Compliance Newsletter - August 2022
96
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Committing to excellence with our Sub-Second Directive
One of DocMagic's primary goals is building technology to help lenders close loans faster. State-of-the-art software solutions enable modern and agile lending, automate workflows, and increase speed to market.
To do this, we sweat every detail. On a granular level, we trim time from every operation our systems perform, even as we continue to add updates and enhancements. This balancing act—increasing the number of operations performed by our technology while at the same time ensuring every processing operation is completed in under one second— is what we call the Sub-Second Directive (SSD).
See it in action:
DocMagic employs an extensive monitoring system which utilizes multiple strategies in tandem to create a comprehensive, up-to-the-moment picture of the health of our processing systems. The foundation of the monitoring system consists of over 3,000 service and application checks. (Real-time processing metrics are available on our System Status Dashboard: https://www.docmagic.com/webservices/status/main.jsp). The SSD analyzes these metrics to identify those processes that have an execution time in excess of one second.
Continuously meeting the challenge:
DocMagic’s Infrastructure and Software Development teams collaborate to re-architect any process not meeting our sub-second standards. Some of the ways we meet this challenge is through infrastructure improvements, the migration of applications to a microservice architecture, and code optimization. We also identify linear processes that could be refactored to execute in parallel to reduce the time.
Giving our customers optimized solutions that deliver faster and better results gives them an advantage over their competition, positioning them to handle any mortgage market. To find out more about how our focus on innovation can help you to achieve your objectives, visit docmagic.com.
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Loan Detail Report Product Training
Loan Detail Report
Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating Loan Detail Report.
If you have any further questions, you can download the FAQ Page. This Loan Detail Report at-a-glance provides you with answers to many common questions about Loan Detail Report.
Click on the Binoculars Icon to access very special Bonus Material for this product!
If you still need help, click on the Customer Service button to schedule a call with one of our trained professionals.
US House Passes The Secure Notarization Act
On Wednesday July 27th, the United States House passed the “Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2022”, also called the “SECURE Notarization Act”, by a vote of 336 in favor to 90 against. The SECURE Notarization Act would immediately grant remote notarization abilities to all commissioned notaries in the United States, subject to additional state requirements where those exist. The Act has not yet been passed by the Senate which has introduced its own companion bill that currently remains in committee review.
Notary laws enacted throughout the United States before the proliferation of communication technology required the “personal appearance” of a signer before a notary, often requiring a “physical presence” within a certain distance of each other. The SECURE Notarization Act would achieve its purpose by immediately authorizing all commissioned notaries to conduct a notarization with a “remotely located individual” which still requires the personal appearance before the notary of the signer but allows it to be accomplished through the use of “communication technology.” The Act also modifies any state law requiring physical presence to now be satisfied through the use of communication technology.
As is now common with remote notarization authorizing statutes, the SECURE Notarization Act establishes minimum identification requirements on the notarization, including:
- Personal knowledge of the signer
- Proof of the signer’s identity by oath or affirmation of a credible witness
- Completion of at least two forms of identity proofing using information obtained from public and private sources, such as a knowledge-based assessment.
The Act also requires that a recording of the notarization be made and stored by the notary in an electronic journal for at least 5 years if a state has a shorter requirement or at least 10 years if there is no state rule.
While the Act would immediately authorize commissioned notaries to conduct notarizations with remotely located individuals, it would not prevent states from enacting additional requirements, including requiring a separate application or approval by the state. However, states are preempted from enacting laws which directly contradict the federal authorization to conduct a notarization with a remotely located individual or outside the physical presence of the signer. The Act would also require all states to recognize the validity of notarizations validly completed under the laws of any other state or the Act.
Senate Bill 1625, which is the senate’s version of this bill with the same name, remains pending in the Senate, as we last discussed here. DocMagic will continue to monitor developments both at the federal and state level and provide updates to our documents and systems as necessary to enable our customers to easily adopt electronic closings.
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FEDERAL AGENCIES ISSUE UPDATED INTERAGENCY FLOOD INSURANCE Q&AS
The Office of the Comptroller of the Currency (“OCC”), Board of Governors of the Federal Reserve System (“Board”), Federal Deposit Insurance Corporation (“FDIC”), Farm Credit Administration (“FCA”), and National Credit Union Administration (“NCUA”) (collectively, the “Agencies”) recently issued revised and expanded interagency questions and answers (“Q&As”) regarding federal flood insurance laws.
The guidance, titled Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance, covers major amendments to federal flood insurance laws with regard to the escrow of flood insurance premiums, the detached structure exemption, force placement procedures and the acceptance of flood insurance policies issued by private insurers.
The new released Q&As consolidation and supersede the sets of Q&As released by the Agencies in July 2020 and March 2021 which addressed changes to flood insurance requirements under the Biggert-Waters Flood Insurance Reform Act and the Homeowner Flood Insurance Affordability Act. In addition to expanded guidance, the new Q&As are reorganized for easier reference.
It should be noted that the Agencies state the new Q&As are provided only as “guidance” under the regulations and applies to both the National Flood Insurance Program and private flood insurance.
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SmartREGISTRY Product Training
DocMagic's SmartREGISTRY platform enables holders of eNotes to securely transfer these electronic documents to other eVault systems, such as those used by investors, conduit aggregators and servicers. Ultimately, it facilitates real-time access, delivery, storage and much needed control of electronic loan files.
Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating SmartREGISTRY.
Click on the Wrench Icon to access very helpful Hacks for this product!
Click on the Binoculars Icon to access very special Bonus Material for this product!
If you still need help, click on the Customer Service button to schedule a call with one of our trained professionals.
Mortgage Director Product Training
Mortgage Director offers mortgage professionals the ability to originate loan docs and is one of many LOS systems that works seamlessly with DocMagic’s exclusive, proprietary Direct Integration.
Don't get charged multiple times for the same package. Click here.
Click on the download button for an in-depth PDF Guide designed to provide you with step-by-step instructions for navigating Mortgage Director.
If you have any further questions, you can download the FAQ Page. This Mortgage Director at-a-glance provides you with answers to many common questions about Mortgage Director.
If you still need help, click on the Customer Service button to schedule a call with one of our trained professionals.
Compliance Newsletter - August 2022
96
DocMagic
NMP Selects DocMagic Chief eServices Executive Brian D. Pannell for 2022 Most Connected Mortgage Professionals Award
Brian D. Pannell, DocMagic’s chief eServices executive, has been recognized by National Mortgage Professional (NMP) magazine as one of the most connected mortgage professionals within the industry for 2022.
NMP states that people named to the annual list are successful, well-connected, and powerful networkers and influencers who are completely dedicated to the mortgage industry. The award assesses the degree of connectivity winners have within the mortgage industry. Specifically, nominees are evaluated based on the extent to which they have leveraged social media platforms to successfully collaborate with industry colleagues, share ideas, promote positive news and events, and evangelize for the good of the industry.
“I am honored that the judges at NMP have selected me for this award,” stated Pannell. “Being recognized as ’connected’ is a reflection of how industry peers perceive the value of our insights and the contributions we make in our respective areas to consistently serve as trusted sources of guidance, information and leadership. At DocMagic, our clients rely on our deep subject-matter expertise and I’m proud to be able to share my experience and insights to help advance the lending process.”
Amid an ever-evolving mortgage market and technology landscape, NMP’s Most Connected winners stand out from their peers as thought leaders and influencers providing analysis, assessment and guidance to help mortgage industry participants better understand how to adapt and change to successfully compete in today’s market.
Pannell was applauded by his peers and NMP’s judges as a subject matter expert and leader on eSignings, eNotarizations, eClosings, eNotes, eVaults, eWarehouses, and more. He has helped countless lenders, banks, servicers, technology providers, GSEs and others understand the immense value of going “e.” He is passionate about sharing the benefits of eMortgage adoption through his industry contacts, affiliations with industry associations and conferences, the mortgage industry media, and through the personal connectivity that social media provides.
The complete list of 2022 Most Connected award winners can be found in the July edition of NMP’s digital magazine. https://nationalmortgageprofessional.com/magazine/nmp-magazine/40-year-old-virgin-mortgage/digital-edition
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DocMagic makes loan documents ADA accessible
What is ADA accessibility and why is it important?
Much of modern lending technology is designed to give consumers the convenience to access loan documents in the ways that work best for them. Accessibility for people with disabilities is even more crucial, giving them access to key services, more independence, and connection with others. By making our loan documents accessible to visually impaired users and others with disabilities, we are ensuring that these users are able to easily access, and participate in, the loan process.
How we're making documents more accessible
By embedding accessible PDF tags within our documents, visually or physically impaired users can now have them read by a compatible device known as a screen reader. A screen reader uses a Text-To-Speech (TTS) engine to translate on-screen information into speech, which can be heard through earphones or speakers.
DocMagic’s embedded PDF tags convey key information to the screen reader so that it can provide the user with the best possible experience. The tags include alternate text for every image along with specific semantic instructions designed to make all text readable and understandable. The tags also define the reading order, identifying how specific text like titles, headings, tables, and other elements in loan documents should be read to clarify and enhance the user’s understanding. DocMagic has also added preset bookmarks in loan documents that allow users to skip around the document without having to hear its full contents.
Ultimately, by providing accessible loan documents in alignment with Web Content Accessibility Guidelines (WCAG) standards, DocMagic is giving our customers the opportunity to serve a wider array of users and allowing those users to participate more fully in the mortgage process.
Please contact our sales team if you're ready to learn more about DocMagic's ADA capabilities for your organization.
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