TRID went live on Oct. 3. Some industry analysts say one consequence of the new consumer-disclosure rules will be that paperless eMortgages will become standard in the post-TRID world. Tim Anderson, director of eServices for DocMagic, spoke to Scotsman Guide News on why the regulations and consumer preferences might inevitably push the industry toward a paperless mortgage.  

How would you define an eMortgage?

My definition of an eMortgage is a full and complete paperless process from initial loan application all the way to closing.

Why is it difficult from a technical standpoint for mortgage lenders to cross over to paperless?

You are dealing with so many different parties from application to closing and also to investor delivery.  Everybody has got to sign off on an electronic process and agree to it. That has been part of the problem. The majority of the steps have all been automated by various partners, like notary, title and closing and [document preparation]. The major obstacle is that you still have to get the investor to buy it. That is the last barrier to adoption. You have [Fannie Mae] and [Freddie Mac], but most of the mid-tier guys don’t sell direct to Fannie and Freddie. They sell to Chase, [Wells Fargo] and others. Until they start buying eNotes, it is still going to be limited adoption.

How far has the industry gone in going paperless?

There is wide adoption on initial disclosures. Already, it is an easy package to put together. You don’t have to sell to an investor. It is the initial three-day application package, and the regulations are only that you have to show that you delivered it, or sent it out within three days of your application. There has been mass adoption [of that], probably close to 70 percent [of companies] already. That is the first step. The consumer says, ‘Well, I can get the initial disclosures that way, why can’t  I do the closing?’ That is the second step. You are seeing pretty quick adoption of the hybrid [closing]. You can execute the majority of the documents you sign, but you still have to paper up the notary or recordable documents.

Why might TRID push companies in the direction of paperless mortgages?

The regulator that designed the rule, the [Consumer Financial Protection Bureau], is pushing hard for eClosings. The regulation itself almost mandates that you start electronic right from the loan estimate. This is all about electronic proof of compliance. Right from the loan estimate, to intent to proceed to the delivery rule around the final disclosures, all of these are critical compliance milestones that the CFPB is going to audit a lender for compliance, and you have to be able to prove this. Again, it is very hard to do in a paper world. Finally, it is just a business decision. In the paper world for a closing, people are projecting 10 to 15 days  added on to the closing process because of the three-day-mail-delivery rule. In the electronic world, I can cut that in half if we go with eConsent and eReceipt-of-delivery. All those things contribute to a better process for compliance and for the consumer.

Are there any other factors aside from TRID that would encourage paperless mortgages?

It is the consumers themselves. The millennials are all online. They want everything immediate, and they want it online. They don’t want to deal with paper. Who mails stuff anymore, right?

How receptive are the government-sponsored enterprises (GSEs) and other investors to purchasing eNotes?

There is no barrier at all from the GSEs. In fact, Fannie has basically doubled down, created a brand-new website to educate lenders and consumers to get on board. There are a lot of myths about whether it is still legal or not. There is a huge educational curve still. It is not an issue on the consumer side. They are already into eSignings and doing everything online. It is basically old, traditional players that have done business for 30 years the same way.

How long do you think it will take for the eMortgage to become the standard?

It is going to be critical when the CFPB begins enforcing compliance, when they start auditing these lenders for compliance around TRID, and not just TRID, but the [qualified mortgage rule] and ability-to-repay [rule]. When [companies] start getting audited, we’ll see mass adoption very quickly because they will not be able to comply in a paper world. It will push them to go electronic to prove electronic evidence at the next audit. Within a year, you will start seeing auditing for compliance. Once they start imposing fines, the pocketbook will force compliance very quickly.

As featured by Scotsman Guide, October 2015

Press Release:

Enables lenders to adhere with TRID requirements and provides the SmartCLOSE™ portal for settlement providers and other parties to collaborate efficiently, compliantly and cost effectively

TORRANCE, Calif., Oct. 1, 2015 — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that PHH Mortgage (“PHH”), one of the largest providers of residential mortgages in the United States, has signed a multi-year license agreement to use its expansive set of products to help ensure compliance with the TILA-RESPA Integrated Disclosure (TRID) rule that goes into effect on Oct. 3, as well as other federal, state and investor requirements.

“We have worked closely with DocMagic for the last year to thoroughly evaluate, test and integrate their technology and compliance solutions, and we will use various components to ensure we are TRID compliant,” said Eric Sadow, chief compliance and fair lending officer. “We are confident that our use of the DocMagic technology and compliance solutions will meet our needs and the needs of our clients, regulators, investors, partners and borrowers.”

PHH, its clients and their borrowers can easily access DocMagic’s eSign/eDelivery technology that enables the electronic delivery of TRID documents and the electronic viewing of closing disclosures and related documentation.  DocMagic’s Audit Engine electronically tracks and logs transactions touched by all parties working with its Compliance Engine as well as its SmartCLOSE™ portal, while continuously comparing the initial Loan Estimate against the final Closing Disclosure to ensure RESPA compliance throughout the process.

“For a lender with the size and reputation of PHH to select DocMagic to comply with TRID, speaks volumes about how sophisticated and scalable our solution really is,” said Dominic Iannitti, president and CEO of DocMagic.

Expanding on its technology and compliance solutions, DocMagic has developed SmartCLOSE, which can integrate with loan origination systems for seamless, bi-directional exchange of data and related information. Additionally, it will integrate with all leading settlement technology platforms and other third party applications used in the loan closing process to allow all relevant parties to share, validate, audit, track and collaborate on documents, data and fees in a secure, collaborative environment.

Iannitti added: “We have designed SmartCLOSE to be the most advanced and effective TRID solution in the industry. That is why we can rep and warrant all documents and calculations generated in SmartCLOSE with a TRID Compliance Guarantee.”

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 www.docmagic.com.

About PHH Mortgage
Headquartered in Mount Laurel, New Jersey, PHH Mortgage Corporation, a subsidiary of PHH Corporation (NYSE: PHH), is one of the largest originators and servicers of residential mortgages in the United States. The company originated approximately $36 billion of mortgage loans in 2014 and maintained a total loan servicing portfolio of approximately $227 billion with over 1.1 million customers as of December 31, 2014. PHH Mortgage is dedicated to responsible and ethical lending and servicing practices and offers mortgage solutions to wealth management firms, banks, credit unions, real estate companies, relocation professionals and directly to consumers. For additional information, please visit the Company’s website atwww.phh.com.

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/. 

The one-month countdown until the TILA-RESPA Integrated Disclosure (TRID) rule is implemented is in full effect. This checklist of the critical items you will need to will not only ensure compliance, but more importantly deliver the electronic evidence when the Consumer Financial Protection  Bureau (CFPB) comes knocking on your door asking you to prove what you said you did to prevent paying fines that could run up to $1 million dollars a day per infraction!

It’s déjà vu’ all over again. I remember in 2010 when the last major RESPA overhaul occurred and the response by everyone, (Lender, LOS providers, DocPrep companies, Title system vendors) was to build a GFE/TIL calculator; however, no one stood behind them and rep and warranted their accuracy.

Now fast forward to 2015 with TRID and you have the same parties building Closing Collaboration Portals (so far I’ve counted twelve) to support the online exchange of fee data prior to closing to ensure more accurate disclosures. The key issue again is who is offering a solution that has all the required steps, features and functions needed to ensure a complete and compliant process (not just the LE and CD) and rep & warrants it to protect the creditor (lender) against future compliance risk, audits or legal challenges.

Clinging to the old paper process is just not going to cut it anymore

So much focus has been on the forms, specifically the CD and the three-day delivery requirement but implementing a true compliant process requires confirmation and tracking of the following critical milestone events.

Application
• Intent to proceed
• Three-day delivery of the initial disclosure package, (not just the LE)
• Changed circumstances and re-disclosure (s)

Pre-closing
• Three-day delivery of final closing disclosure (CD)
• Why just the one form and not all like we do with the initial disclosures?
• Show receipt of delivery

Electronic evidence
• RESPA reconciliation to verify tolerance and other compliance checks
• Date & time stamp audit trail of all consumer communications
• Record retention requirement of three years on LE and five years on CD

Implementing a full electronic (eSign, eDisclosure) process from loan application to closing is the only way to truly be and ensure compliance. There is a reason why the CFPB and now FHFA is standardizing on the MISMO 3.3 data spec and that is because they are moving to support a full automated audit of the data file for compliance and not wading through hundreds of pages of the paper file to verify compliance.

Additional To Dos

Technology Vendors – of course you’ve been working with your technology vendors over the past several months to understand the changes made to their software and how to use the new functionality. However, some lenders that I’ve talked to eased up working with their vendors because they now had more time. Not a good idea.

Training – not only should you be working with your technology vendors to get trained on their software, but you should be training your own people on the new process. A lot of your staff will be involved with TRID in some form or another; make sure they all understand processes, policies and procedures.

Test, Test, and Test Again – you can’t do enough testing. Try to see where their might be holes in your own processes and ensure the right staff has tested and understands how to apply technology that is affected by TRID.

Keep a Watchful Eye – After October 3, there will be a lot going on internally. Just make sure you observe how things are progressing and make necessary improvements or corrections along the way.

Fines - Sure. The CFPB says it will be lenient regarding TRID violations at first, but you want TRID compliance adherence to be air tight from the get go.

Going Digital – only way to truly ensure data and document compliance and integrity

If this reg does not get people to move to and support a full eMortgage process, I don’t know what will. I guess when the CFPB starts auditing for QM, ATR and TRID in earnest and begin accessing large fines for non-compliance, maybe then the origination side, like the servicing side of the business will wake up and finally change the way they do business.

Editor’s note: Portions of Tim Anderson's response appear in the September issue of MReport. To view his response and additional responses from Black Knight Financial Services, NetDirector, ARMCO, Pavaso, Mid America Mortgage, and IDS click here.

As featured by TheMReport, September 2015

Press Release
TORRANCE, Calif., Aug. 21, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that its chief legal officer, Melanie Feliciano, Esq., has been named to the MReport's 2015 Leading Ladies list. MReport is a leading B2B trade publication serving the broader mortgage field.

"The female leaders working in the housing and mortgage industry are indispensable," said Five Star President and CEO Ed Delgado. "Through the recognition of the MReport and the Women in Housing Leadership Forum, a spotlight will be put on the innovators shaping our industry."

MReport states that the 40 women who were selected as Leading Ladies were nominated by their peers in the industry and then evaluated by judges at the Five Star Institute. The winners being cited as having all the qualities that make them strong leaders -- such as their intelligence, drive and pursuit of innovation.

Winners are acclaimed innovators that are making a positive impact in the mortgage industry. They will be profiled in the August issue of the magazine and also honored at the Women in Homeownership Leadership Forum held during the annual Five Star Conference and Expo in Dallas, Texas on Friday, September 18, 2015 from 1:15 p.m. to 2:15 p.m. The event is being co-hosted by Ernst & Young and Aspen Grove Solutions. 

"Melanie is a well-respected expert resource, advisor and thought leader to the mortgage industry on the subjects of complex legal, compliance and mortgage technologies," said Dominic Iannitti, president and CEO of DocMagic, Inc. "She is well-deserving of this award. We are fortunate to have her as a long-standing member of the DocMagic family."

Ms. Feliciano manages the Legal Department at DocMagic; serves as Editor-in-Chief of DocMagic's monthly, electronic compliance newsletter, The Compliance Wizard; oversees, negotiates and prepares various agreements involving DocMagic's customers and strategic partners; manages DocMagic's risk; and handles legal matters relating to DocMagic's business operations. She also supports DocMagic's Chief Compliance Officer, Gavin T. Ales, and the Compliance Team with respect to DocMagic's compliance products and services.

Ms. Feliciano was responsible for implementing RESPA 2010 and TILA/MDIA 2011 across DocMagic's compliance products, including DocMagic's forms and compliance audits. She also supported the implementation of the Ability to Repay/Qualified Mortgage Rule and is active with DocMagic's TILA-RESPA Integrated Disclosure Rule efforts at DocMagic.

Ms. Feliciano is an active participant in the Mortgage Bankers Association (MBA) and regularly shares her perspective and expert knowledge on industry panels, roundtables and in the media. 

The complete list of Leading Ladies can be found here:http://themreport.com/news/origination/07-27-2015/mreport-announces-its-2015-power-players-leading-ladies-honorees.

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/.

About The Five Star Institute:
The Five Star Institute is a publishing, communications, marketing, and event planning company. The Institute hosts the largest mortgage event in the United States-the Five Star Conference and Expo. Among its many publications are DS News, dedicated solely to default servicing, and MReport, a B2B trade publication serving the broader mortgage field. Additional information about the Five Star Institute's many business-building opportunities can be found athttp://www.TheFiveStar.com/. More information about the Five Star conference can be found at http://www.TheFiveStar.com/fsc. 

Press Release:

TORRANCE, Calif., Aug. 18, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that it has named Gavin T. Ales as chief compliance officer (CCO).

Mr. Ales 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, the District of Columbia, and U.S. Territories, monitoring legal and regulatory changes, and developing and maintaining DocMagic's automated compliance tests and audits.

Prior to joining DocMagic, Mr. Ales was the deputy chief compliance officer at Prospect Mortgage, LLC. He specializes in mortgage banking compliance; federal and state regulatory compliance; financial services law; real estate law; and consumer credit law, among other disciplines. 

"We are pleased to have someone with Gavin's depth of compliance experience and thorough understanding of regulatory rules join our growing team," said Dominic Iannitti, president and CEO of DocMagic. "Gavin's solid background in mortgage compliance will undoubtedly help us effectively manage loan document compliance and continue to provide robust automated compliance audits in today's very fluid mortgage marketplace." 

Mr. Ales holds a JD 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 as well as Maryland.

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:
Most Feature Rich and Easy-to-Use TRID Solution in the Industry Hits a Home Run

TORRANCE, Calif., Aug. 13, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that after extensive testing by lenders, settlement providers and other relevant parties, SmartCLOSE™ has been honed to perfection and been moved to a secure cloud-based production environment for its official release date of Aug. 15, 2015.

In June, over 250 lenders participated in the testing of DocMagic's new SmartCLOSE collaborative closing portal in order to provide key feedback to DocMagic for continued fine-tuning of the system. As a result of months of preparation and testing, lender and settlement provider feedback and fine tuning the technology, SmartCLOSE is now ready for production.

"The innovative enhancements that DocMagic has added to the portal makes SmartCLOSE the most feature rich and easy-to-use TRID solution in the industry," said Kevin Marconi, COO of United Fidelity Funding. "Even though the TRID deadline was pushed to October 3, DocMagic's early readiness today gives me the peace of mind I absolutely must have to know that I am TRID ready."

"DocMagic really hit a home run with this product. We are extremely impressed with Smart CLOSE; this system is very easy for us and our settlement agent partners to utilize," said Jim Paolino, CEO of LodeStar Software Solutions, a leading technology provider for the title insurance industry. "The fashion in which the screens and workflow were developed is going to make adoption by our settlement agents quick and make their jobs easy in the new post-TRID world order."

"The DocMagic client base and strategic partners say that DocMagic has built the best TRID solution in the industry," states Tim Anderson, director of eServices at DocMagic. "Our team has diligently worked to fine-tune SmartCLOSE largely based on user feedback which has helped us get to where we are today."

DocMagic's Audit Engine maintains electronic evidence to track and log all transactions and its Compliance Engine continuously compares the initial Loan Estimate against the final to ensure RESPA compliance throughout the process. DocMagic also reps and warrants all documents created and calculations provided by the system with a complete TRID compliance guarantee. This compliance "stamp of approval" allows SmartCLOSE users to rest assured that all TRID requirements have been met.

SmartCLOSE integrates with DocMagic's LOS partners to provide seamless, bi-directional exchange of information with the click of a mouse. SmartCLOSE is also being integrated with all leading settlement platforms and other third party applications used in the loan closing process.

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/.

TORRANCE, Calif., June 30, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, is pleased to announce the hiring of Mr. Edward Komski who will assume the role of national sales manager. In this capacity, he will be responsible for introducing DocMagic's entire suite of software solutions to large, enterprise-level lending organizations. 

Mr. Komski brings with him a practical, proven knowledge of enterprise sales techniques, creative business development approaches, extensive solution crafting skills, a successful history of deal structuring and applied business strategy. In this position he will work with prospects across all regions of the country to understand their business requirements, and how DocMagic's solutions can be leveraged to benefit the prospects' daily business challenges. 

"We are very excited to work with someone of Ed's caliber," said Dominic Iannitti, president and CEO at DocMagic. "Ed's business acumen, strategic sales approaches, and ability to quickly build a rapport will be key in penetrating large market accounts." 

For more than 24 years, Mr. Komski has owned and operated ELK Group, Inc., a comprehensive business consulting firm that focuses on strategically structuring, managing, and implementing complex technical and economical business solutions for clients. He possesses an extensive background in mortgage banking working with lenders, technology firms and other large business entities

"DocMagic has developed a number of amazing solutions which have catapulted the company into becoming the mortgage industry's leading eService's provider," remarked Komski. "I've seen a lot of mortgage technologies over the course of my career, but nothing compares to what DocMagic has engineered. Additionally, the work they are doing with TRID significantly outpaces the nearest competitor's solution." 

Mr. Komski has a B.S. in Business Administration from Shenandoah University and is an active member of the Mortgage Bankers Association.

About DocMagic:
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 staff and in-house legal counsel consistently monitor legal and regulatory dynamics at both the federal and state levels to ensure regulatory accuracy.

For more information on DocMagic, visit http://www.docmagic.com/.

Press Release:

Phased testing approach with select clients enables DocMagic to perfect new solution

TORRANCE, Calif., June 24, 2015 - DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that a group of clients have begun to test the features and functionality available within its new Collaborative Closing Portal, SmartCLOSE™. 

The portal was made available to nearly 250 lenders last week to start working with the system and provide comments. The complete product will be rolled out in two planned phases as features are continuously added and the solution is enhanced.

"The idea behind releasing SmartCLOSE to a select group of clients for initial testing is that it will help us refine the feature set to ensure we provide the very best TRID closing portal," stated Dominic Iannitti, president and CEO of DocMagic. "The workflow and functionality is already incredibly intuitive and every screen is designed with simplicity in mind."

SmartCLOSE offers a secure, centralized online environment for lenders, settlement providers, and other associates to share, validate, audit, track and collaborate on documents, data and fees. DocMagic's Audit Engine runs continuously behind the scenes to ensure compliance for any changes that may affect tolerance levels, calculation reconciliation and potential RESPA violations. Everything is accessible within SmartCLOSE, including the eSigning and eDelivery of documents.

DocMagic's Audit Engine captures who changed what, what was changed, what you need to fix and why, and all of the electronic evidence to log and complete all transactions in full compliance. DocMagic reps and warrants transactions run through the system. 

Iannitti added: "There a lot of closing portals that have been recently announced to address TRID compliance, but we believe most fall short in adequately tracking tolerance levels, changes in circumstance, and other very complex aspects of TRID compliance. There is a great deal of work and complex problem-solving required to create a robust portal that addresses every facet of TRID compliance while providing a truly dynamic and collaborative workflow environment. Our TRID wizards have been very busy." 

DocMagic has been holding regular webinars and training sessions to educate and prepare clients for TRID compliance. 

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.

Press Release

Oct. 1 due date is only a “proposed delay” by the CFPB; it could still come sooner and DocMagic will be ready

TORRANCE, Calif., June 19, 2015 — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that the CFPB’s proposed delay will have no bearing on its plans to be ready to meet the CFPB’s originally planned Aug. 1 due date to implement the TILA-RESPA Integrated Disclosure (TRID) rule.

“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” commented Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Mr. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that,” said Horn.

“DocMagic has been working very closely with our clients, LOS partners, industry experts and other mortgage entities to be absolutely 100 percent certain that we are TRID compliant by the original Aug. 1 date,” said Dominic Iannitti, president and CEO of DocMagic. “The CFPB’s announcement about the proposed delay will not change our momentum. All of our systems will be TRID-compliant come Aug. 1 ranging from loan document production to LOS integrations to our new Collaborative Closing Portal, SmartCLOSE™.

The CFPB’s official statement for its “proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015” can be found here.

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 www.docmagic.com