind them.
How the company started: DocMagic’s president and CEO Dominic Iannitti founded DocMagic Inc., in 1988 as a local doc prep firm. Beginning immediately with an unheard-of 24-hour delivery system and followed up with custom form design, the company continued to innovate with the introduction of DocMagic software, the first auditing system, a full compliance department, eServices and on to mobile technology.
Today, DocMagic is called upon by lenders to provide cutting-edge services that assure compliance and increase efficiency while reducing loan production costs.
DocMagic has enjoyed steady growth over the years by regularly expanding its offerings to accommodate industry demand. Everything DocMagic does is geared toward meeting the needs of clients in a way that simply could not be done without a vision towards the future and the constant evolution of our technologies.
How the company has changed the mortgage industry: DocMagic Inc. has become the leading provider of fully-compliant loan document preparation, compliance, eSign eDelivery, eClosing and eService solutions for the mortgage industry. The company’s extensive team of compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy.
DocMagic has grown its solution set into facilitating a true end-to-end eMortgage process, among its other robust list of widely used software products. Most recently, the company launched its new total eClosing solution, which digitally transforms the entire mortgage process from initial eDisclosure to final eClosing and investor eDelivery from start to finish.
In order to effectively address TRID, DocMagic developed SmartCLOSE, which is a collaborative closing portal that offers a secure, centralized online environment for lenders, settlement providers, and other associates to share, validate, audit, track and collaborate on documents, data and fees. DocMagic’s Audit Engine runs continuously behind the scenes to ensure compliance and everything is accessible within SmartCLOSE, including the eSigning and eDelivery of documents. To date, SmartCLOSE has been well-received by users with rapidly increasing adoption.
Also significant is that in 2016 DocMagic introduced a new rep and warrant offering that guarantees TRID compliance of up to $5 million. The insurance-backed guarantee is the most far-reaching compliance guarantee of its kind in the mortgage industry. It is designed to provide peace of mind to lenders when it comes to compliance with the TRID rule.
DocMagic is constantly innovating, enhancing existing products, launching new solutions, and forging significant strategic partnerships that have collectively made it the leader in document preparation, eClosings, eMortgages, and other eServices that bring newfound efficiencies to the mortgage industry.