Business, Free News Articles, Software

DocMagic Reaches 300 Million Mortgage eSignings as More Borrowers Opt for eSigning and More Lenders Require Proof of TRID Compliance

TORRANCE, Calif. -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that it has processed more than 300 million mortgage-related electronic signatures.

This milestone achievement is the direct result of increased adoption of several DocMagic technologies that feature its comprehensive eSigning platform, which can be accessed as a software-as-a-service (SaaS) or on-premise enterprise platform. Each of DocMagic's digital platforms reports a significant increase in volume, which the company attributes to lenders' growing need to prove a TRID-compliant, 100 percent paperless mortgage process.

"Borrower demand is driving the increase in eSignings, and lenders are choosing DocMagic to get a consistent, compliant eSigning solution that spans the original LE [Loan Estimate] to the final CD [Closing Disclosure]," said Dominic Iannitti, president and CEO of DocMagic. "Lenders know DocMagic is the go-to choice for compliance. We reached 300 million eSignatures because we have solved lenders' number one burden for the past two years-electronic evidence of TRID compliance-while enabling them to stay competitive and enhance the overall borrower experience."

DocMagic reports significant volume increases for SmartCLOSE(TM) and Total eClose(TM), two award-winning technologies that enable lenders to comply with TRID and UCD (Uniform Closing Dataset) guidelines. SmartCLOSE is a collaborative closing portal offering one system of record that assures accuracy, completeness, consistency and compliance of the data before final documents are drawn and the borrower electronically executes the documents using DocMagic's integrated eSign technology. Total eClose, a complete paperless, digital closing solution with integrated eSignature and eNotarization capability, provides continuous compliance checks to assure all documents are complete, current, consistent and compliant.

"A lot of existing DocMagic customers adopted our eSign technology because it's so much easier to access and use than other platforms," said Iannitti. "We were already integrated with the vast majority of LOS systems, so providing eSigning functionality was a logical extension of our service. We also added new integrations, which brought onboard new eSigning customers. Having an eSign technology that can draw new customers while expanding use among existing customers shows the ubiquitous need for the functionality DocMagic's technology provides."

DocMagic provides the most commonly used eSignature technology in the mortgage and financial services space and is the leading provider of eClosing technology for the majority of state-sponsored eClosing pilot programs to support 100 percent paperless digital mortgage transactions.

About DocMagic:
DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, compliance, eSign, eDelivery and comprehensive eMortgage services 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 https://www.docmagic.com/.

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Business, Free News Articles, Reports and Studies

TRID and Loan Package Documentation Defects Comprise Over 68 Percent of Reported Defects

POMPANO BEACH, Fla. -- ACES Risk Management (ARMCO), the leading provider of financial quality control and compliance software, announced it has released the ARMCO Mortgage QC Industry Trends Report for the fourth quarter of 2016 and calendar year 2016.

Some of the report's noteworthy findings include:
* Over 68 percent of defects reported in 2016 involved TRID-related and/or loan package documentation issues
* The benchmark Critical Defect Rate increased slightly, from 1.27 percent in Q3 2016 to 1.50 percent in Q4 2016
* In fourth quarter 2016, purchase transactions among the subject group comprised 51 percent of the benchmark data, up from 48 percent in the previous quarter

"The data suggests lenders are getting more adept at complying with critical TRID-related issues. However, new areas of concern are beginning to spring up and an early correlation can be linked to a more purchase-focused market," said Phil McCall, COO of ARMCO. "Lenders need to learn from their own defects if they want to protect themselves against compliance-related issues, but they also need to stay apprised of changing trends if they want to mitigate the increased risk of fraudulent activity that is inherent with a purchase-driven market."

Each quarter, ARMCO releases the ARMCO Mortgage QC Industry Trends Report, which is based on post-closing quality control loan data captured by the company's ACES Analytics benchmarking software. The ACES Analytics benchmarking dataset includes post-closing quality control data from over 65 lenders, comprising more than 75,000 unique loans selected for random full-file reviews. Defects are categorized using the Fannie Mae loan defect taxonomy. The company issues a one-year analysis for the calendar year with each fourth quarter Mortgage QC Industry Trends Report.

Each ARMCO Mortgage QC Industry Trends report includes easy-to-read charts and graphs, a summary that outlines ARMCO's overall findings, a breakdown of defect rates for each Fannie Mae loan defect category, and a short conclusion. The current and previous reports also contain an analysis of the top credit-related critical defects, which is now a regular feature of the report.

To obtain a copy of the report, please visit http://www.armco.us/knowledge/mortgage-qc-industry-report-2016-q4.

About ARMCO:
ARMCO - ACES Risk Management delivers web-based audit technology solutions, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers, investors and outsourcing professionals. A trusted partner devoted to client relationships, ARMCO offers best-in-class quality control and compliance software that provides U.S. banks, mortgage companies and service providers the technology and data needed to support loan integrity, meet regulatory requirements, reduce risk and drive positive business decisions.

ARMCO's flagship product, ACES Audit Technology(tm), is available at any point in the mortgage loan lifecycle, to any size lender, and is user-definable. ACES standardizes audit requirements, ties pre-funding reviews to post-closing quality control audits, enables seamless trend analysis, identifies credit, compliance and process deficiencies and helps create manageable action plans.

For more information, visit http://www.armco.us/ or call 1-800-858-1598.

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Business, Free News Articles

DocMagic Achieves 42 Percent Growth in 2016

TORRANCE, Calif. -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, reported a 42 percent increase in revenue for 2016. The company credits its growth to the mortgage industry's demand for products that enable TRID compliance, eSignatures and eClosings. This is the second consecutive year that DocMagic's revenue has increased by roughly 40 percent.

"Lenders have been looking for ways to assure TRID compliance since 2015, and DocMagic's SmartCLOSE technology has become the industry's go-to solution," said Dominic Iannitti, president and CEO of DocMagic. "Our user base has grown quickly. A lot of existing DocMagic clients saw the value of SmartCLOSE(TM) immediately. It has also been an entry point for many of our new lender clients."

SmartCLOSE(TM) enables lenders to interface with settlement providers and other relevant parties in a secure portal to share, edit, validate, audit, track and collaborate on documents, data and fees. In the past two years, DocMagic has completed numerous key integrations between lenders using SmartCLOSE(TM), their loan origination systems, and new settlement service provider systems. More integrations are being developed for 2017.

"The number of eSignatures completed has increased significantly since launching SmartCLOSE and Total eClose," said Iannitti, referencing activity for eSignSystems, a division of DocMagic that provides digital transaction management and electronic storage systems. "Lenders appreciate that they can stay compliant while gaining the speed and convenience of a digital process."

DocMagic rolled out its Total eClose(TM) solution for end-to-end eClosings in Q4 2016. Total eClose(TM) is a single-source eClosing suite that contains all the components needed to facilitate a completely paperless digital closing - from start to finish - without any hard stops or papering out.

DocMagic anticipates its growth will continue in 2017. In February of this year, the company completed a successful pilot that enabled one of the country's largest warehouse lenders to accept and fund eNotes, a transition that Iannitti expects to become a major industry trend in the next 12 to 18 months.

"It's very simple - at DocMagic, we're dedicated to addressing the industry's needs and demands with the very best solutions on the market," said Iannitti. "That's been the foundation of our business since we started, and we're pleased to say that it remains the formula for our growth today."

DocMagic's growth plans include ongoing calibration of its infrastructure. To maintain its standard for high quality and service, the company added staff in nearly all functional areas, including senior software developers, project managers, implementation specialists, technical support representatives, integration staff and business development professionals.

About DocMagic:

DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services for the mortgage banking 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.

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Reports and Studies

ARMCO’s Mortgage QC Industry Trends Report Reveals Both Increases and Decreases in Key Areas of Loan Defects

POMPANO BEACH, Fla. -- ACES Risk Management (ARMCO), the leading provider of financial quality control and compliance software, announced that it has released its ARMCO Mortgage QC Industry Trends report for the third quarter of 2016. Using the Fannie Mae loan defect taxonomy, the report analyzes post-closing quality control data from loan files and findings captured by the ACES Analytics benchmarking system. Meaningful information contained in the report provides the industry with insight into the current state of loan quality nationwide.

The report notes a continuing downward trend in the critical defect rate, which dropped to 1.27 percent after reaching a high of 1.92 percent in Q1 of 2016. This reflects a 28.3 percent drop in Q3 of 2016, following a 17.8 percent drop in Q2 of 2016, providing an overall drop of just over 46 percent from the high of 1.92 percent from Q2 of 2016.

"During the past nine months, investors and lenders have been able to clarify the impact of TRID-related errors on their operations and fine-tune the associated risks - both short and long term," says Phil McCall, COO of ARMCO.

An analysis of top-ranking defect categories for 2016 highlights Legal/Regulatory/Compliance as an ongoing leading problem area. In fact, the number of total defects associated with the Legal/Regulatory/Compliance category spiked by more than 14 percent in the quarter covered by the report. However, the critical defects within that same category dropped to a 12-month low, comprising 22.69 percent of all critical defects. Changes in lender severity ratings related to TRID are the cause of this decrease, as explained in detail in the report.

Comprising 32.5 percent of all reported defects, Loan Package Documentation comes in as the second highest defect category and is still an ongoing issue within the entire lending process. While this category is known to be problematic across the industry, these defects are generally curable and rarely affect loan salability.

Notably, critical defects associated with Income/Employment led all categories for "Credit Related Defects." The miscalculation of income was the primary reason reported with critical defects in this category.

"The findings in the Q3 Mortgage QC Industry Trends report demonstrate that while the industry as a whole is making progress in mitigating loan defects, there are still recurring trouble areas that must be addressed," said Avi Naider, CEO of ARMCO. "At the same time, as we passed the one year anniversary of the implementation date for TRID, it's fascinating to see a complex picture emerging among our lender base: Essentially, TRID defects still represent a large percentage of overall defects. Yet, lenders are concluding that minor TRID defects do not impact the saleability of their loans based on their experience in the marketplace."

The report also notes that Fannie Mae has provided considerable guidance to lenders as to how defects are reported for "Credit Related Defects" and what causes a defect, the risk associated with a defect, and how to report these defects under a standardized platform. To date, no similar guidance has been provided by the Consumer Financial Protection Bureau (CFPB) regarding TRID. Ultimately, the report concludes, the CFPB should consider offering guidance and establishing standards pertaining to TRID defects, to avoid deviations in reporting of similar defects across industry lenders.

Click here to review the full report: http://www2.armco.us/mortgage-qc-industry-report-2016-q3.

About ARMCO:

ARMCO - ACES Risk Management delivers web-based audit technology solutions, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers, investors and outsourcing professionals. A trusted partner devoted to client relationships, ARMCO offers best-in-class quality control and compliance software that provides U.S. banks, mortgage companies and service providers the technology and data needed to support loan integrity, meet regulatory requirements, reduce risk and drive positive business decisions. ARMCO's flagship product, ACES Audit Technology(TM), is available at any point in the mortgage loan lifecycle, to any size lender, and is user-definable. ACES standardizes audit requirements, ties pre-funding reviews to post-closing quality control audits, enables seamless trend analysis, identifies credit, compliance and process deficiencies and helps create manageable action plans. For more information, visit http://www.armco.us/ or call 1-800-858-1598.

About the ARMCO Mortgage QC Industry Trends Report:

The ARMCO Mortgage QC Industry Trends Report represents post-closing quality control analysis throughout the United States using data and findings derived from mortgage lenders utilizing the ACES Analytics benchmarking software. This report provides an in-depth analysis of residential mortgage defects as reported during post- closing quality control audits. Data presented comprises net defects and is categorized in accordance with the Fannie Mae loan defect taxonomy. View the report here - http://www2.armco.us/mortgage-qc-industry-report-2016-q3.

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

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Free News Articles, Real Estate

Freedom Mortgage Wholesale Division Now Using Simplifile Collaboration Service

PROVO, Utah -- Simplifile, a leading provider of real estate document collaboration and recording technologies for lenders, settlement agents, and counties, today announced that Freedom Mortgage has begun using the Simplifile Collaboration service in its wholesale division to quickly and easily exchange data with its settlement partners.

"Freedom's network of settlement partners plays a significant role in our ability to deliver superior service and on-time closings to our mortgage customers," said Mike Graham, vice president of national TPO operations at Freedom Mortgage. "Through the Simplifile Collaboration service, we are able to work with our settlement partners in real time, which creates a more streamlined closing process and ultimately leads to a better borrowing experience for the customer."

Simplifile Collaboration enables lenders to share, receive, and validate documents and data with their settlement partners via a secure platform and provides visibility into settlement partner processes, resulting in faster, transparent, and more compliant mortgage closings. The system also automatically notes file changes, updates, deficiencies, and statuses to craft an audit-ready compliance trail.

"The importance of true collaboration between lenders and settlement providers in the post-TRID era cannot be overstated," said Simplifile President Paul Clifford. "By facilitating direct, real-time interaction, Simplifile Collaboration provides a consistent, secure, auditable means of completing key mortgage loan documents in accordance with TRID."

About Freedom Mortgage

Freedom Mortgage is a national, full-service mortgage banker that provides origination and servicing through retail, wholesale, correspondent and commercial divisions. One of the nation's largest mortgage lenders, the company is licensed in all 50 states, Washington, D.C. and Puerto Rico. Freedom Mortgage is renowned for using the most advanced technologies and providing world-class service to its clients, borrowers and partners. The company was founded in 1990 and is headquartered in Mount Laurel, N.J. For more information, please visit www.FreedomMortgage.com.

About Simplifile

Simplifile, the nation's largest e-recording network, was founded in 2000 to connect settlement agents and county recorders via its e-recording service. Today Simplifile has broadened its services to include collaboration tools and post-closing visibility for mortgage lenders and settlement agents working together on real estate documents. Through Simplifile, users can securely record, share, and track documents, data, and fees with ease.

To learn more, visit https://simplifile.com or call 800-460-5657.

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Business, Free News Articles

TRID Defects Down Slightly in Q2 2016 ARMCO Mortgage QC Industry Trends Report

POMPANO BEACH, Fla. -- ACES Risk Management (ARMCO), the leading provider of financial quality control and compliance software, announced it has released its ARMCO Mortgage QC Industry Trends report, covering the second quarter of 2016. Using the Fannie Mae loan defect taxonomy, the report details the analysis of post-closing quality control data from loan files and findings captured by the ACES Analytics benchmarking system.

After peaking in Q1 2016, the overall industry critical defect rate dropped to 1.63 percent in Q2, ending an upward trend spanning the previous three quarters. Defects in the Legal/Regulatory/Compliance category also waned in Q2, comprising 34 percent of all defects reported and marking the first decline in nine months. However, this category still represents the largest reported defect category.

"While TRID-related defects are still driving the majority of Legal/Regulatory/Compliance defects, we're seeing a decline in defects in this category as a result of corrective action planning lenders undertook through the first six months of 2016," said Phil McCall, COO for ARMCO. "As lenders determine the most effective strategies for addressing TRID-related defects, we expect to see this category decline further."

Loan Package Documentation defects increased slightly in Q2, accounting for 26.7 percent of reported defects in Q2 versus 26.4 percent in Q1. Also of note is the increase in defects reported in credit-driven categories in Q2. Income/Employment leads this group as the third most frequently reported defect category in Q2 at 9.8 percent, followed by Borrower and Mortgage Eligibility at 8.9 percent and Assets at 6.8 percent.

"Given the magnitude of compliance-related defects lenders were facing in Q1, it's not surprising to see upticks in other areas," said Avi Naider, CEO for ARMCO. "Now that lenders have begun to get a handle on their TRID-related defects, they should have more capacity to address those credit-related defects. Thus, we should see those categories normalize in Q3."

To view the full report, visit http://www.armco.us/knowledge/mortgage-qc-industry-report-2016-q2.

About ARMCO:

ARMCO - ACES Risk Management delivers web-based audit technology solutions, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers, investors and outsourcing professionals. A trusted partner devoted to client relationships, ARMCO offers best-in-class quality control and compliance software that provides U.S. banks, mortgage companies and service providers the technology and data needed to support loan integrity, meet regulatory requirements, reduce risk and drive positive business decisions. ARMCO's flagship product, ACES Audit Technology(tm), is available at any point in the mortgage loan lifecycle, to any size lender, and is user-definable.

ACES standardizes audit requirements, ties pre-funding reviews to post-closing quality control audits, enables seamless trend analysis, identifies credit, compliance and process deficiencies and helps create manageable action plans. For more information, visit http://www.armco.us/ or call 1-800-858-1598.

This news story was published by the Neotrope® News Network - all rights reserved.