DocMagic Inc., a provider of compliant loan document preparation, e-sign and e-delivery solutions, announced that a group of clients have begun to test the features and functionality available within its new collaborative closing portal, SmartCLOSE.

The portal was made available to nearly 250 lenders to start working with the system and provide comments. The complete product will be rolled out in two planned phases as features are continuously added and the solution is enhanced.

"The idea behind releasing SmartCLOSE to a select group of clients for initial testing is that it will help us refine the feature set to ensure we provide the very best TRID closing portal," stated Dominic Iannitti, president and CEO of DocMagic. "The workflow and functionality is already incredibly intuitive and every screen is designed with simplicity in mind."

SmartCLOSE 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 behind the scenes to ensure compliance for any changes that may affect tolerance levels, calculation reconciliation and potential RESPA violations, the company said in a release. Everything is accessible within SmartCLOSE, including the e-signing and e-delivery of documents.

DocMagic's Audit Engine captures who changed what, what was changed, what you need to fix and why, and all of the electronic evidence to log and complete all transactions in full compliance. DocMagic reps and warrants transactions run through the system.

"There a lot of closing portals that have been recently announced to address TRID compliance, but we believe most fall short in adequately tracking tolerance levels, changes in circumstance, and other very complex aspects of TRID compliance,” Iannitti added. “There is a great deal of work and complex problem-solving required to create a robust portal that addresses every facet of TRID compliance while providing a truly dynamic and collaborative workflow environment. Our TRID wizards have been very busy."

As featured by American Land Title Association, June 2015

Phased testing approach with select clients enables DocMagic to perfect new solution

TORRANCE, Calif., June 24, 2015 (SEND2PRESS NEWSWIRE) -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that a group of clients have begun to test the features and functionality available within its new Collaborative Closing Portal, SmartCLOSE™. 

The portal was made available to nearly 250 lenders last week to start working with the system and provide comments. The complete product will be rolled out in two planned phases as features are continuously added and the solution is enhanced.

"The idea behind releasing SmartCLOSE to a select group of clients for initial testing is that it will help us refine the feature set to ensure we provide the very best TRID closing portal," stated Dominic Iannitti, president and CEO of DocMagic. "The workflow and functionality is already incredibly intuitive and every screen is designed with simplicity in mind."

SmartCLOSE 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 for any changes that may affect tolerance levels, calculation reconciliation and potential RESPA violations. Everything is accessible within SmartCLOSE, including the eSigning and eDelivery of documents.

DocMagic's Audit Engine captures who changed what, what was changed, what you need to fix and why, and all of the electronic evidence to log and complete all transactions in full compliance. DocMagic reps and warrants transactions run through the system. 

Iannitti added: "There a lot of closing portals that have been recently announced to address TRID compliance, but we believe most fall short in adequately tracking tolerance levels, changes in circumstance, and other very complex aspects of TRID compliance. There is a great deal of work and complex problem-solving required to create a robust portal that addresses every facet of TRID compliance while providing a truly dynamic and collaborative workflow environment. Our TRID wizards have been very busy." 

DocMagic has been holding regular webinars and training sessions to educate and prepare clients for TRID compliance. 

About DocMagic:
DocMagic, Inc. is a leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. The company's compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy.

DocMagic Inc., a provider of loan document preparation, compliance, e-sign and e-delivery solutions to the mortgage industry, says its software will be fully compliant with the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosures (TRID) rules by the original deadline date of Aug. 1.

In a release, DocMagic officials point out that the CFPB has thus far only proposed moving the deadline date to Oct. 1 - and that the date change is not official as of yet.

"The CFPB only stated that they will be issuing a 'proposed amendment' to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period," says Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB.

Horn helped draft the 1,888-page final TRID rule and the design and consumer testing of the new mortgage disclosures, DocMagic says in its release.

"Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that," says Horn.

Dominic Iannitti, president and CEO of DocMagic, says the firm has been working closely with its clients, loan origination system partners, industry experts and other mortgage entities "to be absolutely 100% certain that we are TRID-compliant by the original Aug. 1 date."

"The CFPB's announcement about the proposed delay will not change our momentum," Iannitti says. "All of our systems will be TRID-compliant come Aug. 1."

As featured by MortgageOrb, June 2015

DocMagic Inc. has announced that the CFPB’s proposed delay will have no bearing on its plans to be ready to  meet the CFPB’s originally planned Aug. 1 due date to implement the TILA-RESPA Integrated Disclosure (TRID) rule. 

“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” said Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Mr. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that."

“DocMagic has been working very closely with our clients, LOS partners, industry experts and other mortgage entities to be absolutely 100 percent certain that we are TRID compliant by the original Aug. 1 date,” said Dominic Iannitti, president and CEO of DocMagic. “The CFPB’s announcement about the proposed delay will not change our momentum.  All of our systems will be TRID-compliant come Aug. 1 ranging from loan document production to LOS integrations to our new Collaborative Closing Portal, SmartCLOSE."

As featured by National Mortgage Professional, June 2015

By Rachel Williams

On Wednesday the Consumer Financial Protection Bureau (CFPB) proposed an amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015, from the original date of August 1, 2015. The Know Before You Owe rule is also known as the TILA-RESPA Integrated Disclosure (TRID) rule. Since this is only a proposed delay, it is still important for companies to become TRID compliant as quickly as possible.

In line with this, Torrance-California based DocMagic, Inc., has announced that the company will be fully TRID complaint by August 1, regardless of when the new rule actually takes effect. DocMagic is a provider of fully compliant loan document preparation, compliance, and eSign and eDelivery solutions.

“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to October 1, which means it could possibly finalize a shorter time period,” commented Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that,” said Horn.

“DocMagic has been working very closely with our clients, LOS partners, industry experts, and other mortgage entities to be absolutely 100 percent certain that we are TRID compliant by the original August 1 date,” said Dominic Iannitti, president and CEO of DocMagic.  “The CFPB’s announcement about the proposed delay will not change our momentum.  All of our systems will be TRID-compliant come August 1 ranging from loan document production to LOS integrations to our new Collaborative Closing Portal, SmartCLOSE™.”

Click here to read CFPB Director Richard Cordray's official statement on the proposed delay.

As featured by TheMReport, June 2015

Many have prepared long and hard to be ready for the TRID deadline. For example, DocMagic announced that the CFPB’s proposed delay will have no bearing on its plans to be ready to  meet the CFPB’s originally planned Aug. 1 due date to implement the TILA-RESPA Integrated Disclosure (TRID) rule.

“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” commented Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Mr. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that,” said Horn.

“DocMagic has been working very closely with our clients, LOS partners, industry experts and other mortgage entities to be absolutely 100 percent certain that we are TRID compliant by the original Aug. 1 date,” said Dominic Iannitti, president and CEO of DocMagic.  “The CFPB’s announcement about the proposed delay will not change our momentum.  All of our systems will be TRID-compliant come Aug. 1 ranging from loan document production to LOS integrations to our new Collaborative Closing Portal, SmartCLOSE™.

The CFPB’s official statement for its “proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015” can be found here.

As featured in Progress In Lending, June 2015

TORRANCE, Calif., June 19, 2015—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that the CFPB’s proposed delay will have no bearing on its plans to be ready to  meet the CFPB’s originally planned Aug. 1 due date to implement the TILA-RESPA Integrated Disclosure (TRID) rule.  

“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” commented Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Mr. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that,” said Horn. 

“DocMagic has been working very closely with our clients, LOS partners, industry experts and other mortgage entities to be absolutely 100 percent certain that we are TRID compliant by the original Aug. 1 date,” said Dominic Iannitti, president and CEO of DocMagic.  “The CFPB’s announcement about the proposed delay will not change our momentum.  All of our systems will be TRID-compliant come Aug. 1 ranging from loan document production to LOS integrations to our new Collaborative Closing Portal, SmartCLOSE™.  

The CFPB’s official statement for its “proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015” can be found here.

About DocMagic

DocMagic, Inc. is a leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. The company’s compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.

D-Day is coming and is completely changing how you communicate loan terms to borrowers. Are you ready?

MORE THAN a year and half ago, the Consumer Financial Protection Bureau (CFPB) issued the TILA-RESPA Integrated Disclosure (TRID) rule and asked the mortgage industry to prepare to use new forms and alter the way closings have traditionally been conducted. Since that time, the implementation of the new Loan Estimate (LE) and Closing Disclosure (CD) forms seemed far enough off on the horizon for people to breathe easy.

However, the Aug. 1, 2015, deadline is less than four months away and some experts are worried the industry won’t be ready. “The reality is that this is going to be expensive and cumbersome, and it’s going to be difficult, but in the end, the biggest challenge is how you are going to cope with it,” Stanley Middleman, president and CEO of Freedom Mortgage, said. “Companies need to dedicate tens of thousands of man hours to prepare for this, because as an industry, I’m still not certain we are prepared.” To start, mortgage professionals need to have an understanding of TRID’s changes and a system ready to accept the new documents is crucial to staying compliant. “As far back as we can remember, the loan process and the relationship around the consumer have centered around the TILA and GFE [Good Faith Estimate] forms and have served as a main vehicle to communicate the loan terms to the borrowers,” Gavin Ales, chief compliance officer at DocMagic, said. “Now, that is all about to change.”

As the regulation comes to fruition, mortgage originators need to ensure they are keeping good, consistent records, Ales added. They also need to make sure that their company’s systems are capable and ready for the new forms, along with keeping up communication between their lenders and document providers.

The TRID rule seeks to streamline the use and language of TILA and RESPA forms that lenders have provided to consumers applying for mortgage loans for more than 30 years by integrating the Good Faith Estimate (GFE) and initial TILA disclosure into one form, the Loan Estimate, which must be delivered three days after receiving a consumer’s application.

The rule also combines the HUD-1 and final TILA disclosure into another form, the Closing Disclosure, which must be provided to consumers at least three business days before the consummation of the loan.

Getting TRID fit
DocMagic worked with Richard Horn, former senior counsel and special advisor for the CFPB’s Office of Regulations, on its new TRID software. Horn led the final rule-making for TRID and the CFPB’s design, as well as qualitative and quantitative consumer testing of the TILA-RESPA integrated disclosures, according to Ales. The document preparation software vendor has also wrapped up beta testing on its software. “We received a lot of feedback from clients about what to change and what to keep,” Ales added.

DocMagic announced in February that its entire solution set now adheres to version 3.3 of the Mortgage Industry Standards Maintenance Organization reference model. MISMO establishes a common dataset that is essentially a prerequisite for lenders to use the CFPB’s new integrated disclosures and share the information about the disclosures with their industry partners.

Ales said the new TRID rule places 100% of the responsibility on lenders and once it is in effect, lenders will need to automatically and seamlessly exchange the data from this disclosure with its settlement agents and other partners, which is why DocMagic is launching a centralized platform between creditor’s and closing agent’s systems.

The secure portal will allow creditors, closing agents and consumers to access, edit, approve and validate data electronically, even supplying a log of events and actions like compliance audits and approvals.

Three-day closings
Gone are the days of making last minute changes to loans, which is something that may be the most difficult thing for real estate and mortgage professionals to swallow. According to Peter Norden, CEO of HomeBridge Financial Services, the industry isn’t use to having full disclosures wrapped up within three days of closing.

“It’s no longer where you can change a closing number or a settlement number the day before the loan closes,” Norden added. “That is a major game changer for every realtor, every mortgage broker, and every closer.”

Also, mortgage brokers and originators can’t just move loans from one lender to another; something Norden said is a pretty common practice. “They would have to start from scratch.”

The form is typically prepared by an attorney, settlement or title professional in collaboration with a mortgage lender. Accuracy and completeness are critical as failure to properly prepare the forms will result in delays to a closing of a loan.

By Brena Swanson

Industry gets more comfortable with online technology

Torrance, California-based DocMagic officially processed more than 100 million mortgage-related eSignature transactions.

“We are very pleased with the sheer number of eSignatures that we are seeing executed among our client base,” said Dominic Iannitti, president and CEO of DocMagic. 

“This is positive news for the mortgage industry as a whole. In previous years, eSign adoption was much lower among lenders working with borrowers. We have always encouraged clients to take advantage of our eSigning technology; this impressive number of transactions certainly reflects that,” he added.

In 2011, DocMagic made its eSign technology available to anyone to sign any type of document at no charge, allowing users to visit DocMagic’s website to quickly and easily eSign documents such as contracts, NDAs, proposals and more.

DocMagic has two eSign solutions for clients. eSignSystems’ SmartSAFE XL eSigning, eDelivery and eVaulting platform was added to the DocMagic family in 2014. 

In addition, DocMagic recently released its TILA-RESPA Integrated Disclosure enhancements for clients and LOS partners.

DocMagic provides a step-by step TRID testing guide and has already started training sessions for its lenders. In addition, the company is offering detailed training videos on the changes and presenting regular webinars on the topic.

As featured by HousingWire, May 2015

By Tony Garritano

You may think that eSignature usage in the mortgage space is slow, but it is picking up quickly. How do I know that? Vendors that offer this technology are seeing their lender clients use it. For example, DocMagic announced today that its eSign platforms have  now processed more than 100 million mortgage-related eSignature transactions.

“We are very pleased with the sheer number of eSignatures that we are seeing executed among our client base,” said Dominic Iannitti, president and CEO of DocMagic.  “This is positive news for the mortgage industry as a whole. In previous years, eSign adoption was much lower among lenders working with borrowers. We have always encouraged clients to take advantage of our eSigning technology; this impressive number of transactions certainly reflects that.”

DocMagic is the undisputed leader in the mortgage industry for eSign technologies. The company has a long-standing reputation for developing innovative eSign solutions that integrate seamlessly with mortgage workflows.

DocMagic has two eSign solutions for clients to take advantage of.  eSignSystems’ SmartSAFE XL eSigning, eDelivery and eVaulting platform was added to the DocMagic family in 2014. DocMagic’s eSign platform is a separate SaaS-based solution that features the company’s proprietary ClickSign™ technology. SmartSAFE XL is ideal for companies that require more flexibility, extendibility and control over eSigning processes. DocMagic’s eSign technology is highly intuitive, simple to setup, and walks signers through the entire document review process to efficiently, expeditiously and compliantly submit eSignatures.

Notable is that in 2011, in an effort to encourage industry-wide adoption of eSignatures, DocMagic made its eSign technology available to anyone to sign any type of document at no charge.  Users can visit DocMagic’s website to quickly and easily eSign documents such as contracts, NDAs, proposals and more.

Documents executed using DocMagic’s eSign technology are as legally effective, valid and enforceable as documents printed and signed in ink.

As featured by Progress In Lending, May 2015