NMP - December 2016 - 14


WSFLASH y DECEMBER 2016 y NMP NEWSFLASH y DECEMBER 2016 y NMP NEWSFLASH y DEC

DocMagic's Total eClose
Enables First Completely
Paperless Digital Closing

DECEMBER 2016 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

14

DocMagic Inc. has announced
that it has successfully
completed the mortgage
industry's first comprehensive
eClosing in Massachusetts,
which included both lender and
closing/settlement agent
documentation, for radius
financial group inc.
Unlike other eClosing
technologies, DocMagic's Total
eClose solution is a single-source
platform that contains all of the
components needed to facilitate
a completely paperless digital
closing. Paramount to achieving
the end-to-end eClosing was
eNotarization services provided
by strategic partner World Wide
Notary (WWN). Once the
eClosing process begins,
documents requiring notary
acknowledgment are
automatically grouped by the
system and electronically
executed in the presence of the
notary.
"There are a few mortgage
technology vendors that have
been working to deliver an
eClosing for some time now, but
they have all fallen short in
various ways," said Dominic
Iannitti, president and chief
executive officer of DocMagic.
"Most of these solutions are
merely hybrids that require
certain documents to be
executed on paper and often
force lenders to maintain
numerous complex integrations.

With Total eClose, however, you
work with a single vendor, on a
single platform, and clients need
only access DocMagic or the
company's SmartCLOSE system
to seamlessly and compliantly
fulfill a paperless closing."
DocMagic's solution includes
all of the critical components
required to execute a fully digital
eClosing transaction: Its
eDocument library that features
eSignature, eNotary and MERS
eRegistration capabilities, and
the system automatically stores
all data and documents within a
secure eVault designed to make
investor eDelivery simple. The
platform creates a fullycompliant eClosing process that
guides users through every step,
logs all activities and creates an
irrefutable audit trail.
Also key to DocMagic
enabling radius' first eClosing
was the participation of
Santander Bank, which served
as the eWarehouse lender.
"In addition to having
integrated eNotary capability,
one of the last remaining
obstacles to adoption has been
the reluctance of warehouse
players to fund eNotes," said
Tim Anderson, director of
eServices at DocMagic. "We
helped test and implement an
eWarehouse process to eDeliver
acceptance of the eNote to
Santander Bank within seconds
after the eClosing was
completed. This is an industryaltering achievement."
DocMagic maintains detailed

evidence of TRID compliance
from the original loan application
and Loan Estimate (LE), to
delivery of the final Closing
Disclosure (CD) with data,
compliance determinations,
calculations and documents, all
stored within DocMagic's eVault
for proof of compliance.
DocMagic's integration with
WWN is an exclusive partnership
for eNotarizations. Founded in
2003 and based in Vernon,
Texas, WWN is the developer of
DigaSign, a proven solution that
enables efficient, electronic
notarizations.
Trump Officially Taps
Carson as HUD Head

After weeks of speculation,
President-Elect Donald Trump
has chosen retired neurosurgeon
Dr. Ben Carson to take over as
head of the U.S. Department of
Housing & Urban Development
(HUD).
Dr. Carson, an early campaign
rival of Trump, initially stated he
was not certain he would fit into
a Cabinet position in the Trump
Administration and delayed
making an official commitment
after the president-elect sent out
a message via Twitter on Nov. 22
that he wanted Dr. Carson to run
HUD. But Dr. Carson was

swayed by the President-Elect
after a series of interviews as
Trump's Administration begins
to take shape.
"Ben Carson has a brilliant
mind and is passionate about
strengthening communities and
families within those
communities," Trump said in a
statement. "We have talked at
length about my urban renewal
agenda and our message of
economic revival, very much
including our inner cities. Ben
shares my optimism about the
future of our country and is part
of ensuring that this is a
presidency representing all
Americans. He is a tough
competitor and never gives up."
Dr. Carson issued a
statement that said, "I feel that I
can make a significant
contribution particularly by
strengthening communities that
are most in need. We have
much work to do in enhancing
every aspect of our nation and
ensuring that our nation's
housing needs are met."
Fred Kreger, CMC, president
of NAMB-The Association of
Mortgage Professionals, said,
"We look forward to watching
Dr. Carson operate at HUD and
look forward to working with
him."
During the Republican
primaries, Dr. Carson touched
upon housing-related matters by
calling for the privatization of
the government-sponsored
enterprises (GSEs) and the
elimination of the home
mortgage interest deduction.
One of the bullet points of
Carson's plan stated: "Eliminate
deductions for home mortgage


http://www.NationalMortgageProfessional.com

Table of Contents for the Digital Edition of NMP - December 2016

Contents
NMP - December 2016 - Cover1
NMP - December 2016 - Cover2
NMP - December 2016 - 1
NMP - December 2016 - Contents
NMP - December 2016 - 3
NMP - December 2016 - 4
NMP - December 2016 - 5
NMP - December 2016 - 6
NMP - December 2016 - 7
NMP - December 2016 - 8
NMP - December 2016 - 9
NMP - December 2016 - 10
NMP - December 2016 - 11
NMP - December 2016 - 12
NMP - December 2016 - 13
NMP - December 2016 - 14
NMP - December 2016 - 15
NMP - December 2016 - 16
NMP - December 2016 - 17
NMP - December 2016 - 18
NMP - December 2016 - 19
NMP - December 2016 - 20
NMP - December 2016 - 21
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NMP - December 2016 - Cover3
NMP - December 2016 - Cover4
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