WASHINGTON,
D.C. (February 2, 2016)- MISMO is pleased to announce that DocMagic, a provider of
document preparation, compliance, eSign and eDelivery solutions, has
received MISMO certification for their SmartCLOSE™ software product.
Specifically, SmartCLOSE has been awarded what is known as a Standard Level
Certification for TILA/RESPA Integrated Disclosures (TRID).
“We
congratulate DocMagic for obtaining a certificate for SmartCLOSE through
MISMO’s software compliance certification program,” said MISMO President
Mike Fratantoni. “Industry participants continue to work through the
many challenges created by the Know
Before You Owe rule and so we are pleased to be able to certify
SmartCLOSE for appropriate use of the MISMO standards for TRID.”
MISMO
Software Certification provides assurance that a technology provider’s
products demonstrate compliance with MISMO standards and best
practices. The Standard Level Certification provides a foundational
certification of appropriate use of MISMO standards and best practices
within a specified business domain through self-assessment, with validation
of aspects of the self-assessment by MISMO staff and receipt of integration
partner references. Only products certified by MISMO may utilize the
term “certified MISMO compliant” – a symbol of industry excellence.
SmartCLOSE™
brings lenders, settlement service providers, and other relevant entities
together inside a secure environment to share, edit, validate, audit, track
and collaborate on documents, data and fees. Everything is accessible
within SmartCLOSE, including the eSigning and eDelivery of documents.
SmartCLOSE received Standard Level certification for MISMO Version
3.3 within the TILA/RESPA Integrated Disclosures (TRID) business
domain.
“With the
Uniform Mortgage Data Program (UMDP) quality initiatives mandated by the
GSE’s and the CFPB’s move toward supporting more automated audits, we felt
it was crucial to get certified since DocMagic is integrated to more lender
LOS systems than any other vendor to perform compliance checks and audits”
stated Tim Anderson, Director of eServices for DocMagic. “In fact, we
see MISMO software certification as a competitive differentiator since we
provide representations and warranties regarding compliance and need to be
sure the data is correct since our clients rely on our compliance services
to ensure regulatory and investor compliance.”
PLEASE NOTE: MISMO
Software Certification in the TRID Business Domain is certification of
appropriate use of MISMO standards and best practices related to the data
aspects of the Integrated Disclosures, specifically data and information
exchanges required to support the Closing Disclosure (CD) and/or Loan
Estimate (LE) artifacts. It is not a certification that the product
is compliant with TRID rules and regulations.
More
information regarding the program is available here
or by contacting MISMO at info@mismo.org.
ABOUT MISMO
MISMO® is the standards development body for the mortgage industry. The use of MISMO standards reduces processing costs, increases transparency and boosts investor confidence in mortgages as an asset class, while creating cost savings for the consumer. For more information, visitwww.mismo.org.
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 www.docmagic.com.
About MBA
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, REITs, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site: www.mba.org.
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