Taking a very hands-on approach, DocMagic’s Dominic Iannitti has played an instrumental role in driving the development, testing, and successful rollout of SmartCLOSE, a collaborative closing portal that effectively addresses TRID compliance.
Iannitti, DocMagic’s founder, president and CEO, led the planning and product development process. To help perfect SmartCLOSE, Iannitti worked closely alongside Rich Horn, a former attorney for the Consumer Financial Protection Bureau who led the rule integrating the mortgage disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act (TILA-RESPA).
SmartCLOSE brings relevant parties, such as lenders and settlement providers, inside a secure portal to collaborate, share, edit, validate, audit and track documents, data and fees. In June 2015, DocMagic officially opened up testing of SmartCLOSE to its entire client base as well as all of its LOS partners in order to familiarize them with the solution.
A phased approach to testing with clients enabled DocMagic to perfect the solution and officially introduce it to the marketplace in advance of the original Aug. 1 TRID date, which the CFPB later pushed Oct. 3, 2015. Iannitti also led DocMagic’s legal and compliance teams’ efforts to educate and prepare the industry to meet the TRID implementation deadline.
An extensive TRID resource center was developed that industry participants were able to access for knowledge and ask questions. Iannitti also beefed up the company’s support staff and invited clients and partners to freely ask TRID-related questions of any type. The staff answered more than 30,000 calls between June and December to assist in educating clients on the TRID rule.
Iannitti invested a vast amount of time and research and development funds into creating a viable, comprehensive TRID solution to address the major compliance change the industry had to navigate through to become TRID compliant. The solution was heavily marketed and Iannitti drove an all hands on deck approach to address TRID with SmartCLOSE because other TRID solutions were lacking and some were even vaporware. Iannitti also took extensive measures to meet the CFPB’s original Aug. 1 TRID deadline.
In April 2016, DocMagic announced the formal launch of its “Total eClosing Solution” at a party during the Mortgage Bankers Association’s Technology conference in Los Angeles. DocMagic’s solution transforms the entire mortgage process from initial eDisclosure to final eClosing and investor eDelivery.
It seamlessly integrates with DocMagic’s eDocument library, SMARTDoc eNote with eSignature, eNotary, MERS eRegistration, eDelivery and eVault services into a comprehensive end-to-end eClosing solution that delivers substantially faster closings, total data transparency, superior regulatory compliance and maximum process efficiency.
The solution also accompanies eNotarizations to achieve an entirely paperless mortgage lending process. The Total eClosing solution is also seamlessly integrated into DocMagic’s SmartCLOSE collaborative closing portal. Iannitti was closely involved in making DocMagic’s Total eClosing solution a reality, complete with eNotarizations.
DocMagic was one of only a handful of vendors to participate in the CFPB’s eClosing pilot. After the initial pilot concluded, CFPB Director Richard Cordrey determined that eClosings can play a key role in improving the borrower experience, and he urged lenders to start adopting eClosing processes and technology.
DocMagic’s eMortgage solutions have been vetted and approved by Fannie Mae and MERS to support all three eMortgage categories for eVault, eNote and eClosing.