Depth of solution takes e-eligibility to a new level of granularity and accuracy 

 

TORRANCE, Calif., Dec. 20, 2021—DocMagic, Inc., the premier provider of fully compliant loan document preparation, automated regulatory compliance, and comprehensive eMortgage services, announced the rollout of eDecision™, a robust solution that significantly expands the level of analysis applied to e-eligibility determination for eClosings. The result is a clear-cut, highly accurate decision that tells users precisely how far they can take a digital closing based on the unique attributes of the loan transaction—all the way down to county-level eRecording acceptance.

eDecision is powered by DocMagic’s sophisticated audit engine, which begins the decisioning process as soon as the first set of disclosures are generated—starting as early as the point-of-sale—and continuing with e-eligibility checks throughout the entire loan process. The solution accesses and compiles first-party data, leveraging an immense amount of information to improve the digital closing process. 

“Our goal in developing eDecision was straightforward: to help clients execute flawless eClosings and bring a new level of automation to the overall process by providing lenders with an immediate determination of how “e” they can be,” said Dominic Iannitti, president and CEO of DocMagic. “Simply put, eDecision equates to eSuccess for all parties involved in the closing process.” 

The eDecision solution does not force users to leave DocMagic’s platform and visit another website, use a third-party application, or access an ancillary database. Everything eDecision offers is available within DocMagic’s core process and is provided as an integral component of the eClosing workflow, ensuring a seamless and efficient eClosing process each and every time.

eDecision’s core capabilities: 

• eClosing selection – eDecision automatically determines how “e” lenders can be with DocMagic’s Total eClose solution, which offers four distinct types of compliant eClosings. From the moment the first document package is generated, the highest level of hybrid available or a fully-paperless eClosing is instantly identified.  

 

• eNote certification – eDecision automatically confirms whether a lender is certified to originate eNotes, is registered with MERS, and has completed their MERS end-to-end testing. 

 

• eRecording readiness – eDecision automatically validates whether the local recording jurisdiction is able to accept an electronically executed security instrument.

 

• Knowledge-based authentication (KBA) – eDecision automatically confirms whether KBA is required in the closing state where it occurs. 

 

• eNotary acceptance – eDecision automatically identifies which type of notarization is accepted within the jurisdiction: remote online notarization (RON), in-person electronic notarization (IPEN), or traditional in-person notarization. 

 

• Investor acceptance – eDecision will also soon provide a determination whether an investor will purchase an electronically closed loan, saving time for secondary marketing departments.

All analysis and results from eDecision are incorporated into DocMagic’s Loan Detail Report (LDR), which is automatically included with all document requests and is widely accepted by most investors as proof of regulatory compliance. Furthermore, DocMagic’s audit engine automates data and document validation throughout all phases of the lending process to ensure accuracy while performing continuous compliance checks to ensure strict adherence to applicable rules and regulations.

                           

Iannitti concludes: "At DocMagic, with each innovation we engineer, we strive to eliminate manual processes and improve the overall user experience. We don’t want our clients having to go elsewhere to research or rely on disparate third-party systems for what we believe should be a fully-integrated analysis that begins the moment our services are accessed for a particular loan transaction. eDecision gives lenders, settlement providers and notaries a completely integrated digital closing determination process — and the confidence they need to begin offering eClosings on a widespread scale.”

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Industry veteran joins growing industry consultancy to support generational lending. 

ENGLEWOOD, CO—November  15, 2021—BlackFin Group, a management consulting firm serving the Banking and Mortgage Industries, has hired industry veteran Wendy Peel to serve as Managing Director, Partner – Reverse Mortgage Practice. In this role, she will consult with lenders about the power of generational lending – meeting borrowers where they are in life with the loan product that can best serve their lifestyle. 

“Wendy and I agree there is significant opportunity in the Reverse Mortgage space,” said Keith Kemph, President and CEO of BlackFin Group. “We have the opportunity to bring industry thought leadership, technology consulting, education, and advocacy to this important market. Wendy brings the passion and has the experience. With her leadership, BlackFin Group is now positioned as the leading consultancy in the Reverse Mortgage space.”

Peel will engage senior leadership to analyze and realize the strategic and financial value of reverse mortgages. Mortgage operations can leverage the expertise to optimize workflows to add the lending program in an effective and efficient manner whether by leveraging their current technologies or assemble tech stacks to deliver FHA Home Equity Conversion Mortgages (HECM) to their customers over the age of 62.

Peel comes to BlackFin from ReverseVision, where she served as Vice-President of Sales & Marketing. Prior to that, she was Vice-President of Sales & Marketing for CommercePromote, providers of Cloud-based SaaS applications. Before that, she was Vice-President of Business Development & Marketing for iCoStore, a provider of promotional products, and Sales & Marketing Director of Take Notice, a woman-owned marketing and design firm.

“I investigated a number of consulting firms, but Keith’s passion for building a team focused on thought leadership and team culture, leveraging the newest technologies, transparency and efficiently solving the customer’s pain points rather than setting up residency in the organization, won me over,” Peel said. “My work at BlackFin will be about helping leadership have confidence in normalizing reverse lending into their existing strategies. These products should be on every lender’s loan product menu.”

Peel will continue to be involved in multiple industry trade associations as well as her service as a keynote speaker at various industry events.  

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Innovative technology and excellent service leads to growth for national valuation firm.

 

Washington, D.C., – December 14, 2021 – Appraisal Logistics, a leading provider of high quality appraisal management services, technology and compliance solutions for the residential/commercial mortgage industry, announced today that an internal review shows that the company added more than 30 new lender clients in 2021. This represents significant growth for the company during a year that challenged many in its space.

“Mortgage lenders realized in 2021 that the business wasn’t going to slow down and so they reached out to partners they could count on to get their loans closed,” said Dennis Ashcroft, Executive Vice-President of Sales for Appraisal Logistics. “Like all AMCs in 2021, we faced challenges related to overworked appraisers and consistently high volumes. Professionals across the industry were getting war weary and we really had to rely on each other to get through it. But we did get through it and our clients and their borrowers were the beneficiaries.”

Ashcroft pointed out that much of the company’s success in 2021 could be attributed to its technology offerings. The company rolled out a number of tools for remote property inspection and appraisal in 2020. Appraisal Logistics began offering its appraisal management technology, AIM-Port to lenders and other AMCs in November 2019.

AIM-Port is a single source solution developed to bring management and operations teams, technical tools and vendor partners together seamlessly. The platform improves workflow efficiency and accuracy in a cost-effective manner to support the lender’s own vendor process. The software can be used for residential or commercial valuations and BPO transactions. It is already integrated with many LOS, GSE, FHA and other industry applications.

The platform offers functionality for vendor management, order process, assignments, tracking, reviewing, delivery, reporting and accounting. ALS created AIM-Port internally using its own in-house IT group. The company has been using the platform to operate successfully and in full compliance in all 50 states.

But Ashcroft also credited the company’s 2021 success to his firm’s attention to detail and quality standards. Appraisal Logistics offers the most secure modern technology, and has also received the ISO 9001:2015 Certification for Quality Management Systems Standards by LQRA, a Lloyd’s Register Company. Although not required, Appraisal Logistics opted into the rigorous audit and evaluation process to provide financial institution customers a means of measuring quality. ALS is the only AMC in the industry to receive this important certification.

For more information about AIM-Port technology or the company’s AMC services, visit the company’s website.

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