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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• FHA ANNOUNCES 40-YEAR LOAN MODIFICATION OPTION (6/3/2022)

• GSEs Announce Updates to Selling Guide (3/8/2022)

DocMagic’s president and CEO, Dominic Iannitti, has been selected by Mortgage Banker magazine as a 2022 Legends of Lending award recipient.

DocMagic’s president and CEO, Dominic Iannitti, has been selected by Mortgage Banker magazine as a 2022 Legends of Lending award recipient. The Legends of Lending award evaluates the most talented and ambitious individuals in the mortgage industry with longtime industry contributions. The inaugural class is comprised of executives who have made an extraordinary impact over the course of their careers and highlights each winner on a personal level.

Nominees were evaluated based on the significant contributions they have made to the industry along with significant accomplishments and leadership characteristics.

 “I am truly honored to win an award that acknowledges the achievements of industry leaders throughout their careers, and I thank the judges at Mortgage Banker magazine for the time they took to review the many nominations received,” stated Iannitti. “There is something truly special about being recognized for making a difference across an entire industry. I humbly accept this distinguished award and congratulate each of this year’s winners.”

Mr. Iannitti founded DocMagic in 1987 and has since grown the company into one of the industry’s most dominant fintech providers. Under Iannitti’s leadership, the award-winning software firm has developed high-impact digital mortgage solutions that lead the industry in innovation and early adoption. He is committed to digitizing critical areas of the mortgage process and has created many of the solutions required to facilitate an end-to-end paperless eMortgage.

DocMagic’s ongoing success is, in part, attributed to Dominic’s long-term vision, passion for innovation, and nimble leadership style. He has helped tackle some of the industry’s most pressing problems, bringing all of the necessary members of the supply chain together to collaborate on issues and arrive at solutions.

Iannitti has earned over 100 awards and accolades over the course of his mortgage career. He is a well-known figure in the industry and has a reputation for his unwavering dedication and energy to moving the industry forward through creativity and digitization.

The complete list of Mortgage Banker magazine’s inaugural Legends of Lending class can be found by accessing the digital edition, which includes a one-on-one Q&A interview with each winner: https://nationalmortgageprofessional.com/magazine/mortgage-banker-magazine/legends-lending/digital-edition

Related Content:

• PROGRESS in Lending Names DocMagic’s Director of Client Services to 2022 Most Powerful Women in Fintech List (5/19/2022)

• HousingWire Names DocMagic One of the Top 100 Most Innovative Mortgage Companies for 2022 (3/9/2022)

• DocMagic’s Michael Morford recognized with 2021 Tech Thought Leader Award (12/20/2021)

Nearly 20 years after the federal government made it legal to transact business electronically, COVID sent the mortgage industry into high gear. In the space of just a couple of years, adoption of eClosings skyrocketed. Now, we’re seeing a similar increase in the adoption of eNotes.

Even so, many lenders still have questions about eNotes and how they can be integrated into their eClosing process. As things are changing quickly in this part of the business, we provide this useful collection of FAQs.

Q: What’s driving the increase in lender adoption of eNotes?

A: As more lenders move into digital closings, competitors must keep pace. Others are attracted to the idea of fewer errors in the files transferred between third parties, such as title partners and mortgage servicers. Still others are ready to see fewer closing conditions on their files and the ability to clear warehouse lines faster. Finally, lenders are finding that they can re-task employees in their post-closing departments because they don’t need that department to be so large.

Lenders are seeing lower costs -- nearly $450 less per loan for some lenders -- and faster turn times with eNotes.

Q: How are lenders seeing their staffing changing after adopting eNotes?

A: Lenders are going on the record, saying that prior to eNotes a good post-closing department would employ more than 20 staff members. After eNote, they can do the same amount of work with 2 or 3 people in the department. One lender told us recently that a post-closing department staffed by two professionals is now handling seven hundred closed loans months.

Q: How are investor relations changing with eNotes?

A: So many of the problems lenders and investors have faced together simply go away with eNotes. These documents never get lost, they never get incorrectly signed or dated and they can be delivered to the investor instantaneously. If a note must be corrected, there is no need to find the old paper document and invalidate it. The record is changed and the old note is no longer a part of the deal.

This is why so many investors are lining up to buy eNotes, including Wells Fargo, Chase, Mr. Cooper, PennyMac, and of course Fannie Mae and Freddie Mac. As you can see from this online list, companies are lining up to accept eNotes!

Q: How are warehouse lenders dealing with these changes?

A: Initially, warehouse lenders were wary as the industry was unsure of the ultimate impacts these changes would have -- reduced cycle times for loan originators can potentially reduce revenue under warehouse lenders’ pricing structure. But loan originators are telling us today that warehouse lenders are dealing effectively with the changes eNotes have brought to the business.

And not all of the changes have been negative. It’s virtually impossible with eNotes for the warehouse lender to get doubled noted, so their risk is lower.

Q: What do regulators think about eNotes?

A: Federal regulators, including the CFPB, have been active proponents of both eClosings and eNotes for some time now. They understand that this is a better process and that it’s better for consumers.

They view electronic notes as a much more secure, compliant element of the mortgage process. They’re right. The eNote has eliminated all of the risk in that process. So, they are embracing it.

Q: What impact does eNotarization have on the lender’s transition to eNotes?

A: None at all. There is no notarization required on mortgage notes. Whether the other documents are notarized electronically or even remotely has no impact on the creation of an eNote.

In fact, you can still be closing with a hybrid process, where some of the documents are still wet-signed and notarized on site and still produce and sell an eNote for that transaction.

Q: What is the best technology for eNotes?

A: Lenders who are using DocMagic for eClosing with eNotes are calling it “shockingly easy.” Everything the lender needs is included, but third-party tools are already integrated into the process. Lenders can set up their eClosing environments and start generating eNotes for borrowers in all 50 states in as few as three days.

Q: What’s the ROI for eNote adoption?

A: Lenders are having trouble calculating the ROI because the numbers are very large. Given the low costs involved in setting up the eClosing environment and the significant cost savings that accrue to the lender immediately afterward, some lenders are telling us that they have recouped their initial investment in 15 days and estimate their return after six months of operation to be in excess of 1000%.

This is a significant evolution in the loan origination process and lenders who embrace it are seeing significant ROI very quickly.

Have additional questions? We’re here to answer them. Reach out to us today and find out how you can be selling eNotes by next week.

Related Content:

• Industry Investors and Warehouse Lenders Supporting Origination of eNotes (4/22/2022)

• SimpleNexus enables fully digital loan closings with DocMagic’s eVault, eNote tech (9/29/2021)

• Ask the eClosing Team: Why are eNotes better than paper notes? (and other burning questions) (8/18/2021)

Gavin T. Ales, DocMagic’s chief compliance officer, has been named a Next Gen Leader for 2022 by PROGRESS in Lending.

The NextGen Leader award highlights rising visionaries and thought leaders that have been in the mortgage industry for 15 years or less. PROGRESS in Lending selects winners from a wide range of mortgage professionals with diverse skill sets that have one commonality: helping their companies make a difference for the good of the industry. Award winners are creative, out-of-the-box thinkers who go beyond what’s expected, and consistently offer bold new ideas.

Gavin is an expert in mortgage banking compliance, federal and state regulatory compliance, financial services law, real estate law, and consumer credit law, among other focuses. He has a rich background working on both the lender and vendor side of compliance. Gavin routinely collaborates with lenders, GSEs, investors, servicers, warehouse lenders, settlement providers, technology partners, and other relevant entities on industry compliance matters.

As chief compliance officer at DocMagic, Gavin oversees the company’s compliance services to ensure that all of DocMagic’s technology solutions are fully compliant with changing rules and regulations. He regularly spearheads large, high-impact compliance projects and has led clients as well as additional members of the mortgage supply chain through some of the most challenging compliance initiatives. Prior to DocMagic, Gavin spent seven years at Prospect Mortgage serving in multiple roles, climbing to the position of deputy chief compliance officer.

“I am honored to receive this recognition from PROGRESS in Lending, which is a reflection of not only my efforts, but also the hard work and dedication of my team to ensure that lenders utilizing DocMagic’s robust solution suite are always compliant with regulatory requirements and guidelines,” commented Ales. “At DocMagic, our focus on innovation and staying ahead of ‘what’s next,’ enables our clients to proactively plan and gain peace of mind vs. merely reacting to the ever-evolving nature of regulatory change.”

The complete list of Next Gen winners for 2022 can be found on PROGRESS in Lending’s website.

Related Content:

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• HousingWire Names DocMagic One of the Top 100 Most Innovative Mortgage Companies for 2022 (3/9/2022)

• DocMagic’s Michael Morford recognized with 2021 Tech Thought Leader Award (12/20/2021)

Leah Sommerville, a senior account executive on DocMagic’s eClosing team, has been honored by PROGRESS in Lending as a 2022 Sales & Marketing Trailblazer. The award recognizes sales, marketing and public relations executives that are blazing trails in the mortgage industry.

PROGRESS in Lending states that leading salespeople are consistently adding revenue to the topline for their organizations, working tirelessly to ensure that their companies and clients are successful and in the limelight. However, they themselves don’t always get recognized. Currently in its fourth year, PROGRESS in Lending’s Trailblazer award seeks to applaud industry standouts in this field.

Leah Sommerville of DocMagic has become an integral part of its eClosing team. Over the years, she has played a role in helping lenders make the switch to digitizing their lending processes with the implementation of eClosing, eNotarization, eNote and eVault technology. She has been successful in helping lenders transform their business models with DocMagic’s suite of digital mortgage automation solutions.

“I am truly honored to be named to this all-star list of peers in my field who are doing great things for their companies on the revenue producing and awareness creation front,” stated Sommerville. “It has been an exciting time at DocMagic introducing lenders to the immense value our Total eClose™ platform delivers and I am excited to be recognized by the judges at PROGRESS in Lending.”

During the last few years, Leah has made significant inroads introducing DocMagic’s comprehensive Total eClose™ platform and ancillary solutions. She works closely with direct lenders, warehouse lenders, investors, settlement providers, notaries, and other lending entities to automate the closing process ---ultimately benefiting the entire mortgage supply chain. Leah’s efforts don’t stop with sales; she also works to create awareness, participating as a speaker on many webinars and discussion groups throughout the year to educate lenders on the value of digitizing the mortgage process.

The complete list of PROGRESS in Lending’s class of 2022 Trailblazers is showcased on its website: https://mymortgagemindset.com/the-2022-trailblazers-award-winners-are/.

Related Content:

• PROGRESS in Lending Names DocMagic’s Director of Client Services to 2022 Most Powerful Women in Fintech List (5/19/2022)

• HousingWire Names DocMagic One of the Top 100 Most Innovative Mortgage Companies for 2022 (3/9/2022)

• DocMagic’s Michael Morford recognized with 2021 Tech Thought Leader Award (12/20/2021)

On May 26, 2022, the Consumer Financial Protection Bureau (“CFPB”) published an Interpretive Rule to provide clarity regarding the scope of State enforcement authorized under section 1042 of the Consumer Financial Protection Act of 2010 (“CFPA”) and related provisions. Specifically, the Interpretive Rule states that section 1042 allows States (State Attorney Generals and State Regulators) to enforce any provision of the CFPA, including section 1036(A)(1)(A), a provision that “makes it unlawful for covered persons or services providers to violate federal consumer financial laws.” States are also not restricted against bringing concurrent enforcement actions with the CFPB.

In addition, the authority of States to enforce the CFPA is supplemental to the authority States already have to enforce federal consumer financial laws, such as the Fair Credit Reporting Act, Real Estate Settlement Procedures Act and the Truth in Lending Act. Section 1042(a)(3) of the CFPA clarifies that it does not modify, limit, or supersede the authority of States to enforce those enumerated consumer laws.

States are not subject to the limits applicable to the CFPB under sections 1027 and 1029 of the CFPA. Section 1027 limits the CFPB’s authority regarding merchants, retailers, and sellers of nonfinancial good while section 1029 limits the CFPB’s authority with respect to motor vehicle dealers. Because the sections only limit action by the CFPB, States are free to exercise their authority under section 1042.

The Interpretive Rule is exempt from a notice-and-comment period and went into effect upon publication in the Federal Register.

Related Content:

• FHA ANNOUNCES 40-YEAR LOAN MODIFICATION OPTION (6/3/2022)

• GSEs Announce Updates to Selling Guide (3/8/2022)

• GSE IMPLEMENTATION OF DESKTOP APPRAISALS (2/8/2022)

The Federal Housing Administration (“FHA”) recently issued Mortgagee Letter 2022-07 to announce updates to the COVID-19 Recovery Loss Mitigation Options (“COVID-19 Recovery Options”) that include a 40-year loan modification.

Mortgagee Letter 2022-07 outlines changes that will be included in a future update to the HUD Single Family Housing Policy Handbook 4000.1 under Section III.A.2.o.iii(C). The new policy is designed to help homeowners reach a targeted 25% reduction in monthly principal and interest payment.  Mortgagees must determine if a 25% reduction can be achieved by a modified 30-year rate and term mortgage, or a 30-year modification with principal deferment. If the target payment is still not reached under these options, a mortgagee can modify a mortgage to a 40-year loan if the borrower has a partial claim available. 

The FHA notes that by adding a 40-year modification option, FHA borrowers will be given loss mitigation options similar to those available to borrowers with conventional loans. The extended loan term is also meant to reduce future defaults and foreclosures by providing the option for additional payment relief.

The guidance includes an exception for FHA-insured mortgages backed by mortgage revenue bonds so that those mortgagees will not be out of compliance with their bond agreements or the Internal Revenue Service tax code.  The guidance for eligibility states that “mortgagees that service mortgages funded in connection with mortgage revenue bonds that are restricted by the Internal Revenue Code are exempt from the COVID-19 Recovery Modification if they cannot extend the term of a mortgage beyond the original 30 years or the interest rate cannot be modified.”

The COVID-19 Recovery Options apply to all FHA Title II Single Family forward mortgage programs. The updates may be implemented immediately but must be implemented by servicers by July 17, 2022. 

DocMagic also recently published more information regarding a proposed rule published by HUD in the Federal Register that would extend the maximum modification loan term limit from 30 years to 40 years.  For more information, click here.

Related Content:

• GSEs Announce Updates to Selling Guide (3/8/2022)

• GSE IMPLEMENTATION OF DESKTOP APPRAISALS (2/8/2022)

• GSEs announce plans to limit purchases to loans meeting revised General QM rule (5/11/2021)

DocMagic, Inc., the premier provider of compliant loan document generation, automated regulatory compliance and comprehensive eMortgage services, announced that it attained MISMO’s eClosing System and remote online notarization (RON) certifications for its Total eClose™ solution.

Both certifications are part of MISMO’s eMortgage Technology Certification Program created to support, advance and increase the mortgage industry’s adoption of digital solutions and is specifically designed to facilitate and encourage eClosing transactions. Moreover, the RON certification confirms that the provider's platform, procedures, and policies comply with MISMO standards and the eClosing certification confirms that the platform meets MISMO-specific requirements.

MISMO standards are widely accepted and used throughout the real estate finance industry, and most major institutions, including government agencies and GSEs, which are utilizing MISMO standards to exchange data with business partners. In addition, agencies like the CFPB have made it clear that their examination and data exchange tools will rely on and conform to the MISMO standard.

DocMagic became Certified MISMO Compliant for eClosing in February of this year and is the only document generation provider with the eClosing certification. In 2021, DocMagic’s proprietary RON capability was offered to its existing client base. The company’s Certified RON solution seamlessly integrates with the company’s industry-leading Total eClose platform, enabling lenders and their borrowers to realize a fully digital closing experience.

“We are pleased to have received these important certifications, which establish standards that improve lenders’ ability to evaluate eClosing technology providers,” stated Dominic Iannitti, president and CEO of DocMagic. “DocMagic has consistently championed the utilization of eClosing and RON technology in an effort to move the industry forward. These certifications help facilitate the adoption process and we fully embrace them.”

DocMagic’s Total eClose platform is a single-source solution that contains all components needed to execute fully paperless eClosings. The award-winning innovation was the first of its kind to be introduced to the mortgage industry in 2014 and since that time has gained widespread market adoption.

About DocMagic:

DocMagic, Inc. is the leading provider of fully compliant document generation, automated compliance, eSignature and comprehensive eMortgage solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops award-winning software, mobile apps, and web-based systems for the production and delivery of compliant loan document packages. The company’s solutions connect industry participants, promote collaboration, and ensure data integrity to execute precision-based digital lending transactions. 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 MISMO:

MISMO is the standards development body for the real estate finance industry. MISMO developed a common language for exchanging information for the mortgage finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and the GSEs that participate in the industry. Use of MISMO’s standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes while creating cost savings for the consumer.. For more information, please visit https://www.mismo.org.

Related Content:

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• LoanMAPS™ LOS Integrates with DocMagic increasing compliance while slashing costs (2/24/2022)

• ICE Mortgage Technology deploying DocMagic’s eVault tech for Encompass LOS (6/14/2021)

TORRANCE, Calif., May 19, 2022—DocMagic, Inc., the premier provider of fully-compliant loan document generation, regulatory compliance, and comprehensive eMortgage services, announced that its director of client services, Lori Johnson, has been recognized by PROGRESS in Lending Association as a leading female technology professional in the mortgage industry.

Now in its fourth year, the Most Powerful Women in Fintech award lauds those who play a pivotal role in leading the way and reshaping how the mortgage industry thinks.

Lori Johnson has a rich background in the mortgage industry working for technology start-ups and growth focused companies. She joined DocMagic in 2014 after helping facilitate the acquisition of Document Express by DocMagic. The entire customer base was successfully migrated over to DocMagic’s dynamic document generation platform.

Today she serves as the director of client services for DocMagic. Lori has been instrumental in helping lender clients realize the benefits of digital lending automation, eClosings, eNotes, eVaults, and the importance of system-to-system interoperability as the mortgage ecosystem expands.

“Lori has and continues to serve as an invaluable asset to our customers and company,” remarked, Dominic Iannitti, president and CEO of DocMagic. “Her solution-oriented approach and hands-on style to clients embody the way DocMagic does business. We commend Lori for her ongoing industry contributions and are elated that PROGRESS in Lending recognized her successes.”

At DocMagic, Lori leads the company’s team to onboard lenders with its Total eClose platform and supporting technologies. She collaborates with lenders and third-party vendors to optimize workflows and maximize ROI. Lori is committed to innovation and perfection, always seeking the most effective way to harness technology.

“I am honored to be acknowledged by PROGRESS in Lending on this year’s list along with other women who are moving the industry and their companies forward,” stated Johnson. “There are many advances being made with digital lending technologies right now. It is exciting to see so many women playing key roles in helping expand the digital mortgage ecosystem for the good of the industry.”

Related Content:

• HousingWire Names DocMagic One of the Top 100 Most Innovative Mortgage Companies for 2022 (3/9/2022)

• DocMagic’s Michael Morford recognized with 2021 Tech Thought Leader Award (12/20/2021)

• DocMagic's Lori Johnson wins 2021 Elite Women in Mortgage Award (12/18/2021)