2020 has been a year unlike any other—and that includes for the mortgage industry, which faced some of the biggest changes the industry has ever seen.

DocMagic has been tracking these momentous changes on our blog. As we say good-bye to 2020, we highlight some of the biggest mortgage stories of the year:

#1: The rise of eNotes

In 2019, there were over 127,000 eNotes registered on the MERS eRegistry. In 2020, through November, the number skyrocketed to over 407,000—a 264% year-over-year increase. At the same time, the number of companies transacting on the eRegistry rose 121%. It’s official: 2020 was the year of the eNote.

Another major event took place in 2020 that also pushed eNotes forward: After years of planning, Ginnie Mae and three members of the 11-member FHL Banks system began accepting eNotes as collateral. The other members will eventually follow suit.

“The fact that both are now accepting eNotes is crucial because it just introduced a whole new level of participants to the eNote world,” said DocMagic’s Chief eServices Executive Brian D. Pannell. “So, between the FHL Banks and Ginnie Mae, there are a lot of advancements in the ability to make those eNotes saleable.”

#2: The rise of RON

At the beginning of the year, 22 states had a remote online notarization (RON) law on the books. In 2020 another seven states jumped on board—Hawaii and Pennsylvania were the latest to enact a law—bringing the total to 29 states.

On top of that, a Senate bill was introduced at the federal level that would have allowed RON use nationwide (though it didn't pass), and several other states permitted RON for the first time ever—albeit via temporary emergency orders that were passed at the height of the stay-at-home orders. Many of the emergency actions have been repeatedly extended as the pandemic drags on.

As a result, RON transactions have increased 547% in 2020, according to a new survey from the American Land Title Association of vendors working in the RON space.

RON had already been increasing—due to a host of reasons that have nothing to do with social distanced-based safety—but the events of 2020 have given the practice a huge boost.

#3: And don’t forget RIN

Even though the demand for remote notarization was high, several states weren’t yet ready to commit to RON. Enter remote ink-signed notarization, a lower-tech and less secure alternative in which borrowers use a videoconferencing program like Zoom or FaceTime to connect with a notary and wet sign a document that is then physically mailed to the notary for their stamp.

Several states passed emergency orders to allow RIN, even ones that already permit RON, like Michigan and Texas.

RIN has several drawbacks, however, and draws its legitimacy solely from emergency orders. In Michigan, some RIN closings were even at risk after the state Supreme Court ruled that the governor didn’t have authority to extend her emergency powers—which allowed RIN—without the legislature’s approval. The legislature had to later pass a law to ensure that RIN transactions were valid.

#4: The new URLA is coming—at last

Fannie Mae and Freddie Mac announced back in 2016 that they were unveiling a new Uniform Residential Loan Application (URLA) for all lenders who intend to sell their loans to the GSEs; the mandated use-by date was then pushed back twice, with the latest delay—from November 2020 to March 2021—taking place this year as a result of the pandemic.

It looks like the latest deadline will stick. If so, lenders need to be ready by March 1, 2021, but they can get started now—the new URLA’s earliest effective date is Jan. 1, 2021.

#5: DocMagic employees shine

It was a banner year for DocMagic employees, several of whom were honored with industry accolades. This included DocMagic CEO Dominic Iannitti’s Lending Luminary Award; Lori Johnson’s HousingWire Insiders Award; Leah Sommerville’s Top 40 Under 40 honor; Brian D. Pannell being named a Thought Leader and HousingWire Tech Trendsetter; David Garrett’s appointment to the MISMO Residential Standards Governance Committee; and Chris Lewis’s recent Trailblazer Award by PROGRESS in Lending.

Related Content:

• Survey: Homebuyers adapt to eSignings, remote closings during pandemic (10/29/2020)
• An eClosing Q&A with DocMagic's director of enterprise solutions (9/9/2020)  
• County recorders, eRecording, and RON—by the numbers (7/8/2020) 

DocMagic senior account executive Leah Sommerville, 33, was awarded a coveted spot on National Mortgage Professional (NMP) magazine’s annual Top 40 Under 40 Most Influential Mortgage Professionals list.

The list, now in its second year, seeks to highlight the “up-and-comers across the mortgage world who are actively scanning the profession with fresh eyes, and making it better, with enthusiasm,” according to the magazine.

The honorees, who are voted on by their peers, range from executives at large institutions such as Fannie Mae to presidents and CEOs running their own firms. They span all sectors within the mortgage industry, including compliance, loan origination, FinTech, and more.

Asked by NMP what she considers her greatest success in 2020—a year that presented multiple unique challenges, including the pandemic, social distancing requirements, stay-at-home orders, a refi boom, and new compliance rules—Sommerville said, “I’m proud to have been involved in helping many organizations make the shift to hybrid and completely digital eClosings.”

During the pandemic, she has been especially focused on helping lenders who are rushing to implement DocMagic’s 100% paperless Total eClose solution.

Over her career Sommerville has helped drive the digital processes for over 400 organizations; increased eClosing adoption among relevant organizations by over 300%; and helped execute more than 8,000 eClosings so far. A member of DocMagic’s dedicated eClosing team, her specialty is guiding lenders through the transition from paper to electronic mortgages, so much so that she’s become a subject matter expert on it.

“I was fortunate to begin my journey in the mortgage industry during a time when lenders began recognizing the importance of modernizing outdated paper processes with technology to increase efficiency and improve the borrower experience,” Sommerville told NMP. “My experience as a digital transformation coach has been especially exciting because I truly enjoy helping organizations reap the benefits of these technological advances.”

Related Content:

• Brian D. Pannell honored with HousingWire's 2020 Tech Trendsetters Award (12/4/2020)
• DocMagic's CEO honored with Lending Luminary Award (10/27/2020)
• Remote online notarization (RON) has several benefits beyond safety (10/22/2020)

Brian D. Pannell, DocMagic’s Chief eServices Executive, was named one of HousingWire’s 2020 Tech Trendsetters.

“This year has been one of the most challenging in my career, given the influx of requests to implement many of our solutions throughout the pandemic and refi boom that is setting volume records,” Pannell said. “But seeing all the hard work pay off for DocMagic’s clients and partners has been very gratifying, and receiving the Tech Trendsetters award at the end of this long year makes it all worthwhile.”

The award, now in its second year, was given to 50 of the housing industry’s most innovative technology leaders, across sectors such as residential mortgage lending, servicing, investing, construction, and real estate.

“Our Tech Trendsetters award recognizes a group of leaders who were critical to the outstanding performance of housing and real estate during this pandemic, finding innovative solutions when everything changed on a dime,” said HousingWire Editor in Chief Sarah Wheeler. “We’re very proud to celebrate their achievements and honor the impact they’ve had at such a crucial time.”

Throughout 2020, Pannell has racked up several key accomplishments, including:

• Helping clients implement multiple DocMagic solutions, including Total eClose, a 100% paperless eClosing platform that leverages our dynamic document generation capabilities, and DocMagic’s eVault and eNote process—not just for lenders but also for other members of the supply chain.
• Working on Secured Party and Master Servicer/Subservicer for the support of MERS, the Federal Home Loan Banks, Ginnie Mae, and the gap in servicing support for servicers that don’t have their own eVaults.
• Helping launch AutoPrep, a new technology that can convert documents from any lender into compliant e-enabled documents that can be used with Total eClose.
• Serving as an invaluable resource to the mortgage industry as a subject matter expert on end-to-end eMortgage automation, eSigning, eNotarization, eNotes, eVaults, eClosing, eWarehouse lending, and more.

Pannell has helped countless lending entities go “e” this year, enabling them to serve their customers during the pandemic. As an industry thought leader, he plays a key role in where digital mortgages are headed.

“In its second year, the 2020 Tech Trendsetters once again surpassed all expectations as the housing industry rose up to meet unprecedented challenges,” HousingWire Magazine Editor Kelsey Ramírez said. “This year’s Tech Trendsetters represent shapers whose innovative solutions continue to inspire the industry.”

Related Content:

• Survey: Homebuyers adapt to eSignings, remote closings during pandemic (10/29/2020)
• DocMagic's CEO honored with Lending Luminary Award (10/27/2020)
• DocMagic's Brian Pannell named winner of Thought Leader Award (6/18/2020)

DocMagic CEO and President Dominic Iannitti was named a Lending Luminary award winner by the PROGRESS in Lending Association. The honor, now in its 2^nd annual year, was awarded to just 25 people across the mortgage industry, including bankers, lenders, servicers, technology executives, consultants, and more.

“Right now the market is filled with uncertainty, but these true Lending Luminaries are better handling and navigating the constantly fluctuating market conditions,” PROGRESS in Lending stated in announcing the award. “These executives deserve to be recognized for their industry vision and leadership.”

Iannitti was selected thanks to several key accomplishments over the last year that led DocMagic to success. One of the main accomplishments was the April launch of AutoPrep, a new technology that leverages AI, OCR, and machine learning technologies to fully e-enable a document for paperless eClosings. This means any loan document from virtually any provider can be used with DocMagic’s comprehensive, single-source Total eClose platform.

AutoPrep was a significant R&D investment and technology strategy to help more lenders perform eClosings.

”I’m a firm believer that these innovations work to establish much-needed interoperability between disparate systems and critical entities within the digital mortgage ecosystem,” Iannitti told PROGRESS in Lending. “Our goal is for our industry-leading eClosing platform to be completely open, handling documents from all vendors and sources without any manual effort or additional labor required.”

Iannitti was also recognized for helping DocMagic clients adapt to the pandemic environment, including social distancing measures and work-from-home (WFH) orders. Numerous lenders used Total eClose to execute mortgage closings electronically. Additionally, as more states passed emergency remote online notarization (RON) laws, Iannitti ensured that DocMagic was ready to quickly and effectively respond to clients’ urgent need for RON within the Total eClose platform.

Related Content:

• DocMagic's Lori Johnson honored with HousingWire's 2020 Insiders Award (9/3/2020)
• DocMagic's Brian Pannell named winner of Thought Leader Award (6/18/2020)
• New AutoPrep tech accepts docs from ANY provider for paperless eClosings (4/3/2020)

Lori Johnson, DocMagic’s Director of Client Services, has been named as a 2020 HousingWire Insider thanks to her recent eClosing implementation successes.

The honor is bestowed upon 50 people from across the housing industry, including mortgage lending, Fintech, and real estate. HousingWire’s editorial board selected the honorees based on their accomplishments over the last 12 months.

“This award is well-deserved and we’re elated HousingWire selected Lori as a winner,” said Dominic Iannitti, DocMagic’s President and CEO. “She is a roll-your-sleeves up, get-it-done type of technology executive who places the company and customer first every single time with every single thing she does."

Johnson successfully onboarded numerous new lender clients during the pandemic, despite the sudden influx of lenders in need of eClosing platforms and remote online notarization (RON) technology. Over the last year—and during 2020 in particular—Johnson and her team have taken multiple marquee mortgage bankers and mega-lenders live.

RON: The last mile in the eClosing marathon

She managed that while overcoming the added challenge of having to work remotely. Johnson worked feverishly to build a remote model to support distance-based implementations involving multiple teams and parties, and also created a remote training program to quickly train new DocMagic implementation specialists.

According to HousingWire, the 50 honorees are their companies’ “go-to” team members, the ones companies turn to with their most important and challenging projects.

“This year’s Insiders represent the unsung heroes of their companies; the team that, behind the scenes, kept everything on track during unprecedented times,” HousingWire Magazine Editor Kelsey Ramírez said. “This year, the need for the services of these 50 winners shown greater than ever, and they rose to the challenge.”

Related Content:

• DocMagic teams up with Simplifile to facilitate eClosing adoption (7/27/2020)
• DocMagic's Brian Pannell named winner of Thought Leader Award (6/18/2020)
• DocMagic offers free version of its eSign technology for non-mortgage uses (6/1/2020)

We’re excited to announce that our state-of-the-art, 25,000-square-foot technology center in Torrance, Calif., is up for Architizer’s A+Popular Choice Awards in the “Architecture +Workspace” category!

Click here to vote for DocMagic.

Architizer, the world's largest online community of architects, holds its annual awards program to celebrate the year's best architecture and products. The 86 Architecture categories include structures and places such as Libraries, Public Parks, Multi Unit Housing, Shopping Centers, and more. Each category has five nominees, and voting for this year's contest ends July 31.

In 2013, our facility was also recognized by the American Institute of Architects with an AIA Institute Honor Award for Interior Architecture.

The AIA jury praised the buildings’ “beautiful design [that] creates a powerful and fluid space where light dominates” and “the effect of ‘fuzzy space,’ a subtle, experiential, and poetic reference to the digital world.”

Check out these stunning photos of our headquarters:

Related Content:

• MortgageCountry closing loans in 13 days using DocMagic solutions (7/21/2020)
• 3 reasons why DocMagic's document generation solution is so fast (7/15/2020)
• AIA recognizes DocMagic for one of the 2013 Institute Honor Awards for Interior Architecture (1/15/2013)

Brian D. Pannell, DocMagic’s Chief eServices Executive, has been named one of the inaugural winners of the Thought Leader Award by the PROGRESS in Lending Association. Only 30 people across the entire mortgage industry received this honor.

“Why are we launching this new award you might ask? Because we live in unusual times,” the association stated. “The impact of COVID-19 shows us that it’s time to think outside of the box so we can move forward as a country and a world. … We need thought leaders that are not afraid to step forward and blaze a new trail. We need creativity. We need bold new ideas.”

One reason Pannell received the honor was due to his forward thinking on eClosings. He has long been a proponent of the digital solutions in the mortgage industry.

Lenders “need solutions that are not only complete but also flexible enough to meet the needs of their partners. eClosing solution providers must push innovation forward so that they can adapt to their lender loan requirements on a per-transaction basis. The onset of alternative notary solutions (e.g. in-person electronic notarization, remote online notarization, remote ink-signed notarization, drop-off notarization, drive-by notarization, etc.), eSign offerings (e.g. power of attorney) and being able to electronically record documents at the county level, require solutions providers who can do it all,” he continued.

Pannell points out that many key barriers to eClosings appear to be coming down. In the past the most restrictive barrier to adoption has been the limited amount of investors and financial support of the eMortgage as a tradeable commodity, but Ginnie Mae and FHL Banks have announced that they’re opening up the market to lenders who didn’t have anyone to sell their eNotes to and will fund them in the secondary market.

Additionally, Pannell notes, there has been groundbreaking movement at the federal and state levels to accept eNotarizations, which is a game changer when it comes to being able to complete the entire eClosing package electronically.

Related Content:

• DocMagic offers free version of its eSign technology for non-mortgage uses (6/1/2020)
• Pandemic leads to growing acceptance of eClosings: News source (5/21/2020)
• New AutoPrep tech accepts docs from ANY provider for paperless eClosings (4/3/2020)

 

TORRANCE, Calif., May 16, 2019—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that the company will participate in Red Nose Day for the second year, transpiring on Thursday, May 23. Now in its sixth year, Red Nose Day is a collective effort focused on ending child poverty both in the U.S. and some of the poorest areas throughout the world.

“Being a part of Red Nose Day helps an incredibly good cause and we are happy to join together to support the event,” said Dominic Iannitti, president and CEO of DocMagic. “Our employees enjoy celebrating the day, giving back in the process, and most importantly assisting children in need.”

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Since the launch of Red Nose Day in 2015 as a registered U.S. public charity operated by non-profit organization Comic Relief Inc., the fundraising campaign has collectively raised nearly $150 million. Funds are evenly split to support both domestic and international programs to create awareness, keep children safe, healthy and educated.

NBC will host Red Nose Day on Thursday, May 23 beginning at 8 p.m. EDT. The two-hour event features Kelly Clarkson, Blake Shelton, Kate McKinnon and other TBA celebrity appearances.

This year, DocMagic plans to incorporate a new twist into Red Nose Day, introducing a variety of fun red props. A brief video of DocMagic employees partaking in Red Nose Day last year can be viewed here:  https://youtu.be/D9epRV9vk2Y. 

 

About DocMagic:

DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web- based systems for the production and delivery of compliant loan document packages. The company’s compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.

 

About Red Nose Day:

Red Nose Day is a fundraising campaign run by the non-profit organization Comic Relief Inc., a registered U.S. 501(c)(3) public charity. Red Nose Day started in the U.K., built on the foundation that

the power of entertainment can drive positive change, and has raised over $1 billion globally since the campaign’s founding in 1988. Red Nose Day launched in the U.S. in 2015 with a mission to raise money and awareness to end child poverty, and has raised over $95 million to date for the cause.

 

Money raised goes to the Red Nose Day Fund, which supports programs that keep children in need safe, healthy and educated, both in America and abroad. Beneficiaries include the Boys & Girls Clubs of America; charity: water; Children's Health Fund; Covenant House; Feeding America; Gavi, the Vaccine Alliance; Laureus Sport for Good; National Council of La Raza; Oxfam America; Rotary/End Polio Now; Save the Children; and The Global Fund. Since launching in the U.S., Red Nose Day has received generous support from millions of Americans, hundreds of celebrities and many outstanding partners, including Walgreens, NBC, Mars, and the Bill & Melinda Gates Foundation.  For more information, visit the Red Nose Day website at www.rednoseday.org.  Follow@RedNoseDayUSA on Twitter and Instagram, and on Facebook at Facebook.com/RedNoseDayUSA.

About Red Nose Day: 
Red Nose Day is a fundraising campaign run by the non-profit organization Comic Relief Inc., a registered U.S. 501(c)(3) public charity. Red Nose Day started in the U.K., built on the foundation that the power of entertainment can drive positive change, and has raised over $1 billion globally since the campaign’s founding in 1988. Red Nose Day launched in the U.S. in 2015 with a mission to raise money and awareness to end child poverty, and has raised over $95 million to date for the cause. Money raised goes to the Red Nose Day Fund, which supports programs that keep children in need safe, healthy and educated, both in America and abroad.

Beneficiaries include the Boys & Girls Clubs of America; charity: water; Children’s Health Fund; Covenant House; Feeding America; Gavi, the Vaccine Alliance; Laureus Sport for Good; National Council of La Raza; Oxfam America; Rotary/End Polio Now; Save the Children; and The Global Fund. Since launching in the U.S., Red Nose Day has received generous support from millions of Americans, hundreds of celebrities and many outstanding partners, including Walgreens, NBC, Mars, and the Bill & Melinda Gates Foundation. For more information, visit the Red Nose Day website at www.rednoseday.org. Follow @RedNoseDayUSA on Twitter and Instagram, and on Facebook at https://www.facebook.com/RedNoseDayUSA.

TORRANCE, Calif., Feb. 14, 2019—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that MReport magazine has named company president and CEO Dominic Iannitti one of its Top 25 Industry Leaders & Influencers for 2019.

The Top 25 Industry Leader & Influencer list recognizes men and women who are making a positive mark on their teams, peers and those they interface with in the mortgage industry. It highlights the achievements of those who guide by example and think outside the box in ways that are shaping the industry’s path forward, while maintaining a personal touch that makes team members feel supported, inspired and recognized.

“Leading by example and providing an inspirational workplace are top priorities for me, so being named to this list is a great honor,” remarked Iannitti. “DocMagic is synonymous with innovation, which is one reason we are the first choice for organizations that want the top advancements in the digital mortgage ecosystem. We have great people who are dedicated to making technology advances and supporting our clients, and it’s my honor to support them in their quest for excellence in those pursuits.”

Iannitti is known among his teams for inspiring creative freedom and out-of-the-box thinking. He helped design DocMagic’s Torrance, Calif.-based headquarters to achieve a comfortable, relaxed open workplace that has proven to foster the employee collaboration and consistent technology innovation the company is known for.

MReport Editor-in-Chief Rachel Williams, stated, “I would like to congratulate those individuals who made the ‘Top 25 Industry Leaders & Influencers’ list this year, as well as the leaders who were nominated to this list having earned the loyalty of their team and peers through their subject matter expertise, charisma, or even the way they have gone above and beyond to help their team or company that makes them stand out from the crowd.”

DocMagic is excited to report that CEO Dominic Iannitti was recognized with the 2018 ‘Innovation Award’ at October Research’s 14th annual National Settlement Services Summit (NS3).  Now in its 7^th year, October Research presents three awards for excellence in leadership, innovation, and philanthropy.

Iannitti won the award for his hands-on development and launch of DocMagic’s SmartCLOSE™ collaborative closing platform, along with the success of its Total eClose™ solution for comprehensive, 100% paperless eClosings.  He was also credited with helping drive the early adoption of eSign technology in the mortgage industry in an effort to eliminate the use of paper and create new lending efficiencies.  In January of this year, DocMagic hit a company milestone with its proprietary eSign technology, surpassing 300 million electronic signatures.

Iannitti credits winning the Innovation Award to the hard work and dedication of DocMagic’s highly passionate and talented employees.

October Research CEO and Publisher Erica Meyer, who presented the awards, stated: “The October Research Awards are given to those nominated by their colleagues for excellence in leadership, innovation and philanthropy. Over the seven years we have been presenting these awards, the industry has continued to evolve and grow, and there are so many talented individuals who deserve recognition.”

Details on the awards as well as past winner can be found here: https://www.thetitlereport.com/Articles/NS3-Industry-stars-earn-OR-awards-73335.aspx 

October Research is the publisher of five premium market intelligence publications, which includes: The Title Report, The Legal Description, Dodd-Frank Update, RESPA News, and Valuation Review.