The holidays always offer an opportunity to reflect on the past year, to recall the moments and people that made this or that year such a success. First and foremost, all of us here at DocMagic wish to thank you for the loyalty and trust you, our clients,extended to us over this exciting year. 2016 has been an amazing year for this company and the industry as a whole.  Allow me to highlight some of the year’s milestones.We started theyear with a bang when we announced the rollout of Total eClose™ at DocMagic’s “The eFuture is Now” bash at LA Live for the MBA’s annual Tech Conference.  A massive turnout of guests learned about our newest innovation and danced the night away in gifts of comfy bunny slippers… inspired by our mascot and spokesperson “Doc”.  The success of this occasion foreshadowed a banner year of growth in all areas of our business.

From the introduction of both the SmartCLOSE™ and Total eClose™ solutions, we have experienced record business growth, resulting in the need for some of the new faces you may have encountered at our headquarters. It has been a spectacular year for adding new clients and strategic partnerships, and to provide a heightened level of service quality, we’ve added an account management tier within the Customer Support Department.  We launched our NEW Premium Reps and Warrants Program to great support. Our eVaulting service took off with several of the nation’s largest financial institutions, and DocMagic’s NEW investor eQC service began delivering automated data and compliance services to investors.

While our internal tech wizards were burning the midnight oil to develop these solutions for our clients, we were selected to be the lead participant in the State of North Carolina’s eClosing Pilot, and DocMagic was named to the vendor technology advisory boards of both Fannie Mae and Freddie Mac.  Most significantly, we executed many of the first paperless eClosings in the country and all participants worked hard to change the landscape of the industry by helping make the digital mortgage a reality.

We are so proud of our accomplishments and the employees that made it all possible. Year after year DocMagic invents and refines products and services that keep our clients compliant, successful and working smarter.  Our commitment remains the same -- to provide the best loan document, automated compliance and eServices solutions available… anywhere.

We extend warm wishes for a joyous Holiday Season and look forward with optimism to what lies ahead in 2017.

This fall, a Massachusetts lender closed on a fully paperless mortgage. The work that led to this rare achievement captures the difficulties originators still face in digitizing the loan process.

Radius Financial Group in Norwell electronically closed six loans beginning in October. The process was created in partnership with the tech vendor DocMagic, the MERS loan registry, Fannie Mae and Santander Bank.

Electronic closings and e-notes have been kicking around for a long time. Fannie Mae and Freddie Mac have purchased e-mortgages since the early 2000s. But they remain rare, partly because there are few warehouse lenders that can handle these transactions. Rarer still are completely paperless loan processes that combine an electronic closing with an electronically signed promissory note and deed of trust.

Lately, however, momentum has been building to accelerate the move toward paper-free mortgages. A report last year from the Consumer Financial Protection Bureau found that transactions were faster and borrowers walked away feeling better when a loan was closed using digital means rather than paper.

While the choice to push for a digital mortgage process was largely a matter of improving the customer experience, it also has bottom-line benefits for the company as well, Radius co-founder and Chief Operating Officer Keith Polaski said.

"The first thing for us was the consumer experience, but without a doubt there are tremendous derivative economic gains and efficiencies," Polaski said. "At the end of the day, decisions are made on surrounding economics. If I can save myself 200 bucks a loan, we should be looking at that."

The first loan done through the completely paperless process was closed on a Friday morning at the closing attorney's office "with cups of coffee and chocolate chip cookies," Polaski said. Radius had its technical staff on-site for the first two e-closings to ensure the process went smoothly.

The documents were signed using a tablet. (Notarized documents were also signed with ink for recording purposes because Massachusetts does not yet allow registries to accept electronically notarized documents, though the note and all other documents were electronic.)

That same day, Fannie Mae purchased the loan from Santander, the transaction's warehouse lender.

"For every [paper] transaction, there's five FedExes for that note — those go away," Polaski said. "How fast things turn around will save money."

More than 3,000 miles away, in Torrance, Calif., DocMagic followed the closing as it happened.

"What was interesting about the transaction was our ability to monitor its progress in real time," DocMagic CEO and President Dominic Iannitti said. "Because we were controlling all of the different web service calls that collectively made up that entire process, we were able to monitor it from our offices and watch it transpire without actually being there."

These half-dozen loans were the culmination of a journey that took more than two years. It began when Radius was approached by an aggregator — Polaski declined to identify the company by name — about working together on an e-note pilot program, having heard of Radius' interest in this area. After a promising start, this project ultimately fell through.

"All of sudden everyone was moving in the right direction and then it stopped," Polaski said.

Still the experience positioned Radius well to keep trudging along. In August 2015, Radius received seller-servicer approval from Fannie Mae, a process that Polaski said took roughly four months. Then, the company lined up its e-note approval from Fannie, which Polaski said took only 45 days thanks to the work already completed in the e-note pilot program.

"We were lucky because we had done a lot of the MERS and e-vault work ahead of time," he noted.

Radius and DocMagic were not the only parties to the closing that had to get the proper technology in place. Massachusetts is an attorney-closing state; Radius' closing agent had to get approved as an electronic notary from World Wide Notary, a vendor. This required him to obtain an electronic signature pad and install and learn software.

Perhaps the biggest challenge throughout the entire process though was securing a warehouse lender that was equipped to do electronic closings; there are only a handful of such providers.

"There are only a few e-warehouse lenders and that is definitely a factor," Iannitti said. "If you don't have a company that's ready to purchase that e-note then you haven't really accomplished anything at all."

Santander did not make executives available for interviews. According to Polaski, the bank had been pursuing the e-warehouse business for more than two years, and company executives even had to travel to the bank's parent company in Spain to receive the OK.

"The stars were aligned and we finally had everybody aboard," Polaski said.

The next step was identifying the borrowers from the large pool of customers who already had a digital relationship with Radius from the application stage and could act as guinea pigs for the new closing process. That included making sure they were "friendly," Polaski said, "because if stuff went sideways we wanted to be able to put a paper note in front of them and have them understand they were part of a pilot."

With a handful of loans closed, Polaski said, Santander is now reviewing the experience before it moves forward with further e-warehouse lines. He expects that his company will move "robustly" into the e-closing space next year.

Radius is close to receiving Freddie Mac seller-servicer approval. Currently, the company hopes to sell roughly 20% of its originations to the agencies annually; the company is aiming for $1 billion in originations total next year. Selling to Fannie and Freddie is one piece of its e-close strategy. One remaining obstacle Polaski sees on the horizon is the lack of aggregators willing to purchase these loans.

"If the only place to sell these loans is Fannie, I just don't have the execution there," Polaski said. "If I had a handful of aggregators step in, I think we would move the entire book of business to e-note if the consumer has e-consented."

DocMagic, meanwhile, came out of the transactions with no items left on its to-do list. And while the move toward greater adoption of e-closings has been a slow one, Iannitti said he is happy with where things are.

"We're very pleased with the rate of adoption and rate of interest that we're seeing right now," Iannitti said. "It definitely took longer than we thought, but now we're seeing the momentum and feel that everything is moving in the right direction."

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Press Release:

Fully TRID-compliant solution delivers superior service and a competitive advantage

TORRANCE, Calif., Sept. 29, 2016—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that Corporate Settlement Solutions (CSS), a title and settlement services company, has successfully implemented DocMagic’s Total eClose™ solution.As a result, CSS can offer a completely new customer experience, gain a competitive advantage, and remain 100 percent TRID compliant at all times.

“We recognized early on that in order to differentiate ourselves from a crowded marketplace, it was paramount to offer elevated service to our clients,” said Jerome Jelinek, CEO and general counsel at CSS. “With the addition of DocMagic’s Total eClose, we offer lenders the opportunity to transform their mortgage origination process through the elimination of paper, thereby significantly reducing costs and increasing efficiencies.”

CSS combined DocMagic’s functionality, services and integrations into a single offering to create an easy-to-use, out-of-the-box eClosing solution. DocMagic’s Total eClose functionality unites eNote, eSignature, eNotary, MERS eRegistration, eDelivery, and eVault services to provide a highly-efficient, paperless end-to-end eClosing. In addition, documents that need to be notarized can be conveniently eSigned and eNotarized without leaving the comfort of their home.

“We are excited that CSS is successfully leveraging our Total eClose solution to provide a completely electronic closing process for their customers,” said Dominic Iannitti, president and CEO of DocMagic. “As a settlement service provider, it is impressive that CSS has taken a leading role in promoting the benefits of eClosings and as an early adopter, they will enjoy a significant advantage over their competitors.”

After the introduction of TRID and its increased liability for lenders and their assignees, if you originate, sell, buy or service loans, you must be able to demonstrate TRID compliance years after a loan closes. DocMagic’s system provides electronic proof and evidence of compliant transactions for future audits with a date and time stamp audit trail of everyone who has touched the transaction at any level. From the original loan application and Loan Estimate (LE) to receipt of delivery of the final Closing Disclosure (CD), data, calcs and documents are stored in an eVault to provide the ability to replicate proof of compliance.

With TRID’s increased compliance requirements and soon the implementation of the new Uniform Closing Dataset (UCD) requirement, the future is in fully-electronic transactions that help lenders meet strict timing requirements and provide the ability to fully recreate all compliance checks at every point in the transaction. The CFPB and industry experts agree that it’s better to adopt and implement the technology and processes to make eClosings a reality now as opposed to later.

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 CSS
Corporate Settlement Solutions (CSS) is a dynamic, forward-thinking group of real estate settlement service professionals with a focused passion for providing a superior customer experience. The company started as a local title agency in northwest Michigan in 1992. CSS’ growth fostered expansion into a regional vendor management company offering a full range of title, closing, valuation, flood, and recording products. The company offers powerful title software for accurate and efficient
title and settlement transactions as well as an and-to-end eClosing solution. For more information, go to www.visitcss.com.

By Melanie Feliciano
ESRA Executive Board Member; and
Chief Legal Officer,
DocMagic, Inc.

As longtime members of Electronic Signature and Records Association (ESRA), DocMagic is proud to be a sponsor of this year's eSignRecords2016 Conference. Coming November 2-3 in Washington D.C., this year's signature event will take place at the iconic Ronald Reagan Building and International Trade Center. 

I encourage you to take the opportunity to attend this special event. ESRA's annual conference continues to be a unique platform for organizations across a wide variety of industries to meet and exchange ideas, best practices, and unified strategies in the electronic signature and digital transaction arena.

Take advantage of the chance to learn from some of the foremost innovators of electronic signatures and records.

Event sessions include such topics as:

• The “Democratization Revolution” of data
• Improving your financials with digital records
• Maximizing eSignature ROI
• Bitcoin and the future of money
• Mitigating and eliminating fraud
• The ever-growing digital marketplace for seniors
• Driving eMortgage adoption
• Several case studies on successful transformation from paper to digital

Visit the eSignRecords2016 conference website for the full agenda and speaker information. Last year's event sold out quickly, so register soon to ensure your participation.

I look forward to seeing you in Washington D.C.!

Mark your Calendars!

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

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

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

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

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Mark Your Calendars!

MBA's National Secondary Market Conference & Expo
May 17-20 | New York Marriott Marquis

We’re excited to attend the MBA's National Secondary Market Conference & Expo on May 17. Stop by booth #507 to catch up on the latest Mobile Technology, Integrated Disclosure implementation and new Collaborative Closing Solution. We’re always ready to demonstrate our end-to-end loan document preparation, compliance, and eDelivery solutions for the Mortgage Industry. See you there!
Click here to schedule a meeting.

Our Latest Magic!

• Integrated Disclosures
  Let us show you what we’re doing to prepare for the Integrated Disclosure Rule. Learn about our targeted testing and grab an implementation timeline. 
• Collaborative Closing Solution
  We're bringing lenders and settlement providers together inside our new collaborative closing platform to exchange data prior to closing.
• BorrowerMobile
  A visionary mobile application for tablets & smart phones allows Borrowers to satisfy loan conditions on the go.

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We've Made It Easy For You...

DocMagic is focused on delivering fully compliant solutions to increase operational efficiency and reduce risk for our customers. We have completed extensive preparations to implement our new TILA-RESPA Integrated Disclosure (TRID) capabilities. We know that advance testing of these enhancements will help you to develop your own TRID compliant processes.

• We expertly handle the dynamic features of the Integrated Disclosure forms
• MISMO 3.3 compliant, content-enabled XML disclosure documents
• Electronically deliver, sign, manage, and store documents via DocMagic’s eSign technology
• Complete electronic audit trail to document compliance with TRID’s timing requirements and other significant events

To start testing the new forms visit our TRID Testing Center for step-by-step instructions.

Mark Your Calendars!

MBA's National Technology in Mortgage Banking Conference
March 29 - April 1 | Hyatt Regency Orlando

We’re excited to attend the MBA's National Technology in Mortgage Banking Conference & Expo on March 29-April 1. Stop by booth #307 to catch up on the latest Mobile Technology, Integrated Disclosure implementation and new Collaborative Closing Solution. We’re always ready to demonstrate our end-to-end loan document preparation, compliance, and eDelivery solutions for the Mortgage Industry. See you there! Meet us at the conference. Schedule a meeting now!

Our Latest Magic!

BorrowerMobile
A visionary mobile application for tablets and smart phones provides all of the features your Borrowers need to keep their finger on the pulse of their loan status.

Integrated Disclosures
Let us show you what we’re doing to prepare for the Integrated Disclosure Rule. Learn about our targeted testing and grab an implementation timeline.

Collaborative Closing Solution
We bring lenders and settlement providers together inside our new collaborative closing platform to exchange data prior to closing.

Meet us at the conference. Schedule a meeting now!

TORRANCE, Calif., March 20, 2015—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that its director of eServices, Tim Anderson, will be moderating a key panel session at the annual Mortgage Bankers Technology Conference on the topic of what automated Electronic Processes look like. The panel will be held on March 30, 2015 from 3:00 p.m. – 4:15 p.m.

This panel is comprised of leading industry experts who will provide their perspective and expert advice on eDisclosures and eClosings, among other eServices topics. The session is designed to help industry participants gain a better understanding of these trends and impacts. There are many questions around “e-everything,” says the MBA. Attendees of the session will leave with a solid grasp on how to electronically and compliantly connect with consumers and trading partners.

Moderator:
Tim Anderson
Director of eServices
DocMagic, Inc.

Speakers:
Mike Cafferky
eMortgage Program Manager
Fannie Mae

Katie Paolangeli
Director of eCommerce and Industry Initiatives
MERSCORP Holdings, Inc.

Session Information:
Title: What Does an Electronic Process Really Look Like?
Date: Monday, March 30, 2015
Time: 3:00 p.m. - 4:15 p.m.
Location: Learning Labs, Orlando

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

Press Release:
TORRANCE, Calif., March 17, 2015 (SEND2PRESS NEWSWIRE) --DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced that HousingWire magazine designated the company to its 2015 HW TECH100(TM) list. The list honors the 100 most innovative technology companies serving the U.S. mortgage finance and real estate industries.

HousingWire states that more than 250 companies were evaluated by HousingWire editors for the 2015 program, which looks at technology innovation along six different categories: uniqueness of solution, growth, market influence, market potential, elegance of implementation, and "something else entirely" -- a catch-all for disruption and other factors that drive innovation.

"This year we were struck by the level of innovation we saw, with 40 new additions to the HW TECH100," stated Jacob Gaffney, executive editor at HousingWire. "That speaks to how much change is taking place in the mortgage industry overall right now; we're seeing a lot of market disruption, and technology providers are clearly taking advantage of the opportunity that creates."

DocMagic has grown at an enviable rate over the past year, adding new staff, signing marquee clients, acquiring eSignSystems and Doc-Tech Corporation, and working closely with the Consumer Financial Protection Bureau (CFPB) on its eClosing pilot program, among other significant projects.

The company's future growth plans are aggressive. They include penetrating new markets, developing into a single-source eServices provider that is the nucleus of the eMortgage process, and continuing to guide the mortgage industry to adopt paperless origination and closing processes.

"We've had some major accomplishments and company milestones in the last year and are pleased that the editorial team at HousingWire has recognized our innovations and industry contributions," said Dominic Iannitti, president and CEO of DocMagic. "Making the HW TECH100 list is the direct result of the amazing people we have working for us, their passion for and commitment to developing leading technology solutions and providing unparalleled customer support."

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

About HousingWire: HousingWire is the nation's most influential industry news source covering the U.S. housing economy, spanning residential mortgage lending, servicing, investments and real estate operations. Winner of numerous awards, including a 2012 Eddie Award for national editorial excellence in the B2B Banking/Business/Finance category, HousingWire has been recognized for excellence in journalism by the Society of Business Editors and Writers, the American Society of Business Press Editors, the National Association of Real Estate Editors, and Trade Association Business Publications International. Learn more at http://www.housingwire.com/.

About the HW TECH100: The HW TECH100(TM) highlights the housing economy's 100 most innovative technology companies, along six unique dimensions of innovation. The annual awards program is the only program of its kind to include technology serving both the U.S. residential real estate and U.S. residential mortgage industries. Learn more at http://tech100.housingwire.com/.