Directly from within the Lending Pad LOS, users can seamlessly access DocMagic’s loan documents to close loans quickly, efficiently and compliantly

TORRANCE, Calif., June 26, 2019—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that it has completed an integration with cloud-based loan origination system (LOS) provider LendingPad from WEI Technology LLC, offering its document preparation services directly from within the LendingPad environment.

The new integration was completed in only 60 days and provides seamless access to DocMagic’s fully TRID-compliant documents, state-specific disclosures and paperless digital mortgage process. Users are able to order, generate, manage, receive and deliver electronically signed TRID-compliant documents such as the loan estimate (LE), closing disclosure (CD) and other relevant lending documentation.

“DocMagic believes in establishing system-to-system connectivity to as many parties as possible in order to efficiently and expeditiously complete transactions and close loans on time,” stated Steve Ribultan, director of business development at DocMagic. “Partnering with LOS providers like LendingPad is key to our goal of eliminating paper, ensuring compliance, and making the end user’s job as easy as possible.”

DocMagic’s Audit Engine automates data and document validation throughout key phases in the lending process with continuous compliance checks, providing accuracy at all times. Mutual customers will realize greater efficiency and compliance adherence due to this integration. It significantly reduces time and costs, ensures data integrity, and eliminates errors that can lead to non-compliance.

“We are pleased to partner with the industry-leading loan document preparation provider and look forward to a long-term relationship with DocMagic,” said Wes Yuan, managing director of WEI Technology. “With both of our platforms being completely SaaS and Cloud-based, there are a number of additional capabilities we can jointly leverage to make the life of the lender, originator and borrower much easier via digital lending.”

 

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 1987 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 https://www.docmagic.com/.

 

About LendingPad®

Residential mortgage professionals created LendingPad’s innovative loan origination system (LOS) to help lenders to make better lending decisions, to provide an exceptional user experience, and to enhance individual originators’ ability to succeed. Leveraging from a highly-scalable cloud infrastructure, LendingPad is a web-based, end-to-end platform offering unique features such as same-file multi-user edit capabilities and real-time updates. LendingPad Network is a hub connecting borrowers, lenders and service providers. The solutions LendingPad offers elevate the efficiency, compliance, and information security of brokers, lenders, and depository institutions. LendingPad is a

Premier Member of the Mortgage Bankers Association and a proud winner of HousingWire's Tech100 award. LendingPad is a product of WEI Technology LLC, headquartered in McLean, VA. Visit the company’s website to learn more https://www.lendingpad.com/.

 

Media Contact:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com

 

Testing Information

The first big change with these forms is in the Uniform Loan Application Dataset, or ULAD, for short. This dataset is used to submit your application data to Fannie Mae and Freddie Mac. The GSEs mapped ULAD to MISMO version 3.4.  They used 3.4 because the GSEs would have to engage in extensive use of extensions to have used a lower version of MISMO. They also state that you must use ULAD to submit your data to Desktop Underwriter and your Loan Product Advisor if you're using the new, redesigned URLA. The two things need to go together. If you are interested in the data transmission of your application data to the GSE's automated underwriting systems, they did provide ULAD testing cases on their website, which you can find at fanniemae.com or freddiemac.com.

Uniform Loan Application Dataset Maps each form field from the redesigned URLA to MISMO 3.4 Must use ULAD to submit data to DU/LPA if using the redesigned URLA GSEs provided ULAD testing cases

New Concepts to Consider Collecting Homeowner Education/Counseling information Language Preference Other new liens on the property Modified Declarations Modified Details of Transaction

Changes to accommodate the new form will be enabled prior to the industry use date of July 1, 2019. If your account has access to DocMagic's staging environment, these changes are available for your review at this time. The application will be available during the update. You can activate the update by closing DocMagic Online and relaunching.

What do I need to do?

In order to generate the new forms, you must select "Use 2020 URLA" from the Tools > Options menu within DocMagic Online. If you do not select "Use 2020 URLA", DocMagic will continue to provide you with the existing URLA/Form 1003 until the mandatory date of February 1, 2020, at which time the new URLA form will be applied automatically.

How do I learn more?

The new URLA form introduces many changes in the way borrower information is captured and displayed, including bolstering certain areas of the application such as income verification, military service, assets and liabilities, homeowner counseling, and more in depth property information. For a complete overview of the new functionality we have prepared the following resource page and strongly encourage our DocMagic customers to become familiar with the new content and system changes. DocMagic URLA Resource Page

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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.

Understanding the New URLA

The new URLA is bringing us into the 21st century. Along with improving accuracy and the clarity of information being provided by the borrower, the coming changes will make the process more efficient for lenders. As with all changes, there is a learning curve. The key to preparing for a smooth transition is understanding the changes, identifying where they will be on the new forms and beginning testing to eliminate workflow interruptions.

The New Forms and How They Work Together

The Borrower Information Document is the main application form and the first form you will notice with formatting changes. The new layout now has a similar format to the LE and the CD which will make adoption much quicker. This form contains most of the information collected on the current 1003. Generally, one of these forms will be completed per borrower instead of seeing borrower and co-borrower on one application. It is important to note however, that you will see a combination of assets and liabilities for joint borrowers. 

 

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Changes in Section 1

The first change to note is at the top of page 1.  The paragraph referencing joint borrowers has been replaced by a space for the Lender Loan No. / Universal Loan Identifier.  Starting in Section 1, where you would normally see borrower and co-borrower side-by-side, the form will now collect individual data starting with personal information. This is also where the borrower will indicate if they are applying for individual or joint credit.

The next change in this top section is the addition of fields for an email address and cell phone. 

There are two new sections within the personal information section of the Borrower Information Document. 

1. Military Service - This section collects information about Military veterans that can be used by the Veteran's Administration
2. Language Preference - This new section allows the borrower to indicate their preferred language. This informational question does not commit the lender to conduct the loan in the selected language. 

The new Employment and Income section has been improved by including those fields side by side for a more streamlined workflow. This new form supports the collection of loan application details that make it easier for underwriters to verify the income by source. For example: Employment entries include the income received at each employer and calls out other sources of income separately.  Section 1e, Income from Other Sources, is the first part of the form that asks the borrower to select from a provided list

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Section 2

Assets And Liabilities

This is where  information from the borrower with regard to their assets and liabilities will be collected.  In sections 2a and 2b, there are fields for collecting bank accounts, retirement, and other accounts.  Similar to the last section, users will now be selecting from the categories that are provided.  For other assets, for example, you would put earnest money, sweat equity or other additional assets that the borrower owns.  Also note that this section includes a does not apply checkbox, and if that were true, this would be selected, and the section would collapse in the dynamic version of the form.

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Section 3

Real Estate

In the new Real Estate section the table now includes the existing mortgages associated with each property instead of listing them in a separate Liability Section. Here the borrower will list the real estate that is owned by the property address, including certain detail about the property, such as the property value, whether or not they are going to sell it in this transaction, and whether or not there's any rental income from that property.  Immediately below that, will be a field to list any mortgages that exist on the property. This section, as with other sections in the dynamic version, will repeat as necessary until all real estate is listed.

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 Section 4

Loan & Property Information

This is the first place on the form that you will see any actual loan information being entered.

In addition to the three choices in the occupancy field there is now a fourth option added for FHA Secondary Residence.  Underneath occupancy are two new questions referencing mixed-use property and manufactured home.

There are three new sections as part of the Loan and Property Information.

1. 4b allows the borrower to list any other new mortgage loans being taken on the property being bought or refinanced.  If there are no additional loans, the borrower will check the “Does not apply” box and the section will collapse.  If there are additional loans, the borrower will add the creditor name, lien type and position, and amount.
   
   
2. 4c is for rental income on purchase loans. The top line allows the borrower to provide expected gross monthly rental income for purchase loans. The lender then calculates the expected net monthly rent income amount. This section applies when the subject property is a 2-4-unit primary residence or investment property.  
   
   

3. 4d is where the borrower will report any gifts or grants that they will receive to help cover the cost of the loan by selecting from the provided list. The borrower would report the asset type, if the amount has been deposited, the source, using that list above, and then the value. This section will also be dynamic and expand or collapse as needed.

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Unmarried Addendum

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Important Deadlines for URLA

Beginning July 1, 2019, both Fannie Mae and Freddie Mac will allow the use of the redesigned Uniform Residential Loan Application ("URLA") published jointly by the Government-Sponsored Enterprises ("GSEs").  DocMagic systems will be updated to accommodate these new forms for loans with application dates of July 1, 2019 or later.

How do I learn more?

The new URLA form introduces many changes in the way borrower information is captured and displayed, including bolstering certain areas of the application such as income verification, military service, assets and liabilities, homeowner counseling, and more in depth property information. For a complete overview of the new functionality we have prepared the following resource page and strongly encourage our DocMagic customers to become familiar with the new content and system changes. DocMagic URLA Resource Page

Source: Housing Wire—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, has been named as an early winner of this year's HousingWire Tech100 Award. Check out the early list below!

These 10 winners hold some of the most innovative and impactful technology in the housing industry. From innovative startups to technology giants – this year’s winners continue to push the edge of innovation move markets forward. The future is here, and it’s because these companies continue to push the limits of possible.

Here are 10 companies that won this year’s HousingWire Tech100 award, and keep an eye out on April 1 for the full list and for more info on each of these companies.

 

10 Sneak Peek Winners

Arch Mortgage Insurance

With Arch MI’s RateStar Buydown tool, mortgage originators can customize each borrower’s MI premium to an exact dollar amount — creating a unique MI payment competitors can’t match.

BeSmartee

BeSmartee develops web-based lending platforms for lending institutions. The company utilizes its extensive list of vendor integrations, big data sources, AI technology and process automation to help its clients streamline origination processes for their customers and loan officers, from initial contact into underwriting in minutes using any device.

Blend

Blend is using technology to streamline the mortgage process to create a pleasant experience for both lenders and borrowers. The company, which is already has partnerships with major lenders like U.S. Bank and Wells Fargo, expanded its industry reach in 2018 with first-of-their-kind partnerships with home builder Lennar and Fannie Mae.

Baseline Reverse

Baseline’s web based solutions are helping to power the reverse mortgage industry. The company launched in 2016, and in the last few years, the reverse mortgage industry has warmly received the company.

CoreLogic

CoreLogic is a global property information, analytics and data-enabled solutions provider, which leverages more than 4.5 billion records spanning more than 50 years. This robust collection of data allows the company to proactively identify holes in the mortgage origination process and develop solutions to help fill the gaps.

DocMagic

DocMagic’s suite of technology solutions interconnect critical entities within the digital mortgage ecosystem to compliantly exchange data in real time throughout the lending process. From borrowers to originators, lenders, settlement providers, investors and servicers – DocMagic facilitates 100% paperless mortgage transactions.

LendingHome

LendingHome continues to fine tune its tech platform. Thanks to improvements made in 2018, when a borrower applies for a loan, the tech instantly pulls every home they’ve bought and sold, as well as similar homes near the property under consideration, down to the zip code.

Matic

Matic is a digital homeowner’s insurance marketplace that helps lenders and servicers integrate homeowners insurance into the mortgage process. Matic is disrupting the $95 billion homeowners insurance industry by providing insurance at the point of sale — when borrowers apply for a mortgage.

Moody’s Analytics

Moody’s Analytics grew its capabilities in 2018 when it acquired Reis, a commercial real estate data provider, for approximately $278 million in cash. Reis provides analysis and forecasts for hundreds of metropolitan markets and thousands of submarkets in areas like multifamily, affordable housing, office, retail, student housing and senior housing.

ProxyPics

ProxyPics is a photo delivering service where users can request a photo of a specific location, for other users to complete, for a small fee. Think of it as Uber for photos. The real-estate industry and lending process experience long delays because appraisers, realtors, and inspectors drive countless miles for a real-time photo of a property.

 

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Kelsey Ramírez is an Associate Editor at HousingWire. In this role she spearheads the production of HW Magazine. Ramírez is a journalism graduate of University of Texas at Arlington. She previously covered hard issues such as homelessness and domestic violence.  

NEWPORT BEACH, Calif., March, 25 2019—NotaryCam®, the leader in online notarization solutions, today announced that eMortgage pioneer Mid America Mortgage is now using the firm’s integration with DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, to conduct remote online notarizations (RONs) through DocMagic’s Total eClose™ platform. Mid America will leverage the integration throughout its retail, correspondent and wholesale channels.

“Since 2016, Mid America’s strategy has been ‘digital first.’ As a result, we have been able to condense our application-to-closing time down to just two weeks and our closing ceremony to 30 minutes or less with our digital mortgage product Click n’ Close,” said Mid America Owner and CEO Jeff Bode. “RON allows us to double down on our closing efficiency while also providing additional convenience to our customers. The addition of NotaryCam’s remote notary services through our established eClosing partner DocMagic enables us to extend the value we’ve experienced to date through our digital mortgage strategy.”

To date, NotaryCam has conducted more than 160,000 RON transactions for individuals located in all 50 states and 90 countries. Thanks to RON bills that have been passed by multiple states, Texas included, NotaryCam’s team of highly trained and experienced notaries are able to remotely eNotarize mortgage loan documents or other paperwork for individuals across the country using NotaryCam’s secure, easy-to-use platform. The system does not restrict the number of participants that can join a RON ceremony, allowing all relevant parties to participate in the transaction.

“Until recently, mortgage closings still required participants to physically congregate in a single location to complete the transaction. Today, RON enables lenders and settlement agents to eliminate the closing table without losing the personal connection of the closing ceremony,” said NotaryCam Founder and CEO Rick Triola. “The value of the convenience that RON provides cannot be overstated, and it would behoove mortgage and settlement professionals to incorporate RON into their existing closing process.”

Total eClose is DocMagic’s comprehensive end-to-end eClosing solution. The integration with NotaryCam, which was first announced in September 2018, allows Mid America Mortgage and Click n’ Close to eNotarize documents remotely using NotaryCam’s RON service, eliminating the need for home buyers and sellers to physically appear before a notary to wet-sign loan documents.

“We continue to focus on implementing seamless digital closing solutions for our customers,” stated Dominic Iannitti, president and CEO of DocMagic. “Mid America’s accelerated processes highlight the benefits DocMagic delivers for both lenders and borrowers. The added efficiency of NotaryCam’s RON solution is the logical next step and a key component to achieving 100% paperless eClosing transactions.”

 

Free Webinar! Your guide to new forms, updates, and deadlines

Join this FREE webinar designed to help you understand the revised Uniform Residential Loan Application (“URLA”) or 1003 form. DocMagic's Chief Compliance Officer, Gavin T. Ales will explain the new forms, compliance updates and the deadlines you need to be aware of. 

Understanding URLA — The New Loan Application

Date: Thursday, April 11th, 2019Time: 10:00 - 11:00 AM (PDT)

Register for our free webinar here!

Webinar topics include: 

• Key implementation dates & deadlines
• An in-depth look at important changes to the New URLA forms
• Examining additions to the Borrower Information Document 
• Changes to the Loan Application process
• The Unmarried Addendum
• Updates to currents systems and where to see them 

Get your questions answered as we walk through the URLA requirements in detail.

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Gavin T. Ales is DocMagic’s Chief Compliance Officer. He has hands-on involvement in the development, implementation and maintenance of DocMagic’s compliance products and services. This includes managing DocMagic’s library of mortgage loan documents, which are used by lenders and brokers in all 50 states and the District of Columbia, monitoring legal and regulatory changes, and developing and maintaining DocMagic’s automated compliance tests and audits.

Gavin specializes in mortgage banking compliance; federal and state regulatory compliance; financial services law; real estate law; and consumer credit law, among other disciplines.

Gavin holds a J.D. from American University’s Washington College of Law, and a BBA with a concentration in Economics as well as a BA in International Studies, both from the University of Mississippi. He is licensed to practice law in California and Maryland.

Register Now

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.”