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

Related Content:

• Mortgage Banker Magazine taps DocMagic CEO with Legends of Lending Award (7/14/2022) 
• 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)

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.

Related Content:

• CFPB Clarifies scope of States’ Consumer Financial Protection authority (6/15/2022)
• 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:

• 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)