New integration streamlines eSigning of all loan documents

TORRANCE, Calif., Sept. 29, 2020—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that that it has integrated its eSign platform with VirPack to facilitate the seamless exchange of loan files and docs for compliant eSigning through DocMagic’s eSign platform.

Using VirPack’s API, electronically signed documents can automatically be accessed and retrieved from DocMagic’s eSign platform and delivered to the appropriate party, establishing a secure, seamless exchange of sensitive borrower information and documents. A robust set of user notifications alert customers to all DocMagic eSign platform events.

The integration centralizes a paperless environment to maximize operational efficiency, eliminate errors and reduce costs. Further, the seamless connectivity speeds up funding and quickly delivers loan files to investors, GSEs, the FHA, servicers, QC firms, MI firms, and other relevant parties.

“This integration helps our mutual clients to efficiently automate document workflows and consolidate the retrieval and packaging of documents according to their specific preferences,” said Steve Ribultan, director of business development at DocMagic. “Ultimately, we’re bringing a greater level of organization and centralization to bundling executed documents for borrowers, lenders and investors.”

VirPack simplifies virtual document management for the lending industry by providing user-centric solutions for loan file management, e-delivery, and file indexing with full text OCR to significantly increase productivity and modernize business operations.

“VirPack is pleased to strengthen our partnership with DocMagic,” said Wayland Pond, COO at VirPack. “The integration results in more secure document exchange and alleviates manual processes by leveraging e-signature and e-closing technology. This partnership further underscores our commitment to modernizing mortgage lending workflows. Our technology focuses on improving operations by limiting manual intervention, reducing operational overhead and oversight, and increasing loan transparency.”

WASHINGTON, D.C. (September 28, 2020) — The Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 6 basis points from 6.93% of servicers’ portfolio volume in the prior week to 6.87% as of September 20, 2020. According to MBA’s estimate, 3.4 million homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance dropped for the 16^th week in a row to 4.46% – a 9-basis-point improvement. Ginnie Mae loans in forbearance remained flat compared to the previous week at 9.15%, and the forbearance share for portfolio loans and private-label securities (PLS) also remained flat, at 10.52%. The percentage of loans in forbearance for depository servicers decreased 7 basis points to 7.11%, and the percentage of loans in forbearance for independent mortgage bank (IMB) servicers decreased 3 basis points to 7.23%.

“The share of loans in forbearance continues to decline and is now at a level not seen since mid-April. Many homeowners with GSE loans are exiting forbearance into a deferral plan and resuming their original mortgage payment, but waiting to pay the forborne amount until the end of the loan,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “However, the overall picture is still somewhat of a mixed bag. The recent uptick in forbearance requests, particularly for those with FHA or VA loans, is leaving the Ginnie Mae share elevated, as the pace of new requests meets or exceeds the pace of exits.”

Added Fratantoni, “The continued churn in the job market is likely keeping many homeowners who have been in forbearance reluctant to exit, given the level of economic uncertainty.”

Key findings of MBA's Forbearance and Call Volume Survey – September 14 to September 20, 2020

• Total loans in forbearance decreased by 6 basis points relative to the prior week: from 6.93% to 6.87%.
  • By investor type, the share of Ginnie Mae loans in forbearance remained flat relative to the prior week at 9.15%.
  • The share of Fannie Mae and Freddie Mac loans in forbearance decreased relative to the prior week: from 4.55% to 4.46%.
  • The share of other loans (e.g., portfolio and PLS loans) in forbearance remained flat relative to the prior week at 10.52%.
• By stage, 30.26% of total loans in forbearance are in the initial forbearance plan stage, while 68.37% are in a forbearance extension. The remaining 1.37% are forbearance re-entries.
• Total weekly forbearance requests as a percent of servicing portfolio volume (#) increased relative to the prior week: from 0.10% to 0.11%.
• Weekly servicer call center volume:
  • As a percent of servicing portfolio volume (#), calls increased from 6.9% to 8.3%.
  • Average speed to answer decreased from 3.5 minutes to 3.0 minutes.
  • Abandonment rates decreased from 7.0% to 6.9%.
  • Average call length remained flat relative to the prior week at 7.8 minutes.
• Loans in forbearance as a share of servicing portfolio volume (#) as of September 20, 2020:
  • Total: 6.87% (previous week: 6.93%)
  • IMBs: 7.23% (previous week: 7.26%)
  • Depositories: 7.11% (previous week: 7.18%)

MBA’s latest Forbearance and Call Volume Survey covers the period from September 14 through September 20, 2020, and represents 74% of the first-mortgage servicing market (37.1 million loans). To subscribe to the full report, go to www.mba.org/fbsurvey. If you are a mortgage servicer interested in participating in the survey, email This email address is being protected from spambots. You need JavaScript enabled to view it..