Introduction to TRID 2.0

Throughout the month of September Chief Compliance Officer, Gavin Ales, will introduce some of the major changes coming with TRID 2.0 and provide clarification for each topic along with expert commentary on the new regulations, what has changed and what it means to be compliant.

Training and Education Manager, Ron Carillo, will show you how and where to get started testing TRID 2.0 implementation inside DocMagic.

Below, you’ll find the topics for current and upcoming episodes of TRID Talks.

Got questions about TRID 2.0? Contact us at trid@docmagic.com

TRID Talks Episodes

• Introduction to TRID 2.0
• Rounding & Truncation on LE & CD
• Seller Credits
• Trusts & Non-borrowers
• Closing Costs Expiration Date
• Simultaneous, Subordinate Lien Loans
• Construction/CTP Changes
• Principal Reduction

{{cta('b0e2d27c-6c8f-430f-9f60-50e7ce041315')}}

Overview of TRID 2.0

When do you need to comply with the new rules?

• The Consumer Financial Protection Bureau (CFPB) has set the mandatory effective date of TRID 2.0 for October 1^st, 2018.

What to expect from 2.0?

• Closing the ‘Black Hole’ effective earlier this year in June
• Clarification of “no tolerance fees”
• Several additions to Appendix D/Construction loan clarification
• Written List of Providers (WLP)
• Re-disclosures after Rate Lock
• Cost reductions after initial LE

{{cta('8640f8e7-7182-4907-ac61-547f27501e69')}}

Rounding & Truncation on the LE & CD

Prior to TRID 2.0 for percentages stated that you could disclose percentages up to three or four decimal places. DocMagic took the position that we would always disclose three decimal places. Anywhere you see a percentage shown on the loan estimate or the closing disclosure in your loan terms or in your calculations disclosures it will be calculated to three decimal places. The current rules also state that where there is a whole number disclosed as a percentage, for example 4.000, it would not be disclosed to three decimal places, but rather would be disclosed as a whole number. 

• Whole numbers disclosed as a percentage are not disclosed to three decimal places but as a whole number
• The rule for disclosing percentages to three or four decimal places has changed
• If there’s a trailing zero we will truncate before the trailing zero
• Prepaid daily interest should now be disclosed to two decimal places

Another change would be to the prepaid daily interest amount that occurs on both the Loan Estimate (LE) and Closing Disclosure (CD). The daily interest is the amount that is being multiplied by the number of prepaid days to get a total prepaid interest number. DocMagic currently displays that number to four decimal places because there is no restriction on that under the original TRID rule and we have always used up to four decimal places in our calculations. TRID 2.0 specifically says that the prepaid daily interest amount should be disclosed to two decimal places. So, we’ll be truncating at the second decimal place, but please note, our calculations will continue to operate on a calculation that’s based on four decimal places.

{{cta('96b9c915-98db-43d0-b797-e3390fe37164')}}

Seller Credits & Negative Prepaid Interest

Seller Credits - Did this change?

When Calculating Cash to Close on the Closing Disclosure, if the amount disclosed for seller credits on the last disclosed LE differs from the amount disclosed on the CD, the creditor must include a disclosure referring the borrower to the seller credit amount. Currently, this disclosure would only refer the borrower to page 2 where closing costs paid by seller are itemized. Under the Rule, this disclosure must also refer to the general credit that is disclosed in the Summaries of Transaction. DocMagic has automatically updated the language disclosed in the “Did this change?” section to reflect this change.

Negative prepaid interest and the impact on 'Total Interest Calculations'

Traditionally DocMagic has always considered the negative prepaid interest amount in the total interest calculation. Our systems treat it consistently in other calculations such as total payments, finance charge, and APR. Under the original TRID rule the effect of negative prepaid interest was not clear. TRID 2.0 clarifies that rule:

• The negative prepaid interest amount must be considered as a negative in the total interest percentage

The new TRID 2.0 rule only addresses the effect of negative prepaid interest in the total interest percentage. The rule indicates that you must consider negative prepaid interest in the total interest percentage. DocMagic believes that this should be treated consistently across these calculations based on informal guidance received from the CFPB. If you have an existing configuration option set to ignore negative prepaid interest in your calculations, it will need to be removed to be compliant with the new TRID 2.0 rule.

{{cta('d7e459f8-906d-4f85-851f-9c7f42fccce9')}}

Trusts & Non-borrowers

Changes to Borrower Situations

There are two borrower situations that vary from the typical borrower situation where there is a borrower that is both on the loan and on the title.

Rescindable Transactions (e.g. re-finance)

The first example of one of these situations would be a rescindable transaction, a re-finance being the most common example where you have persons that are only on title but are not borrowers. In this situation you are required to provide the closing disclosure to those persons.

The Original TRID Rule

• Defined those non-borrowing persons who are on title only, or maybe not even on title, still as a borrower
• Non-borrowing persons would still appear on page 1 of the closing disclosure under the label borrower
• They would also appear on the signature lines for them to sign and confirm that they received a copy of the closing disclosure in compliance with the original TRID requirement
• Non-borrowing persons receive the closing disclosure because they have a title interest in the property

The TRID 2.0 Clarification

• Requires those non-borrowing persons who are on title only, or maybe not even on title, still as a borrower
• Does not require Non-borrowing persons would still appear on page 1 of the closing disclosure under the label borrower. (They do have a right to rescind.)
• Limits the borrower listing on page one to those persons who are actual borrowers on the loan

This helps with some of the confusion where persons, who are non-borrowers, may wonder why they would be listed as a borrower.

Inside DocMagic

Under TRID 2.0, if you have a title only person or a non-borrowing spouse (which is called a non-title spouse here at DocMagic) you would enter those as you have previously.

We have automatically updated our systems, to not show that person as a borrower on page one but they will still appear on page five under the signature lines, if you have signature lines.

Trusts

The other unique situation that is clarified under TRID 2.0 is making a loan to a trust. A trust is an entity that may not otherwise meet the definition of consumer, meaning a natural person.

However, in the original TRID rule there was discussion about how the rule still applies to loans that are made to trusts. In those situations, you would look through the trust to find who will be the beneficiary of the loan, as well as the beneficiary of the trust and that would be the individual(s). According to the consumer protection statute seeking to protect consumers, that would still apply in a loan to a trust.

The one change, based on that analysis, was that the rule indicated the disclosure should be provided to the beneficiaries of the trust (aka the actual consumers who are benefiting from the loan).

However, recognizing the legal relationship of the trust as borrower, the rule clarifies that your disclosure should be made to the trustees as representatives of the trust.

As a DocMagic user these configurations will take care of themselves in the programming. You can continue to enter in transactions as usual.

{{cta('2f35b06e-95f8-487a-89b1-01dcd8986dda')}}

Changes to the Closing Costs Expiration Date

The first change to the Closing Costs Expiration Date in TRID 2.0 is how many days are allowed between the issue date on the LE and the Closing Costs Expiration Date. The Closing Costs Expiration Date is the date by which your consumer must provide an Intent to Proceed to lock-in the closing cost estimates.

Under the original rule it was written in a way that limited the number of days to only allow 10-business days between your issue date and the Closing Cost Expiration Date.

The Original TRID Rule

• Only allowed 10 days between your issue date and the Closing Costs Expiration Date

This rule seems to unintentionally contradict the original GFE rules from 2010 that state the requirement had always been to be at least 10 days.

The TRID 2.0 Clarification

• Now allows at least 10-business days or more between the issue date of the LE and the Closing Costs Expiration Date.

To accommodate that change DocMagic has added a configuration option to our system to allow users to indicate the number of days they would like to use for calculating the Closing Cost Expiration Date.

Changes to the Closing Costs Expiration Date after the Initial Disclosure

The next change to the Closing Costs Expiration Date is what happens once the Initial Disclosures are finished and you're now issuing a re-disclosed LE.

The Original TRID Rule

• Once the Closing Costs Expiration Date was set that would be the date that would appear on the subsequent LE’s once the borrower had provided their Intent to Proceed

That could be confusing for borrowers because the Closing Costs Expiration Date would not update and could result in the date sometimes being in the past. For example, if you issued a disclosure on the 13th but had previously issued a Closing Costs Expiration Date with a date of the 10th.

The TRID 2.0 Clarification

• Once the borrower has provided an intent to proceed, then you would blank out your Closing Costs Expiration Date on your subsequent LEs

DocMagic users don’t need to update their configurations as this is already taken care of in the programming of our form. However, if you are not providing an Intent to Proceed date before, under the original TRID rules, you would want to do that now. If DocMagic has an Intent to Proceed date, it will blank out the Closing Costs Expiration Date. But if there’s no intent to proceed date, the Closing Costs Expiration Date would continue to appear.

Subordinate Lien Transactions

Disclosing Simultaneous Subordinate Lien Transactions

Under the original TRID rule the Cash to Close for Subordinate Lien Transactions would show large amounts, amounts that could be somewhat off putting to consumers.

The Original TRID Rule

• Cash to Close could show large amounts especially in the Sale Price

The TRID 2.0 Clarification

• The main change is to ignore Sale Price

The CFPB streamlined their rules for how to do the Cash to Close for simultaneous transactions. Users now ignore sale price both for the Cash to Close and the disclosures. There is also the option to remove any reference to a seller on these transactions.

Inside DocMagic

At DocMagic we’ve added a new data point to our model so that we know when to trigger these new rules. DocMagic online will indicate when a transaction is a simultaneous subordinate lien transaction.

{{cta('d4057ea0-b681-4ba0-b189-ac3b26499eef')}}

Construction and Construction-to-Permanent Loans

Changes made for Inspection and Handling Fees

One of the changes that the CFPB made in TRID 2.0 relates to post-consummation inspection and handling fees and how those are disclosed on the LE and CD. These are fees that would usually be collected during the period of the construction phase, for example, for multiple draws and if there is a draw fee for each, and for inspections that need to take place prior to the lender approving the draws, and there's a fee for that inspector. Those would be examples of post-consummation inspection and handling fees.

Under the original rule says these fees are not disclosed as normal closing costs like every other cost to the loan on the Loan Estimate and Closing Disclosure. Rather, they need to be disclosed to the borrower, but not as closing costs.

• Post-consummation inspection and handling fees need to be disclosed on an addendum to the LE and the CD.
• On that addendum you will see an aggregate amount of these inspection and handling fees instead of an itemized listing of each of the construction and inspection and handling fees.

Additionally, because these fees are not closing costs, it means that they won't be considered in the Cash to Close that the borrower needs to bring to the closing table.

The TRID 2.0 Clarification

• The new rule says that these costs need to be defined as loan costs

It typically refers to those costs that are in the origination charges section and in the services you can, borrower did, and cannot, and borrower did not shop for section.

On the Loan Estimate those are the charges on the left side of the form or on the CD those are the charges on the top half. It's important to note this because it means that while they're not considered closing costs and not considered in the Cash to Close calculations, they are considered in certain other disclosures, like the TRID total of payments amount. the TRID total of payments amount includes all payments of principle interest, MI, and loan costs. It also means that these charges are considered in the in-five-years calculations and they also need to be considered as finance charges.

Inside DocMagic

DocMagic is taking care of all of that for users: the disclosures, the consideration and total of payments, the consideration of in-five-years, and the consideration as a finance charge and in the APR

TRID 2.0 Changes to Construction Loans

The changes to Construction Loans relate primarily to how Appendix D requires a creditor to disclose a construction loan. There are generally two options under Appendix D that you can disclose a construction loan.

1. The amount of the advances is not known nor is the time at which those advances would take place
2. The other one is when the entire commitment amount is dispersed at closing

DocMagic follows option #1 where the amounts are not known nor is the time at which they're going to be made. So that means that you disclose the interest only payment during the construction phase as equal to the interest payment on half of the commitment amount, meaning the amount of money that's dispersed at close, or dispersed during the construction phase to the borrower. However, the construction loan agreement will indicate that the borrower, nevertheless, is required to pay interest on the amounts outstanding for the period of time they are outstanding.

The Original TRID Rule

• Under the original TRID rule you were allowed to disclose the appendix D amount and leave it at that, and that first bullet point under the original TRID rule would have referred to the first change that could have occurred but would have ignored those changes that would have occurred during the construction phase.

The TRID 2.0 Clarification

• Under TRID 2.0 you must disclose the amount based on half the commitment amount, but in the loan terms section on page one of the Loan Estimate it asks, “may this amount increase after closing”.

So, where you've got the monthly principle and interest amount, that amount would be based on half of the commitment amount. And then where you see the question, “Can this amount increase after closing?” you’ll see that we're answering, yes.

{{cta('837be7e1-d2b1-40fa-b21c-dbe9cfee9f3c')}}

Principal Reductions

Principal Reductions for a tolerance cure

A tolerance cure is where a lender has exceeded the legal limit amount that was based on the amount that they originally disclosed on the loan estimate for a charge.

At closing, if the amount exceeds the tolerance for either zero percent or the 10 percent amount, that amount must be cured. The rule requires that certain language appear on the form to indicate that the amount includes or is for amounts that exceed those legal limits.

The Original TRID Rule

• A Tolerance cure was only done through lender credits

If there was a tolerance cure you would see it at the bottom of the closing cost details and the general lender credit amount. You would see language about this amount includes X dollars that exceeds legal limits. And then that same language pretty much would also appear in the cash to close table for the total closing cost amount, as well, under the did this change disclosure.

The TRID 2.0 Clarification

• The rule recognizes that you can also provide a tolerance cure via a principle reduction.
• It also modifies the ‘did-this-change’ language that would appear in the cash to close table for total closing costs and will refer the borrower to the principle reduction language that they'll see in the summaries of transaction or in the payoffs and payments table in the alternate disclosure.

Inside DocMagic

The change requires the ‘did-this-change’ language to be different in the cash to close table when it's a principle reduction for a tolerance cure, DocMagic had to control how when that data was being entered as a tolerance cure.

Under the original TRID rule, if there was a principle reduction, you could simply type that into the summaries of transactions and you could do that with our service of DocMagic online or through your LOS.

Just simply free form in your principle reduction language and your amount into the summaries of transaction table and that would automatically adjust the cash to close in the cash to close table as well as at the bottom of the summaries of transactions. That functionality will still exist under TRID 2.0. Additionally, if you have a principle reduction that's not for a tolerance cure, you would continue to enter that principle reduction in the same way.

{{cta('52b7a2c6-f498-4c0d-8b2b-8055ef480e44')}}

Maintaining an effective Compliance Management System (CMS) entails each lender’s structured plan for meeting regulatory compliance. Developing training manuals and documents — the people, training, procedures — is just part of implementing a working CMS. It’s critical for lenders to implement automated technology solutions to ensure standardization, consistency and verifiable compliance across their entire operation. 

Electronic document generation coupled with automated compliance is key to delivering a verifiable service protecting all parties in the mortgage process. Providing a scalable and adaptable set of tools, DocMagic’s automated compliance solution allows lenders to respond quickly and easily to shifting regulatory requirements. 

What sets DocMagic apart

DocMagic’s automated compliance solution provides data validation checks and audits throughout the entire mortgage process. Maintaining an unbroken chain of electronic evidence is critical for mitigating risk and to deliver proof of compliance to auditors. 

With automated compliance integrated within a suite of digital mortgage technology, everything can be offered in one streamlined system. “Compliance automation technology supplied by a single vendor means flexibility, scalability and real efficiency of due diligence efforts,” said Dominic Iannitti, president and CEO of DocMagic.

How it works

DocMagic’s automated compliance solution consists of in-house compliance, seamless XML document preparation, the Automated Audit Engine, Loan Detail Report, an extensive library of electronic SMARTDocs, eSign, eDelivery, and eClosing technology along with integrated eNotary, eVault and SmartREGISTRY technology. 

Utilizing embedded signatures and notary tags from the start, data is audited at the loan level; including data validation, compliance review, TRID tolerance, QM/ATR, predatory lending, RESPA, GSE salability analysis and more. 

Every process, audit and data transaction is electronically tracked, logged and recorded. The eVault houses the entire audit trail, accessible at any time to support a lender’s CMS requirements. “Our certified eVault preserves the authoritative digital ownership of electronic records. This is crucial for clients looking to the future as the loan market continues to transition to a paperless process,” Iannitti said.

“We tell lenders not to settle for short-term fixes but to focus on the long term. DocMagic’s  automated compliance supports your CMS now, and readies you for digital adoption,” Iannitti said.

What Customers Say:

Customers know that at any given time, a complete audit trail can be provided to show proof of compliance. Our compliant process ensures authentication of original documents passing between owners, regardless of how many duplicate electronic files there may be of the same record. DocMagic’s eVault has been thoroughly vetted by Fannie Mae, Freddie Mac, and MERS to compliantly support eVaulting services.  And to back it up, DocMagic offers lenders an extensive set of reps and warrants backed by an insurance guarantee.

As featured by HousingWire, July 2018

A complete eClosing solution for Lenders One members to help accelerate the eMortgage journey

SALT LAKE CITY, Aug. 06, 2018 (GLOBE NEWSWIRE) -- Lenders One Cooperative, a national alliance of independent mortgage bankers, today announced the launch of Lenders One^® eClosing by DocMagic, a complete eClosing solution for borrowers, lenders and investors. The eClosing solution provides an entirely paperless workflow that integrates every component of the closing process and guides users through each step.

Launched for Lenders One members today at the Lenders One Summer Conference in Salt Lake City, Lenders One eClosing by DocMagic is evidence that eMortgages and eClosings are no longer a future-state vision. When using the solution, the average loan closing “at the table” can be reduced from 60 minutes to 15 minutes, helping to dramatically improve the borrower experience. 

The solution includes the following features:

• Integrated with all of the major LOS platforms to generate e-enabled documents.
• An embedded compliance engine that automatically audits documents and data against applicable industry laws and regulations to help ensure compliance throughout the loan lifecycle.
• eNotary technology for in-person electronic notarization or remote online notarization where permissible.
• The ability to deliver a MISMO SMARTDoc^® eNote with direct connectivity to the MERS^® eRegistry.
• A secure, certified eVault which provides long-term storage and eDelivery to warehouse banks and investors and features a date-stamped and time-stamped audit trail to help show proof of compliance at all times.

“Our eClosing technology puts Lenders One members at the forefront of the eMortgage evolution, a sought after capability made possible through our collaboration with DocMagic,” said Michael Kuentz, CEO of Lenders One. “Importantly, the eClosing solution incorporates feedback received from our members and service providers, helping ensure we address their needs. Our comprehensive eClosing solution provides our members with options to choose full eClose or hybrid eSign/ink-sign workflows. The technology adapts to the lender’s production environment and compresses the overall timeline to loan sale, generating material savings for lenders facing historically high loan production costs.”

“Effective implementation of eClosing begins with a well-defined eMortgage strategy, and by working in concert with Lenders One, we are helping originators set up their eClosing production lines at a pace, and in a manner, that is consistent with their overall business goals,” said Dominic Iannitti, President and CEO of DocMagic. “The deep working relationships that Lenders One has established with its members are critical, and through our combined strength we are accelerating the eMortgage journey for progressive lenders nationwide.”

About Lenders One^® Cooperative 
Lenders One (LendersOne.com) was established in 2000 as a national alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products and services. Participants on the Lenders One platform originated approximately $270 billion of mortgages during 2017, collectively ranking as one of the largest retail mortgage entities in the U.S. Lenders One is managed by a subsidiary of Altisource Portfolio Solutions S.A.

About DocMagic 
DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, compliance, eSign, eDelivery and comprehensive eMortgage services 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, visit www.DocMagic.com

About Altisource^®

Altisource Portfolio Solutions, S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at altisource.com.

We were thrilled that a few of our women executives got to be a part of a worthy charity effort in Dallas, TX last month. DocMagic joined other mortgage industry technology providers Credit Plus, Home Captain and Snapdocs as key benefactors in a charity effort that raised $1,500 for Girls Inc. of Metropolitan Dallas. Tanya Brennan, eMortgage Product Manager, and Lori Johnson,  Director of Client Services, were in town to attend the networking party at Hotel ZaZa in uptown Dallas and were happy to collaborate in sponsoring a Girls Inc. wish list containing games and craft supplies totaling $1,500. Read Full Press Release

DocMagic is excited to report that CEO Dominic Iannitti was recognized with the 2018 ‘Innovation Award’ at October Research’s 14th annual National Settlement Services Summit (NS3).  Now in its 7^th year, October Research presents three awards for excellence in leadership, innovation, and philanthropy.

Iannitti won the award for his hands-on development and launch of DocMagic’s SmartCLOSE™ collaborative closing platform, along with the success of its Total eClose™ solution for comprehensive, 100% paperless eClosings.  He was also credited with helping drive the early adoption of eSign technology in the mortgage industry in an effort to eliminate the use of paper and create new lending efficiencies.  In January of this year, DocMagic hit a company milestone with its proprietary eSign technology, surpassing 300 million electronic signatures.

Iannitti credits winning the Innovation Award to the hard work and dedication of DocMagic’s highly passionate and talented employees.

October Research CEO and Publisher Erica Meyer, who presented the awards, stated: “The October Research Awards are given to those nominated by their colleagues for excellence in leadership, innovation and philanthropy. Over the seven years we have been presenting these awards, the industry has continued to evolve and grow, and there are so many talented individuals who deserve recognition.”

Details on the awards as well as past winner can be found here: https://www.thetitlereport.com/Articles/NS3-Industry-stars-earn-OR-awards-73335.aspx 

October Research is the publisher of five premium market intelligence publications, which includes: The Title Report, The Legal Description, Dodd-Frank Update, RESPA News, and Valuation Review.

Mutual customers get seamless access to SmartCLOSE™ to share closing information in real-time

MOUNT LAUREL, N.J. and TORRANCE, Calif.  – KeyStoneB2B, the fintech solution that delivers competitive advantages for financial services leaders, and DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, today announced a partnership to provide DocMagic’s SmartCLOSE™ through the KeyStoneB2B platform. This partnership enables mortgage lenders and settlement service agents using the KeyStoneB2B platform to connect seamlessly to SmartCLOSE, a central portal for sharing and collaborating on documents, data and fees. DocMagic’s GSE-certified solution satisfies every phase of the entire Uniform Closing Dataset (UCD) mandate.

Assuring accuracy and consistency in loan data, documents and fees prior to closing has traditionally been a big challenge for lenders, due not only to the large amount of information being passed back and forth between lenders and numerous settlement service providers, but also to the amount of times the information contained in the file changes.

“Loan information changes on a moment to moment basis, and without a central system of record, lender compliance relies on multiple parties involved in the transaction, and their ability to proactively connect with each other to reconcile data, fees and information,” said Dominic Iannitti, CEO of DocMagic. “With the amount of detail and the number of people involved, it’s almost impossible to achieve completely accurate and consistent information unless there’s a single system of record.” 

“Now that our lender customers have seamless access to SmartCLOSE, they and their settlement service providers can establish an accurate, always-updated single system of record, which will save them a lot of time and prevent a lot of potentially costly errors and inconsistencies,” said James V. Luisi, chief information officer and chief technology officer for KeyStoneB2B. “Plus, they benefit from a host of other features, not the least of which is compliance with the GSEs’ UCD mandate prior to its June deadline.”

In addition to its function as a collaboration hub, SmartCLOSE can also be used to generate and deliver GSE-certified UCD (Uniform Closing Dataset)-compliant files to Fannie Mae and Freddie Mac, prior to the GSEs’ June deadline. According to an announcement by Fannie Mae and Freddie Mac, file submissions that are not UCD-compliant no longer result in a warning, but rather will be escalated to critical or fatal severity and not be accepted in either GSEs’ delivery system as of June 25, 2018.

Other SmartCLOSE benefits include:

• Synchronized collaborative workflow
• Real-time chat and instant messaging
• Continuous compliance and TRID tolerance monitoring
• Automated event and audit logging
• Bi-directional integration with leading Loan Origination Systems
• Integrated eDelivery of borrower disclosures
• Certified MISMO 3.3 compliant XML data and document exchange
• Captures the required borrower and seller data information for
• Embedded XML Closing Disclosure (CD)

 “Quality, compliance and efficiency are top concerns of most lenders and also three of the top benefits of an electronic process,” said Dominic Iannitti, president and CEO of DocMagic, Inc. “Together with companies like KeyStoneB2B, DocMagic is showing lenders not only how easy it is to attain these three components, but also how cost-effective it is as well.”

 To schedule a demo of the KeyStoneB2B and DocMagic’s SmartCLOSE solution, email Morell.Maison@KeyStoneB2B.us or call 561.614.5935.

About DocMagic:

DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, compliance, eSign, eDelivery and comprehensive eMortgage services 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, visit www.DocMagic.com.

About KeyStoneB2B:

KeyStoneB2B is an advanced fintech solution with lending process automation that elevates the competitive advantage for financial services leaders. Based on 30+ years of industry and IT expertise, KeyStoneB2B is a robust communications, command and control order management platform that simplifies and speeds the mortgage lending process from months to days. KeyStoneB2B optimizes mortgage servicing, real estate financing and processes for title, appraisal, credit, verification, flood determination, automated valuation models, real estate owned products and more. The technology can be white-labeled offering lenders white-glove service for greater productivity and cost management. Learn more at www.KeyStoneB2B.us.

Integration provides borrowers with a digital mortgage process from POS through closing

TORRANCE, Calif., June 5, 2018  — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, and MortgageHippo, a Fintech-driven digital lending platform, announced a seamless eSign integration between their two platforms.

This integration enables MortgageHippo’s lender customers to provide borrowers with the ability to electronically sign documents at any stage of the mortgage process, from point-of-sale to closing. eSignatures eliminate the time constraints and accessibility limitations of manual signatures, thus providing lenders with a faster mortgage process and reduced origination costs. The eSignature process that MortgageHippo provides via DocMagic is as legal and valid as a manual process using printed and wet signed documents.

MortgageHippo provides mortgage lenders with a comprehensive suite of white-labeled web and mobile-ready products that enable a modern, efficient, secure and fully online borrower experience from the point-of-sale to closing.

Lenders can order disclosures directly from their loan origination systems (LOS), most of which are already integrated with DocMagic. MortgageHippo then provides eDelivery of the disclosures to the consumer via the MortgageHippo borrower portal for compliant eSigning using DocMagic’s eSign technology. This service is available for initial disclosures, Loan Estimates (LE), Closing Disclosures (CD) and closing documents.

“If lenders want to stay competitive, they need the tools to satisfy borrowers’ growing appetite for an easy and robust digital experience,” said Joe Dahleen, EVP and CSO at MortgageHippo. “MortgageHippo’s integration with DocMagic allows us to provide those tools to lenders by offering eSignature capability throughout the entire mortgage process.”

“We are pleased to partner with MortgageHippo and offer our mutual lender clients a strong digital mortgage point-of-sale solution that integrates tightly with our platform and LOS partners,” said Steve Ribultan, director of business development at DocMagic. “Integrating with MortgageHippo is yet another step that DocMagic is taking to deliver on the promise of achieving a truly paperless digital mortgage process.”

About DocMagic:
DocMagic, Inc. is the 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 https://www.docmagic.com/.

About MortgageHippo: 
MortgageHippo works with lenders to devise and implement their digital mortgage strategies using its borrower-centric digital lending platform. The MortgageHippo platform allows lenders to deliver a modern borrowing experience, improve borrower conversions, significantly reduce origination costs and integrate with other innovative technologies. MortgageHippo’s platform is fully customizable to lender preferences and configurable to lenders’ workflows and processes. For more information, visit http://www.mortgagehippo.com.

TORRANCE, Calif., May 29, 2018 — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that on Thursday, May 24, Red Noses can still be purchased from Walgreens retail outlets through June 2, 2018 in support of the fundraising campaign.

Red Nose Day is a fundraising campaign run by the non-profit organization Comic Relief Inc., a registered U.S. 501(c)(3) public charity. In 2015, Red Nose Day officially launched in the U.S. with a mission to bring people together to have fun, raise money, create awareness and help change the lives of children living in poverty. Globally, the event has raised over $1 billion since its launch in the U.K. in 1988.

“We want to continually give back to our community and those in need, and celebrating Red Nose Day is a very fun and novel way to do it while helping impoverished children,” stated Dominic Iannitti, president and CEO of DocMagic. “Our employees were excited to participate and had a blast doing it. We even had some of our staff at a mortgage banking conference in New York wearing red noses in our booth on the trade show floor, helping spread the word.”

Pictures of DocMagic employees supporting Red Nose Day can be found on the company’s Facebook page and a video can be found on YouTube.

The official event was televised by NBC on Thursday, May 24 at 7 p.m. PDT. A number of different celebrities and comedians showed to support Red Nose Day, which included Julia Roberts, Jack Black, Jennifer Garner, Kelly Clarkson, Ben Stiller, Sarah Silverman and Marlon Wayans, to name a few.

DocMagic also participates in other charitable events and community service activities throughout the year. The company has delivered thousands of its ‘Sergeant Doc’ themed bunnies to the children of military service members. Plans are currently underway for additional giveaways to various charities and causes this summer.

About DocMagic:
DocMagic, Inc. is the 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 https://www.docmagic.com/.

DocMagic Social Media:
Facebook pictures of Red Nose Day at DocMagic: https://www.facebook.com/pg/docmagicinc/photos/?tab=album&album_id=10156299367749898

Twitter: @DocMagic #RedNoseDay2018 #RedNoseDay2018 #RedNoseDayNBC #walgreens #docmagic @RedNoseDayUSA

About Red Nose Day: 
Red Nose Day is a fundraising campaign run by the non-profit organization Comic Relief Inc., a registered U.S. 501(c)(3) public charity. Red Nose Day started in the U.K., built on the foundation that the power of entertainment can drive positive change, and has raised over $1 billion globally since the campaign’s founding in 1988. Red Nose Day launched in the U.S. in 2015 with a mission to raise money and awareness to end child poverty, and has raised over $95 million to date for the cause. Money raised goes to the Red Nose Day Fund, which supports programs that keep children in need safe, healthy and educated, both in America and abroad.

Beneficiaries include the Boys & Girls Clubs of America; charity: water; Children’s Health Fund; Covenant House; Feeding America; Gavi, the Vaccine Alliance; Laureus Sport for Good; National Council of La Raza; Oxfam America; Rotary/End Polio Now; Save the Children; and The Global Fund. Since launching in the U.S., Red Nose Day has received generous support from millions of Americans, hundreds of celebrities and many outstanding partners, including Walgreens, NBC, Mars, and the Bill & Melinda Gates Foundation. For more information, visit the Red Nose Day website at www.rednoseday.org. Follow @RedNoseDayUSA on Twitter and Instagram, and on Facebook at https://www.facebook.com/RedNoseDayUSA.

Borrowers can have a 10-minute closing appointment when reviewing and electronically signing documents in advance

DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that retail mortgage lender Guaranteed Rate can now cut closing time by electronically signing mortgage closing documents in advance.

Guaranteed Rate has branded the solution FlashClose, which allows customers to opt-in, review and complete most documents in advance of the notary arriving, saving an hour or more at the closing table – with some averaging a mere 10-minute appointment to provide inked signatures.

“Guaranteed Rate is always looking for ways to simplify the process using innovative technology to enhance the customer experience,” says Jim Hettinger, executive vice president of operations for Guaranteed Rate. “With the successful launch of FlashClose, powered through our partner DocMagic, this tool adds speed, convenience and accuracy to the closing process.”

“Guaranteed Rate is a leader in mortgage technology innovation and collaborating with them on this project has created a solid hybrid eClosing approach that saves a lot of time for both borrowers and closing agents,” stated Dominic Iannitti, president and CEO at DocMagic. “The fashion in which Guaranteed Rate is leveraging our technology has resulted in the successful adoption of a sound, compliant, secure hybrid eClosing that is unique to their retail lending business strategy.”

Of note is that DocMagic offers a comprehensive eClosing solution called Total eClose™ that delivers fully paperless closings from start to finish. DocMagic’s proprietary eSign platform is a component of Total eClose and can be accessed and implemented by lenders to help automate the closing process.

For more information about FlashClose, visit https://www.guaranteedrate.com/flashclose.

About DocMagic:
DocMagic, Inc. is the 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  https://www.docmagic.com/.

About Guaranteed Rate:
Guaranteed Rate is one of the largest retail mortgage lenders in the United States. Headquartered in Chicago, the company has approximately 210 offices across the U.S. and Washington, D.C., and is licensed in all 50 states. Since its founding in 2000, Guaranteed Rate has helped hundreds of thousands of homeowners with home purchase loans and refinances and funded nearly $19 billion in loans in 2017 alone. The company has become the Home Purchase Experts® by introducing the world’s first Digital Mortgage technology and offering low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service.

Guaranteed Rate won an American Business Award for its Digital Mortgage technology in 2016, ranked No. 1 in Scotsman Guide’s Top Mortgage Lenders 2016, was chosen as Top Lender 2016 and 2017 by Chicago Agent magazine, made the Chicago Tribune’s Top Workplaces list seven of the past eight years, and was named Best Overall Online Lender and Best Lender for FHA Refinance by NerdWallet in 2018. Visit https://www.guaranteedrate.com/ for more information.

DocMagic was again recognized as a ‘Top Mortgage Employer’ by National Mortgage Professional magazine (NMP) for 2018. DocMagic was one of only ten companies to be included in the Services Providers category.   

NMP arrived at the winners by polling its readers about their employers based on the following criteria: corporate culture; compensation; day-to-day management; internal communications; marketing; training; resources; long-term strategy; ingenuity; speed; technology; reputation; and industry participation.

NMP magazine is one of the mortgage industry’s leading go-to sources for extensive news coverage for mortgages, origination, compliance, secondary marketing, servicing, settlement, technology, trending, and more. 

Visit NMP’s website here: https://nationalmortgageprofessional.com/