Presss Release:
Transforms the entire mortgage process from initial eDisclosure to final eClosing and investor eDelivery

TORRANCE, Calif., March 30, 2016 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today the formal launch of its fully integrated eClosing solution that electronically transforms the entire mortgage process from initial eDisclosure to final eClosing through investor eDelivery. 

DocMagic's total eClosing process seamlessly integrates its eDocument library, SMARTDoc™ eNote with eSignature, eNotary, MERS eRegistration, eDelivery and eVault services in a comprehensive end-to-end eClosing solution that delivers substantially faster closings, total data transparency, superior regulatory compliance and maximum process efficiency. 

The total eClosing solution is also seamlessly integrated into DocMagic's SmartCLOSE™ collaborative closing portal, offering a secure, centralized online environment for lenders, settlement providers and other parties to share, validate, audit, track and collaborate on documents, data and fees backed with a 100% TRID compliance guarantee. The new process is easily accessible from within SaaS-based SmartCLOSE™ and on-premise SmartSAFE XL™ systems, including the eSigning, eDelivery and eVaulting of all documents.

DocMagic's eMortgage solutions have been vetted and approved by Fannie Mae and MERS to support all three eMortgage categories for eVault, eNote and eClosing. DocMagic's participation as a leading player in numerous eClosing pilots, including the CFPB's eClosing Pilot initiative last spring has led to the rapid advancement of eClosing adoption as a solution for regulatory compliance tracking, reducing data errors, data transparency, and bringing borrower knowledge and satisfaction to the loan process. 

"The total eClosing solution is an out-of-the box, easy to implement, fully paperless, patented solution that combines the most advanced functionality and continuous compliance tracking with robust borrower and lender friendly user features," said Dominic Iannitti, president and CEO of DocMagic. "Borrowers can communicate with their lenders and settlement agents and eSign documents while DocMagic runs continuous automated compliance audits throughout the entire loan process, guaranteeing compliance on factors effecting the salability of your loan, from TRID tolerance levels to compliance with anti-predatory lending and higher-priced mortgage loan laws, all while tracking every iteration of the data and speeding up the closing process." 

"The DocMagic total eClosing solution is revolutionizing the traditional paper mortgage process and the timing of this couldn't be better," says Tim Anderson, director of eServices at DocMagic. "With the electronic data verification, delivery and record retention requirements of TRID, lenders have to demonstrate proof of compliance, control and accountability of the entire mortgage process. We have developed only platform in the industry that integrates and supports all key eMortgage functions within a single solution. The total eClosing solution provides a full electronic process in a one stop solution - which is truly revolutionary."

The successful launch of DocMagic's total eClosing solution as well as other recent innovations will be celebrated at the MBA Technology Conference & Expo at the company's 'Futurescape' event on Monday, April 4, 2016, at 6 p.m. at The Conga Room inside LA Live.

Interested parties can learn more about DocMagic's new eClosing solution by calling (800) 204-4255 or emailing sales@docmagic.com. 

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.

Mark your Calendars!

We're celebrating the innovative eFuture of the mortgage industry on April 3 - 6 at MBA's Technology Convention & Expo in Los Angeles, CA! You're invited to attend our Futurescape Event Monday night, April 4th, at the Conga Room inside LA Live!

Join us at booth #302 where we'll be introducing our new eClosing process! We've extended the functionality of SmartCLOSE™ to support a complete eClosing collaboration between lenders and title companies.

DocMagic's eClosing process seamlessly joins our enote, e-signature, e-notary, MERS e-registration, e-delivery, and e-Vault services to deliver an end-to-end eClosing solution.

We're designing the tools and technology to help our customers work smarter... not harder!

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Press Release:
Deal Represents Powerful Marriage of SaaS and On-Premise Technologies and Lays Foundation for True eMortgage

TORRANCE, Calif., Sept. 22, 2015 (SEND2PRESS NEWSWIRE) --DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that Mid America Mortgage, Inc. will utilize DocMagic's SaaS-based compliance and mortgage loan document engine together with the on-premise solutions of DocMagic's recently acquired eSignSystems patented eSigning, eNotary, eVaulting, eRegistration and eRetention solutions.

This is the first time since the acquisition of eSignSystems in October, 2014 that the combination of technologies will be jointly utilized to facilitate a complete eClosing and validate DocMagic's eMortgage model.

"We made the decision to sign with DocMagic and its subsidiary division eSignSystems because of the unique capabilities of the combined technology components, together with the most powerful eMortgage reputation and expertise in the industry," said Jeff Bode, president of Mid America Mortgage. "The blend of these technologies integrated with our loan origination system (LOS), Mortgage Machine, establishes the path for us to close our loans electronically. DocMagic's solutions are ready today for eClosing, and now that the GSE's are accepting eNotes, their advance readiness for electronic closings is critical to Mid America's short and long-term eStrategy."

"The marriage of our SaaS and on-premise solutions delivers a unique value proposition for Mid America," said Dominic Iannitti, president and CEO of DocMagic. "DocMagic's SaaS model compliantly delivers dynamic, intelligent, data-driven loan documents and disclosures with a full eClosing for borrowers. eSignSystems' on-premise platform provides Mid America with internal controls and tools to configure the solution to their specific business processes and the ability to efficiently work with third parties to achieve an eMortgage." 

About DocMagic:
DocMagic, Inc. is a 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 constantly monitor legal and regulatory changes at the state, federal and international levels to ensure accuracy. For more information on DocMagic, visit http://www.docmagic.com/.

About eSignSystems:
eSignSystems, a division of DocMagic, Inc., is a leading provider of lifecycle management of electronically signed, legally binding documents, contracts and digital transactions. SmartSAFE XL™ enables companies to manage business processes and transactions entirely online. Organizations can adhere better to certain regulatory compliance issues, improve productivity and efficiency in processing transactions, and achieve significant cost savings through the elimination of document transportation costs, processing and storage. For more information, visit http://www.esignsystems.com/. 

About Mid America:
Additional information about Mid America Mortgage, Inc. can be found on the company's website at http://www.midamericamortgage.com/about/. 

By Melanie Feliciano and Tim Anderson

What does the recently launched CFPB e-closing pilot really say thus far, and what may it reveal?

Any mortgage professional can attest to the overwhelming amount of paperwork associated with the closing process. For consumers, this final step to homeownership has become notorious for causing confusion and even surprises in the form of unexpected costs. In an effort to assess how the industry can reduce the complexity of this arduous process, the Consumer Financial Protection Bureau (CFPB) introduced its mortgage eClosing pilot, with seven financial institutions and four technology vendors participating in this program. While the closing is just one portion of the mortgage, this pilot could be key to proving the value electronic records, e-signatures, electronic workflows and even electronic notarizations can have, bringing to light trends that are critical to the mortgage lending world as a whole.

The eClosing pilot went live at the beginning of the year, and is exploring how the use of technology during the closing process can reduce frustration for consumers, improve their understanding and, at the same time, help lenders uphold compliance. Stemming from the CFPB’s Know Before You Owe initiative, it is largely expected among industry professionals for this pilot to, in fact, demonstrate that electronic processes accomplishes these goals.

In addition to the value of modern technology, the eClosing pilot is demonstrating the importance of accurate data. To this point, the primary focus for lenders has been on completing and delivering disclosure forms three days prior to the closing; however, if the data is not accurate, costly and frustrating delays remain inevitable. In the worst cases, legal repercussions may occur as a result of inaccurate data on closing forms, which is often simply the result of human error. Electronic processes and the use of automated documents significantly reduce these types of errors – not to mention, enable lenders to complete forms more quickly. Accuracy of data is intended to mitigate risk for lenders and to eliminate any surprises at the closing.

Electronic documents are much more than PDFs emailed back and forth, but rather intelligent documents that further protect lenders by facilitating clear timestamps to show who did what, and when they did it. What makes these documents “intelligent” is that the source XML data that is used to generate the document can be embedded within the document. This is important as it can be used later to be re-verified for compliance or electronically boarded to other systems eliminating the need to scan them, and have Optical Character Recognition (OCR) to extract data or re-key information. Having this type of automation enables lenders to reconcile that data between initial disclosure and final closing disclosure, making sure that the Good Faith Estimate (GFE), Truth in Lending (TIL) and APR are within the tolerance thresholds. Electronically performing this process is imperative for lenders; without accurate data, the chance that the closing cost will match the initial GFE is much less, causing delays in closing, incur fees and experience many other penalties.

Many documents require signatures from multiple parties, which means they are passed through a number of hands, making it easy for a mistake to occur. Automation and electronic workflows prevent common human errors like losing pages or missing a signature, and also provide lenders more visibility – they can simply log into a system to see status updates of all activities for every transaction, bringing more accountability to their businesses. Automated documents mean an automated paper trail, which is critical to lenders to prove they followed compliance.

A primary objective for the CFPB with the eClosing pilot is to evaluate ways to promote better consumer understanding of the mortgage process and the countless documents involved. Even for the savviest borrower – receiving a stack of paper documents with the expectation to review and comprehend its contents is a tall order. In addition to electronic processes in general, the pilot is experimenting with new methods to help borrowers gain a stronger understanding before they reach the final closing. For instance, can interactive links throughout the electronic forms offer guidance and education? Would borrowers be receptive to summaries, term definitions and process explanations within electronic documents? How about correlating videos?

Evaluating these tech-focused options is how the CFPB is aiming to protect consumers and create a smoother process for the consumer and lender alike. In addition to contributing to enhancing borrower comprehension, electronic documents make it possible for consumers to receive documents from the lender faster, and therefore, have more time to review them earlier than they otherwise could if being mailed the paperwork. This could mean that by the time the closing rolls around, consumers could have already read and even signed up to 85 percent of the documents – and better understand what they are signing, rather than feeling rushed to sign documents they do not fully comprehend at the closing table.

It is widely acknowledged that fraud is a growing problem for the entire financial services industry. The mortgage lending process is particularly at risk, as documents carry copious amounts of consumers’ sensitive financial data. An electronic closing process will help to make transactions more efficient, while simultaneously making them more secure and mitigating a number of risks, from repudiation risk to other types of fraud. Paper documents can easily be misplaced and wet signatures are much easier than electronic signatures to forge. Automated technology hinders fraudsters’ ability to tamper with documents, as well as requires levels of authentication for users that simply are not possible to enforce with paper.

As financial institutions continue to deal with lawsuits – some up to a billion dollars – from the robosigning that occurred, the need for more standardized and automated processes is underlined. Compliance requirements combined with the adoption of electronic processes – complete with time and date stamps and audit trails – will prevent unauthorized individuals from illegally executing or notarizing closing forms. Furthermore, a full, electronic process that captures proper authentication of the borrower executing the closing forms will help to document compliance with mortgage lending laws while mitigating risk during the mortgage origination process.

Although the closing is just one part of the mortgage process, the results from this pilot program will potentially demonstrate how electronic processes can benefit the entire mortgage transaction. There are hopes that the outcomes of this pilot could propel us toward fully electronic mortgage processes in the near future. The technology is there. The need is there. As is the desire from both sides – industry professionals and consumers. With the amount of time all mortgage companies have invested in updating their processes, policies and technology to accommodate the changing landscape, the establishment of a true e-mortgage, used across the board, would certainly prove a win-win for everyone.

About the authors

Tim Anderson is Director of eServices, DocMagic. He brings over 30 years of industry experience havingworked on both the lender and vendor side of the business. He has held executive management positions withLPS, Stewart, Fidelity, FreddieMac and HomeSide Lending where he ran the eCommerce Division and worked attechnology companies like Dexma, Microsoft and Tuttle Information Services.

Melanie Feliciano is a 2014 voluntary board member for the Electronic Signature and Records Association(ESRA), the premier trade association representing electronic signature adopters and providers. She ischief legal officer for Carson, Calif.-based DocMagic, Inc., a provider of solutions for the national mortgageindustry’s most pressing document production needs. In her role as chief legal officer, she manages theLegal and Compliance Department.

As featured by Progress In Lending, April 2015

Press Release:
New solution brings lenders and settlement providers together inside a secure collaborative portal to view and exchange fee data prior to closing

TORRANCE, Calif., April 23, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that it will launch a Collaborative Closing Platform for the mortgage industry. The solution is comprised of a secure, seamless and dynamic web-based portal that efficiently and expeditiously helps lenders comply with the TILA-RESPA Integrated Disclosure (TRID) rule that becomes effective on August 1.

DocMagic's Collaborative Closing Platform enables streamlined, real-time exchange of information between lenders, settlement agents and their associates via a secure web portal designed to electronically access, edit, validate and approve both data and documents. As a result, the coordination of all closing costs and audits of critical disclosure details are addressed prior to closing and in full compliance with TRID.

"Our Collaborative Closing Platform brings all of the necessary closing components and parties together to effectively assist lenders in complying with TRID in a very efficient, timely fashion," said Dominic Iannitti, president and CEO of DocMagic. "With one simple click, lenders can invite their settlement providers to view and update disclosure data, which is automatically analyzed by DocMagic's comprehensive Audit Engine in preparation for final approval by the lender."

The solution utilizes version 3.3 of the new MISMO standard that is needed for TRID to bi-directionally and securely pass data between parties. DocMagic's Audit Engine automatically tracks RESPA tolerance levels, changes in fees and related approvals to ensure compliance with applicable regulations. Each step in the process is tracked and stored within the secure environment.

Approved parties that are involved in the process can view a full electronic audit trail history of compliance, workflow and document management, which is securely captured and housed in a centralized area for easy access and reporting. Inside the secure platform parties with appropriate permissions can access shared documents, enter and adjust data, view the closing disclosure in real-time as it is modified, and communicate via an integrated chat system.

DocMagic's Closing Collaboration Platform leverages its eSign technology to deliver and facilitate the electronic signing of the closing disclosure and related documentation. The solution also provides a bridge that can seamlessly integrate with title, closing and lender LOS systems. The company says that in addition to lenders and settlement providers being able to utilize the platform, other relevant technology vendors can also take advantage of the solution to review and share data and documents.

About DocMagic:
DocMagic, Inc. is a 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 http://www.docmagic.com/.

Press Release:
Major partnership enables DocMagic to compliantly process a fully paperless, true mortgage eClosing - from start to finish

TORRANCE, Calif., March 10, 2015 - DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that it formed an exclusive strategic alliance with World Wide Notary, Inc. (WWN), a pioneering developer of electronic notarization services. The partnership integrates WWN's patent pending DigaSign eNotary technology into DocMagic's eServices platform to deliver a fully paperless eClosing solution.

The solution allows borrowers, lenders, settlement agents and mobile notaries to eSign documents and eNotarize - both online and offline. As a result, the entire closing process is streamlined, paper is eliminated, costs are reduced and compliance is ensured.

"The addition of WWN's advanced eNotary capability adds significant value to our platform by keeping mortgage closing documents 100 percent paperless from eDisclosure to eClosing," said Dominic Iannitti, president and CEO of DocMagic. "DocMagic has systematically been putting the necessary pieces in place to transform the company into a true end-to-end eServices solutions provider. Our exclusive arrangement with WWN incorporates a critical component: compliant eNotarizations. Without compliant eNotary capability, a fully paperless eClosing would be impossible to achieve."

WWN is one of the most dominant eNotarization companies and has long been at the forefront of educating and lobbying the state Attorneys General and Secretaries of State to accept eNotaries in a variety of different industries. The company's technology has been certified by multiple Secretaries of State under the National Association of Secretaries of State (NASS) eNotary standards; and, in all states that have approved the Uniform Electronic Transactions Act (UETA).

A number of efficiencies accompany WWN's DigaSign eNotary technology that includes dramatically speeding up the notary process on mortgage documents, with Internet connection or without, ensuring strict compliance adherence is met, establishing detailed audit trails, reducing errors, slashing processing costs, reducing risk, and enhancing the overall borrower closing experience. The solution centralizes and streamlines the entire eNotarization process.

"DocMagic is the leading loan document preparation software company in the mortgage industry and an ideal partner to marry our technologies," said Bob Rice, CEO of WWN. "To date, most eClosings have just been hybrids, meaning: a majority of the lender documents could be eSigned, but those that require a notaries' signature and seal had to be printed to paper and ink signed. Together, our technologies eliminate that hard stop in the process and allow borrowers to effortlessly eSign mortgage documents, now including those that require the presence of a notary."

Under the agreement, DocMagic has exclusive rights to utilize WWN's eNotary platform within the mortgage industry for an extended period of time. The two companies have already begun introducing the service to clients.

About DocMagic:
DocMagic, Inc. is a 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 constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit http://www.docmagic.com/.

About World Wide Notary:
Based in Vernon, Texas and founded in 2003, World Wide Notary (WWN) has developed DigaSign, an innovative, simple, Internet-based service that expedites the signing and/or notarization of documents by utilizing electronic and digital signatures and electronic notarizations. WWN completed the first fully electronic, mortgage closing in California in 2008 and the first electronic real estate closing in Texas in 2004. Pioneering electronic signatures, as early as 1996, WWN's management team has many years of experience working with stringent Federal mandates, such as HIPAA, E-SIGN and UETA regarding security and the use of electronic and digital signatures. Visit the company's website for more information http://www.wwnotary.com/.

DocMagic is Proud To Be Participating In CFPB's eClosing Pilot Program.

In this edition of The DocMagic Moment, Ron discusses how the Consumer Financial Protection Bureau recently took a big step toward making the mortgage process easier and more satisfying for home loan borrowers.

Listen Now:
[audio mp3="https://docmagicinc.files.wordpress.com/2014/09/dsi-pod-0914-b.mp3"][/audio]

Press Release:
They did it with an FHA hybrid eClosing earlier this year. This time, they tackle a VA loan.

TORRANCE, Calif.-September 2, 2014- DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry, is proud to announce that the firm has partnered again with Mountain America Credit Union to provide a paperless loan closing, this time for a loan insured by the Veteran's Administration. To the company's knowledge, this is one of the first VA loans that have been closed electronically since the VA made the announcement that it would begin accepting eSigned loan documents late last year.

"Mountain America Credit Union is committed to serving the men and women of the armed forces -- both those currently serving and our veterans -- by offering VA loans in a paperless environment," said Amy Moser, Vice President and Mortgage Services Manager for the Utah-based credit union. "Until now, few institutions could serve our military personnel effectively, especially those serving overseas. This loan closing proves that we can accommodate the needs of our armed forces personnel and veterans no matter where in the world they may be."

This is a significant milestone in the evolution of eClosings. Despite a VA announcement last fall that electronic signatures are acceptable for use in conjunction with the VA Home Loan program, uncertainty about whether electronic signatures were valid regarding initial disclosure only, or both initial and final disclosure(s) constrained adoption of the program. The VA's announcement confirms that its eSignature program applies to all disclosures. Mountain America Credit Union used DocMagic's patented eSign functionality for the disclosures and the closing documents.

"The government agencies involved in the home finance industry have now all confirmed that eSign is an important technology for the future," said Tim Anderson, Director of eServices for DocMagic. "Mountain America Credit Union has led the way again, becoming among the first, if not the first, to go the distance with paperless origination of a VA loan. We congratulate Mountain America for their leadership and for making it easier to do business with them than their paper based competitors."

Among the many benefits of electronic transactions, beyond gains in efficiency, recordkeeping, and security, members of the military and their families, including active duty personnel serving around the globe, gain the convenience of closing VA loans remotely. This is a significant improvement over paper-based disclosures and documentation. DocMagic and Mountain America executives are pleased to be among the first to make this service available to the industry.

About DocMagic

DocMagic, Inc. is a 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. DocMagic guarantees and warrants that all agency forms are up to date and in compliance with GSE requirements. The company's compliance experts and in-house legal staff constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.

Press Release:
DocMagic participates in offering industry platform to support paperless lending

TORRANCE, Calif.-August 21, 2014-DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry, announced today that its strategic alliance with Pavaso will be expanded to allow the two firms to serve Franklin First Financial, Melville, New York, in the Consumer Financial Protection Bureau's eClosing pilot program.

"Lenders are now ready for a completely paperless loan closing process," said Dominic Iannitti, President and CEO of DocMagic. "Digital Close from Pavaso is designed to be a neutral technology platform that seamlessly integrates with other systems. That, along with DocMagic's eSign, eVault and eDelivery offerings, provides a fully supported, shrink-wrapped solution for anyone to do an eClosing. This partnership will show the industry and the CFPB that any lender can make the closing process better for consumers through the use of a completely electronic process without incurring the time and cost of creating or maintaining their own systems."

Pavaso and its Digital Close platform have been approved by the CFPB for participation in the eClosing pilot program.

"One of the prior issues with getting adoption for eClosing was providing the title and closing agents with a simple solution they could use to support their part of the closing process," said Tim Anderson, Director of eServices for DocMagic. "Pavaso has developed a system that can easily be implemented as a web service, allowing all participants involved in the transaction to sign up, log on and use it."

On its website, the CFPB says it expects its new pilot program to make it easier for borrowers to understand the closing process, and give borrowers more time to review the closing documents while providing them time to find and fix errors in documents prior to closing. All of these goals relate to complaints the agency has received from consumers.

"Paperless lending is the future for our industry and our Digital Close opens up a world of opportunity for stakeholders who want to better serve consumers and comply with new federal regulations," said Chris Ayoub, Pavaso's chief operating officer. "We can drive costs out of the equation for lenders and give borrowers the experience they've been seeking in the home finance process."

About Pavaso
Pavaso is an innovative technology company in the Real Estate Closing industry. We've created a powerful digital closing platform that takes the best of the web's collaboration and social features, integrations, analytics and enterprise scalability to bring everyone in the closing process together on the same page. For more information on how our platform and solution offerings can help you meet TILA-RESPA compliance, digitally transform your organization, and dramatically enhance the consumer experience, call us at 214.377.1795 or visit www.pavaso.com to request a demonstration of this revolutionary solution.

About DocMagic
DocMagic, Inc. is a 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. DocMagic guarantees and warrants that all agency forms are up to date and in compliance with GSE requirements. The company's compliance experts and in-house legal staff constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.

Press Release:
Leading Doc Prep and Compliance Firm Plays Key Role in Historic eClosing Pilot Program

TORRANCE, Calif.-August 21, 2014-DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance, patented eSign and eDelivery solutions for the mortgage industry, announced today that the Consumer Financial Protection Bureau has granted DocMagic approval on another eClosing pilot. In this second pilot, The CFPB approved DocMagic's joint proposal with Mountain America Credit Union to participate in its eClosing pilot program. DocMagic will play a key role in the pilot for compliance and loan documentation. DocMagic was also approved in a joint proposal with Franklin First Financial and Pavaso.

"We're excited about being selected to participate in this pilot program as it will demonstrate proven solutions to problems faced by both borrowers and industry participants," said Dominic Iannitti, President and CEO of DocMagic. "Lenders must find more efficient ways to ensure compliance without increasing their loan origination costs or cutting corners. Implementing a secure electronic process with built in compliance audits is the best way to accomplish efficiencies, ensure compliance and keep costs down. Lenders who take advantage of these new technologies will have a competitive advantage over their peers and will see higher borrower pull thru and customer satisfaction levels as well."

Mountain America is among a small group of financial institutions chosen to participate in the study. The institution has been supporting hybrid eClosings for some time now. In fact, the credit union partnered with DocMagic for its eSign compliant loan documents to eClose one of the industry's first electronic FHA loans in March.

The CFPB pilot is designed to further evaluate eClosing solutions and to determine how these solutions can help achieve the proposed vision for an improved closing process.The CFPB lists three primary goals for the eClosing pilot program: to make it easier for borrowers to understand the closing process, to provide borrowers adequate time to review closing documents, and to enable borrowers and lenders to identify and correct errors in documents prior to closing.

"Going electronic is more efficient for all parties involved in the origination process," said Tim Anderson, DocMagic's Director of eServices. "Origination costs are reduced, compliance is improved, consumers are better protected, and loans will simply close faster than in a paper environment. The ability for all parties to collaborate, view and execute online will significantly reduce issues at closing and ensure a much more enjoyable, compliant and transparent closing experience. DocMagic is happy to be one of those chosen to lead the charge."

For its part in the pilot program, DocMagic will provide fully compliant eDocuments in coordination with Mountain America's platform for electronic document management, Quick Close. All documents will then reside within Quick Close, where they can be shared and eSigned by all participants (lender, seller settlement and real estate professionals) online in real time. DocMagic will also provide MERS eRegistry and eVaulting services. This platform is certified by MERS® eRegistry, having successfully passed all certification tests. DocMagic's MISMO category one SMARTDoc® eNotes have been vetted by FannieMae.

About DocMagic
DocMagic, Inc. is a 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. DocMagic guarantees and warrants that all agency forms are up to date and in compliance with GSE requirements. The company's compliance experts and in-house legal staff constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.