DocMagic supplies its signature pink slippers at a breast cancer awareness event and blood drive to assist cancer patients and local hospitals

TORRANCE, Calif., Oct. 9, 2018—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that it has donated a shipment of its popular custom-made pink bunny slippers, which will be handed out at a blood drive event for Breast Cancer Awareness Month. Twenty percent of all donated blood will be given to cancer treatment and research.

The upcoming event is being hosted by Golden Heart LA, a non-profit organization dedicated to helping children who suffer from life-threatening diseases or disabilities, and IET Capital, a real estate financing firm. Hundreds of the soft, fuzzy slippers will be on hand; anyone who participates in the event is welcome to a pair as part of the fun spirited giveaway.

Founded in 1987 by Dominic Iannitti, DocMagic has had a long-time mascot named “Doc,” a bunny that has become a recognizable part of DocMagic’s brand within the mortgage industry. In 2016, the bunny slippers were officially introduced and handed out at a mortgage technology convention where they ended up being in surprisingly high demand. Over the years the slippers have grown in popularity.

“I was at a mortgage trade show and was asked by a cancer survivor if she could have a pair for a friend going through chemo and that’s what spawned the idea to donate them to worthy causes,” stated Margaret Wendt,” a strategic business advisor and consultant for DocMagic. “Given that it is Breast Cancer Awareness Month, we wanted to offer participants, donors and volunteers at this important blood drive something fun to take home. If the pink slippers bring a simple smile to someone’s face, then it’s a win in our book.”

Incidentally, IET Capital, a sponsor of the event, happens to be a mortgage originator and an actual end user of DocMagic’s loan document preparation software, which is a widely utilized technology in the mortgage banking industry.

Event Details

• What: a dual-purpose event to support Breast Cancer Awareness month and donate blood
• When: Saturday, October 13th
• Time: 10 a.m. - 3 p.m. PDT
• Location: 8056 Telegraph Road, Suite A in Downey, CA 90240 - inside the Bloodmobile

LifeStream says that it is proud to join local and national organizations to increase breast cancer awareness. To make a contribution or donate blood, people can show up at the event or contact LifeStream to make an appointment at 800-879-4484 or visit their website https://www.lstream.org/expresspass. For financial contributions, go to https://www.lstream.org/financial-gifts/.

To learn more about breast cancer, visit https://www.breastcancer.org/, which is a non-profit organization dedicated to providing the most reliable, complete, and up-to-date information about breast cancer.

Golden Heart LA can be found on Instagram @goldenheartla and IET Capital’s website is https://ietcapital.com/.

MBA and ALTA are collaborating to make it easier for states to accept remote online notarizations

NEWPORT BEACH, Calif., Sept. 27, 2018—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, and NotaryCam the leader in online notarization solutions, announced an integration that eliminates the need to wet-sign loan documents in the physical presence of a notary by allowing loan documents to be quickly and compliantly eNotarized online.

The integration works inside Total eClose™, DocMagic’s comprehensive end-to-end eClosing solution. It allows customers to initiate eNotarizations using NotaryCam’s remote service with just a few clicks, thus extending the convenience of a fully online eClosing experience through notarization – the final step in loan closing — without any hard stops or papering out.

“More and more states are permitting remote online notarization and as they do, we can expect to see consumer demand and expectation for remote eNotarizations to grow,” said Dominic Iannitti, president and CEO of DocMagic. “This integration allows DocMagic customers to meet consumer demand without any delays, which is a big part of our value proposition for all DocMagic products.”

The Mortgage Bankers Association has been collaborating with the American Land Title Association (ALTA) to prepare model legislation that would provide a framework for any state to adopt remote online notarization processes.

“Mortgage eClosings have progressed incrementally, and both DocMagic and NotaryCam have been pioneers and champions in the adoption the industry has achieved—so this integration is a natural fit,” said Rick Triola, founder and CEO of NotaryCam. “Our companies are very similar in what we deliver: the industry’s most flexible and customer-friendly experiences, backed by unfaltering accuracy, data integrity and compliance. We are looking forward to moving the industry forward, together.”

Prior to the addition of NotaryCam, DocMagic’s Total eClose solution supported eNotarizations by leveraging in-person notaries equipped with electronic notary signing technology, which it will continue to offer in addition to remote online notarizations, where permitted. Both DocMagic and NotaryCam are approved eMortgage technology vendors with the GSEs, having passed an extensive approval process.

Technology to validate data, assure quality and compliance for all pre-funded home loans

TORRANCE, Calif., Sept. 18, 2018—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced today that Freddie Mac has implemented its SaaS-based eVault technology and SmartREGISTRY™ platform.

DocMagic’s eVault provides a secure electronic repository for storing documents and performing automated eNote certification to Freddie Mac eMortgage lenders via Loan Selling Advisor®. By automating the eNote certification process, Freddie Mac will speed the funding process, thereby improving liquidity in the mortgage markets and reducing lender’s warehouse line costs.

“Freddie Mac is committed to streamlining the mortgage process for lenders and borrowers, and has been a leader in purchasing eMortgages since 2006,” said Andy Higgenbotham, Freddie Mac’s Single Family Chief Operating Office. “We rolled out our automated certification process in 2015 to speed up the funding process, thereby improving liquidity in the mortgage markets and reducing lender’s warehouse line costs. We are now expanding this process to include the DocMagic platform.”

DocMagic’s eVault provides safe and secure storage for sensitive loan documents. It also automatically parses and validates data in a SmartDoc eNote against data in the user’s core system of record. Additionally, 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.

“Freddie Mac has been a long-time visionary and champion of eMortgages over the years and has made great strides with their unwavering commitment to automation across the supply chain,” stated Dominic Iannitti, president and CEO at DocMagic. “Now, with the successful rollout of SmartDoc eNote data validation prior to funding, this demonstrates the advantages and a clear-cut ROI of going completely ‘e.’ We look forward to ongoing collaboration with Freddie Mac and to further adoption of the digital mortgage process.”

Notable is that that Freddie Mac encourages the use of ‘SMART’ (securable, manageable, archivable, retrievable, transferable) eNotes because static documents do not contain source data, and thus make it difficult, costly and time consuming to confirm the data on documents match.

DocMagic established a process that guides lenders on how to begin using SmartDoc eNotes. The company’s eVault technology is integrated with its Total eClose™ platform, which is a comprehensive eClosing solution that creates a 100 percent paperless digital mortgage process — from origination through eClosing, eWarehouse lending, investor eDelivery and eServicing.

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 www.docmagic.com.

Heading to Las Vegas for the Digital Mortgage Conference?

Whatever your unique business model, we can help you prepare for your next generation of buyers! Our suite of technology solutions advances the mortgage process at every stage, improving the experience for lenders and settlement service providers with:

• An extensive eDocument Library plus eSignature technology
• MISMO category one compliant SMARTDoc® eNotes
• eNotary Technology for all 50 states
• Direct connectivity with MERS® eRegistry
• An irrefutable Audit Trail for proof of compliance
• A secure, certified eVault
• An Investor eDelivery channel

We'll be at kiosk #318, ready to support your eMortgage process. Book some time directly to your calendar!

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

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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.