Torrance, California-based DocMagic launched its new Collaborative Closing Platform for the mortgage industry to help lenders comply with the new TILA/RESPA Integrated Disclosure rule that goes into effect on Aug. 1.
Through the new technology, users can streamline, real-time exchange of information between lenders, settlement agents and their associates through a secure web portal. As a result, the coordination of all closing costs and audits of critical disclosure details are addressed prior to closing and in full compliance with TRID.
“Our Collaborative Closing Platform brings all of the necessary closing components and parties together to effectively assist lenders in complying with TRID in a very efficient, timely fashion,” said Dominic Iannitti, president and CEO of DocMagic.
In addition, approved parties involved in the process can view a full electronic audit trail history of compliance, workflow and document management.
The Closing Collaboration Platform also leverages DocMagic’s eSign technology to deliver and facilitate the electronic signing of the closing disclosure and related documentation.
“TRID is 1,888 pages in length and affects every business functioning in the single-family mortgage market,” said Jeffrey Schummer, the Mortgage Bankers Association’s vice president of education development.
The CFPB issued the rule and combined the mortgage disclosure regimes established by the Truth In Lending Act and the Real Estate Settlement Procedures Act into one single rule.