Our Collaborative Closing Solution is a seamless 2-Way data exchange between lenders and settlement providers!

DocMagic brings lenders, settlement providers and associates together inside our new Collaborative Closing Platform to view and exchange data, coordinate closing costs and audit critical disclosure details prior to closing. DocMagic’s Collaborative Closing Platform is a secure, seamless and dynamic web-based solution designed to efficiently help you meet TILA-RESPA Integrated Disclosure requirements.

An electronic, workflow-driven system automates the collaboration between lenders and their settlement providers:

• Lenders & settlement providers work in sync inside our Collaborative Closing Platform
• Electronic access to edit, validate and approve MISMO 3.3 compliant, content-enabled XML disclosure documents
• Settlement provider changes automatically sync with TRID forms upon lender approval
• Automatically track TRID tolerance audits, fee increases and their related approvals
• 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
• Seamless integration with title, closing, and LOS systems

CLICK HERE TO LEARN MORE

By Phil Hall

On the company Web site, DocMagic bills itself as “The largest loan document production company in the U.S.” And while that is a grand definition, it doesn’t capture the intelligence, innovation and celebrated customer service level that has earned the company the respect of the industry.

National Mortgage Professional Magazine spoke with Don Iannitti, the company’s founder, president and chief executive officer, to discuss how DocMagic emerged to become a leader in its field.

What was the inspiration behind starting DocMagic?
Don Iannitti: When I was in college back in 1987, I was reading a book that focused on emerging technologies. There was one chapter that focused on the “repackaging of data.” After I read about it, I wasn’t sure of applications relating to that—I wondered who in the world would want to buy repackaged data.

At the time, I had a part-time job that did speed typing of other types of documents. I then realized that we were doing what was in the book. So, I brainstormed and came up with a concept related to this. Also at this time, I found someone who was looking to get into a different type of business—a mortgage banker looking to customize appraisals. I floated my idea on how he could automate that concept.

Customized appraisals? Did that business take off?
No, and I am happy that it did not happen.

So what happened next?
I went to work on another business plan. I micro-analyzed every number, every night, and put threeto four months into it. That mortgage banker was Patrick Theodora of American City Mortgage. He and his father, Pasquale Theodora, decided to
fund me.

How close did your business plan coincide with the actual business?
In our first year of business, our bottom line was within $6,000. In our second year of business, our bottom line was within $10,000. So, it was close to what I planned.

When the company began operations in 1988, what was the state of loan document production?
It was all over the map. A lot of typing was going on, and lenders had between 25 and 50 percent of the burden of doing those tasks themselves. You had typewriters, and the best ones were just adding computer interfaces to those machines. Word processing was not very common at that time. When we opened our doors, a company came by and gave us a word processor to see if we liked it. But there were no laser printers yet, just dot matrix printers at that stage. Oh, the dot matrix printers–they sounded like machine gun fire! But this was before the Internet, yes? There was no Internet, no modems. It was an interesting time.

So what were the important milestones in growing your company?
First was the introduction of the laser printer. Before that, we had between 5,000 and 7,000 documents that were photocopied. And every time we needed a new batch, we had to walk over to the photocopier and make another 500 to 700.

Next was the introduction of the modem. That was critical. The first use of the modem was in calling and talking to a remote laser printer, in order to make it print across the phone line. Needless to say, that was not the most efficient use of technology.

Our first version of DocMagic had a computer talking to a computer. When that happened, all of the issues involving a laser printer going offline or running out of paper went away.

Increasing the speed in modems was also helpful. But when the Internet came along, our racks of modems were replaced. Also, increasing the speed of the computers was important. In our beginning stages, we’d make the computers. When we first got into the markets, companies had to use mini-frame or mainframes. We had PCs, but with each new machine running at faster speed, we’d always be at the point of being maxed out. We were always riding the tech wave–as soon as any computer came out that made work faster, we were on it.

What have been DocMagic’s greatest challenges, and how did the company face these challenges?
Our greatest challenge was in maintaining employees. This was crucial because when clients call us, we didn’t want to have them deal with an employee turnover. One thing we did was to make sure that our employees knew how important they were, and to make sure they feel like they are part of the family. We have employee events and company picnics. Now we’re at over 100 people, and many people have been with our company for 25 years.

What do you look for when recruiting new people to be part of your team?
We are looking for a certain spark and a certain sense of humor. We prefer an extroverted applicant, someone who can carry on a conversation. We ask applicants a lot of questions and drill into their past jobs, asking about their work experience. We are looking at their history of job longevity–someone who had jobs for one or two years will never work. We want to make sure that we have the right people. This job involves a lot of compliance issues, and we want to make sure that anyone we hire is well-educated.

That leads to the next question … how have the regulatory changes of the past several years impacted the manner in which DocMagic operates?
This is a big part of what we do. The regulatory changes directly impacted the growth of our automated auditing engine. And sometimes, regulatory changes do not directly impact new documents. Oftentimes, it involves timing changes or different types of notifications. Our compliance audit engine makes our clients aware of something that they may potentially face.

With regulations, there is always something happening. We have a team that monitors changes on a state level–there is never a dull moment. Compliance is a living, breathing thing—it never gets easier, and it always becomes exponentially more complex.

The changes that we are seeing now dwarf what we’ve seen in the past. But this is where we shine, and that brings value to our clients because that is something they do not have to worry about.

How has DocMagic approached cybersecurity?
We’re constantly monitoring that sort of thing. We have lots of new insurance policies that we need to maintain. And this despite the fact that we are somewhat under the radar; we’re not like Amazon or Google, where people want to attack us all of the time.

We have a number of services whose job is to try to hack into us and find our vulnerabilities. It is an amazing process to see what they’ve found, and it requires us to plug or solve whatever vulnerabilities exist.

We also deal with the nation’s top five lenders, and they have their own requirements on vendor cybersecurity as well.

What does the future hold for DocMagic?
A lot of our efforts are focused on esigning and e-closing. We are in two pilot tests on that with the Consumer Financial Protection Bureau.

We are also expanding our esigning product into other industries. Right now, we are working with the insurance industry.

As for the company, we are definitely expanding. We have a vision of where we would like to be in the next decade. We are also keeping open lines of communications with our closest competitors—should they want to leave the market, we can look at their operations.

As featured by National Mortgage Professional, April 2015

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.

Join DocMagic's Compliance Edge™ for a FREE Webinar!

TRID: The Basics

This webinar is the first in our series focused on the TILA-RESPA Integrated Disclosure (TRID) Rule. Our goal is to help you with answers to the compliance questions you’ll be asking as you prepare for TRID reform on August 1, 2015.

DocMagic’s Chief Compliance Officer, Gavin T. Ales, will clarify the fundamental requirements surrounding the new regulations.

Build your fundamental knowledge:
■ Loans which are covered by the TRID Rule
■ New definitions explained
■ The Loan Estimate/Closing Disclosure in detail
■ Timing & tolerance requirements

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/.

Press Release:
Major partnership enables DocMagic to compliantly process a fully paperless, true mortgage eClosing - from start to finish

TORRANCE, Calif., March 10, 2015 - DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that it formed an exclusive strategic alliance with World Wide Notary, Inc. (WWN), a pioneering developer of electronic notarization services. The partnership integrates WWN's patent pending DigaSign eNotary technology into DocMagic's eServices platform to deliver a fully paperless eClosing solution.

The solution allows borrowers, lenders, settlement agents and mobile notaries to eSign documents and eNotarize - both online and offline. As a result, the entire closing process is streamlined, paper is eliminated, costs are reduced and compliance is ensured.

"The addition of WWN's advanced eNotary capability adds significant value to our platform by keeping mortgage closing documents 100 percent paperless from eDisclosure to eClosing," said Dominic Iannitti, president and CEO of DocMagic. "DocMagic has systematically been putting the necessary pieces in place to transform the company into a true end-to-end eServices solutions provider. Our exclusive arrangement with WWN incorporates a critical component: compliant eNotarizations. Without compliant eNotary capability, a fully paperless eClosing would be impossible to achieve."

WWN is one of the most dominant eNotarization companies and has long been at the forefront of educating and lobbying the state Attorneys General and Secretaries of State to accept eNotaries in a variety of different industries. The company's technology has been certified by multiple Secretaries of State under the National Association of Secretaries of State (NASS) eNotary standards; and, in all states that have approved the Uniform Electronic Transactions Act (UETA).

A number of efficiencies accompany WWN's DigaSign eNotary technology that includes dramatically speeding up the notary process on mortgage documents, with Internet connection or without, ensuring strict compliance adherence is met, establishing detailed audit trails, reducing errors, slashing processing costs, reducing risk, and enhancing the overall borrower closing experience. The solution centralizes and streamlines the entire eNotarization process.

"DocMagic is the leading loan document preparation software company in the mortgage industry and an ideal partner to marry our technologies," said Bob Rice, CEO of WWN. "To date, most eClosings have just been hybrids, meaning: a majority of the lender documents could be eSigned, but those that require a notaries' signature and seal had to be printed to paper and ink signed. Together, our technologies eliminate that hard stop in the process and allow borrowers to effortlessly eSign mortgage documents, now including those that require the presence of a notary."

Under the agreement, DocMagic has exclusive rights to utilize WWN's eNotary platform within the mortgage industry for an extended period of time. The two companies have already begun introducing the service to clients.

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 World Wide Notary:
Based in Vernon, Texas and founded in 2003, World Wide Notary (WWN) has developed DigaSign, an innovative, simple, Internet-based service that expedites the signing and/or notarization of documents by utilizing electronic and digital signatures and electronic notarizations. WWN completed the first fully electronic, mortgage closing in California in 2008 and the first electronic real estate closing in Texas in 2004. Pioneering electronic signatures, as early as 1996, WWN's management team has many years of experience working with stringent Federal mandates, such as HIPAA, E-SIGN and UETA regarding security and the use of electronic and digital signatures. Visit the company's website for more information http://www.wwnotary.com/.

Press Release:
Company joins select group of vendors that can use industry standard eNote registry

TORRANCE, Calif., Feb. 17, 2015 -- DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry, announced that the firm has now completed its integration with the MERS® eRegistry, making it one of only a few industry vendors to integrate with the widely used system.

Launched in 2004, the MERS® eRegistry is the legal system of record that identifies the owner or holder (Controller) and custodian (Location) for registered eNotes and provides greater liquidity, transferability and security for lenders, according to MERSCORP Holdings, Inc. It was created in response to demand by the mortgage industry for a system to satisfy certain safe harbor requirements under the Uniform Electronic Transactions Act (UETA) from 1999, and the Electronic Signatures in Global and National Commerce Act (E-SIGN) from 2000.

"The MERS® eRegistry system excels at effectively handling a vital service for eMortgage originations," said Dominic Iannitti, president and CEO of DocMagic. "Fannie Mae and Freddie Mac both require use of the MERS® eRegistry for all eNotes they purchase. DocMagic's integration with MERS' system fulfills the GSEs' requirement and thus allows us to pass the benefits that the service offers along to our customers."

Using an eClosing platform such as DocMagic's eSign platform, the borrower simply signs the eNote, and the lender then immediately and efficiently registers it on the MERS® eRegistry, where it securely resides and can easily be referenced at any time. Thereafter, the lender is able to simply transfer control to investors.

Notable is that DocMagic's recent acquisition of eSignSystems, the mortgage industry's leader in eSign and eVaulting Solutions, also has MERS eRegistry connectivity through its SmartSAFE suite. SmartSAFE facilitates secure eDelivery, eSigning and eRetention with a legal "system of record," providing detailed audit trails from the beginning to the end of transactions.

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/.

Press Release:
Adherence to MISMO’s latest dataset helps prepare DocMagic for the CFPB’s Integrated Disclosure deadline

TORRANCE, Calif., Feb. 11, 2015 – DocMagic, Inc., the mortgage industry’s leader in compliant loan document preparation and driver of complete eMortgage adoption, announced that its entire solution set now adheres to version 3.3 of the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model.

The Consumer Financial Protection Bureau’s (CFPB) Integrated Disclosure Rule combines the mortgage disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). It requires lenders to use the new integrated disclosures beginning on Aug. 1, 2015. Successful compliance with this rule depends on use of the latest version of the data standard.

Version 3.3 of MISMO establishes a common dataset that is essentially a prerequisite for lenders to use the CFPB’s new integrated disclosures and share the information about the disclosures with their industry partners. The CFPB's Integrated Disclosures will replace the current Good Faith Estimate (GFE) HUD-1 Settlement Statement, and Truth in Lending (TIL) disclosures for most residential mortgage loans as of Aug. 1, 2015. DocMagic is the first document preparation software vendor to implement MISMO version 3.3.

“Our early implementation of MISMO version 3.3 is significant because it is yet another step that we are taking to proactively prepare for the CFPB’s new Integrated Disclosure rule, as well as industry innovation involving the disclosures,” said Dominic Iannitti, president and CEO of DocMagic. “Any software provider that is involved in loan closings or data exchange must update their respective systems to implement the new dataset in order to effectively support their partners and lender clients. Those organizations that wait will likely not be ready to meet the CFPB’s deadline and as a result will encounter serious compliance issues.”

In March of 2014, the GSE’s introduced the Uniform Closing Dataset UCD, which is based on the MISMO v3.3 Reference Model standard used to support the Closing Disclosure under the CFPB’s new Integrated Disclosure rule. The Closing Disclosure is the form that combines the final TILA and HUD-1 Settlement Statement. As a result, closing documents will change significantly come Aug. 1, 2015. Lenders will be responsible for the Closing Disclosure and will need to automatically and seamlessly exchange the data from this disclosure with its settlement agents and other partners. DocMagic is ready to effectively and compliantly transition to this new disclosure for its entire customer base.

Other organizations that will be affected by the rollout of version 3.3 of MISMO, the GSE’s introduction of the UCD, and the CFPB’s rule include settlement software and loan origination system (LOS) providers, among others.

DocMagic’s early implementation of MISMO version 3.3 has allowed the company to already begin working on standardizing closing document forms for its clients and partners.

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.