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.

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• 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)

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.

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• Black Knight Empower LOS Now Integrated with DocMagic (5/17/2022)

• 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)

The premier provider of loan document generation, compliance support and comprehensive eMortgage services, announced an integration with Empower, Black Knight’s loan origination system (LOS), to help automate the DocMagic document generation process for lenders and provide access to additional DocMagic services.

Lenders now have access directly from Empower to DocMagic’s intelligent document generation solution, supporting compliance, data integrity and trackability. DocMagic’s data-driven technology leverages its sophisticated audit engine for automated data validation testing and regulatory compliance audits to analyze relevant compliance rules, regulations and applicable laws, assisting lenders with compliance on pertinent loan documents throughout the lending process.

“We are pleased to integrate with Black Knight to facilitate digital document generation and compliance support for the mortgage industry’s leading lenders,” stated Dominic Iannitti, president and CEO of DocMagic. “Black Knight has done an outstanding job aligning with key market providers to support their customer base, significantly growing its LOS business. We’re excited that this integration for document generation will also pave the way to provide lenders with the benefits of additional DocMagic solutions.”

Black Knight’s end-to-end, feature rich LOS platform supports a growing digital lending ecosystem designed to support business expansion. The cloud-based system offers advanced capabilities that automate the lending process from start to finish. Empower is configured to support a lender-specific workflow and operates in tandem with DocMagic’s automated and continuous compliance checks on relevant documents at key points throughout the process.

“Empower’s strategic integration with DocMagic offers tremendous benefits to Empower users by providing innovative, lights-out integration to support best-in-class document generation, while preserving the integrity of the data and tracking it throughout the loan process,” said Rich Gagliano, president, Black Knight Origination Technologies. “Together, Black Knight and DocMagic can help lenders support their compliance efforts and provide borrowers with a more satisfying loan experience.”

Kansas City-based Nutter Home Loans, the first mutual Black Knight and DocMagic client to go-live with the Empower integration to DocMagic, is experiencing positive results. The national lender was founded in 1951 and originates Conventional, FHA, VA, Jumbo, and USDA loans.

"Nutter is committed to making the lending process as easy as possible for our customers," stated Tera Guy, EVP of operations at Nutter Home Loans. "DocMagic’s integration with Black Knight delivers multiple efficiencies for our borrowers and our support staff. Like Nutter, the team at DocMagic places paramount emphasis on delivering service excellence, and in part, this is one of the primary reasons we engaged with them. We look forward to continued optimization of our service through future capability expansions.”

Related Content:

• 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)

• AmeriSave leverages DocMagic’s Total eClose, doc gen solutions to maximize productivity (6/10/2021)

By implementing DocMagic’s eVault solution, Centier Bank is prepared and ready to receive eNotes from their warehouse clients. The move strategically positions Centier Bank to secure more business as mortgage bankers increasingly adopt eClosing technology.

Founded in 1895, Centier Bank is Indiana’s largest private family-owned community bank with more than 60 branches statewide. The bank focuses on providing excellent service to customers and offering a one-of-a-kind personal touch. Centier’s mortgage warehouse division serves as a trusted warehouse lender to mortgage bankers nationwide.

Centier implemented DocMagic’s eVault specifically for its mortgage warehouse lending business. The technology enables the bank to accept and fund eNotes from customers closing loans electronically. The key drivers behind this decision were to facilitate the ease of doing business with eNotes and to establish a competitive advantage going forward.

Centier’s leadership believes that in the next 12-18 months, eNote acceptance will gain significant industry adoption among both mortgage bankers and end investors and, as a result, committed to investing in eVault technology. DocMagic is playing a pivotal role in helping transform the bank’s business model.

Utilizing DocMagic’s SmartREGISTRY™ system to register their eNotes with the MERS® eRegistry, they are then securely stored within DocMagic’s eVault platform. Centier’s eWarehouse lending process is now quicker, and easier, clearing warehouse lines expeditiously. With cycle times down reduced to minutes versus days, the overall process to close, fund, and sell the note is effectively fast-tracked.

With increasing acceptance of eNotes, the industry can see more and more aggregators also getting on board with eNotes. When lenders see the trend in the secondary market, it supports their decision to go digital.

Adoption of eNotes has grown significantly over the last couple of years with an increasing number of organizations across the mortgage supply chain realizing benefits. As of April 1, 2022, the MERS® eRegistry reported over 1.6M unique registered eNotes to-date. The industry now boasts 23 different investors that can originate, fund and purchase eNotes. Further, the MERS® eRegistry currently has 30 warehouse lenders successfully funding eNotes. The list of companies now integrated with the MERS® eRegistry continues to grow and includes originators, warehouse lenders, servicing agents, subservicers, investors, Federal Home Loan Banks, and custodians.

DocMagic’s eVault is widely utilized by GSEs, investors, servicers, warehouse lenders, banks and other relevant mortgage entities. The eVault is integrated into DocMagic’s comprehensive eClosing process, offering lenders options from hybrid variations to fully digital eNote and RON eClosings.

DocMagic’s Total eClose™ solution facilitates eNotes, hybrids, and full eClosings. To get started with eNotes or eVault technology, request a demo with our eClosing Team!

Related Content:

• 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)
• 3 reasons why your post-closing department loves eClosings and eNotes (6/24/2021)