DocMagic hires Spira as compliance chief
DocMagic Inc., a California-based provider of compliant loan document services, brought on Laurie Spira as its new chief compliance officer Wednesday. In her new role, Spira will be responsible for ensuring state, federal and investor compliance changes are analyzed and implemented into DocMagic’s Web-based platform, according to the company. The platform audits and detects errors with loan transaction data. She also will establish and expand compliance audits, oversee DocMagic’s high-cost tests and assist in maintaining the company’s electronic forms library. Most recently, Spira was interim director of mortgage compliance at Kinecta Federal Credit Union, one of the nation’s largest credit unions. "In today’s volatile market, we know that change is the only constant,” said Dominic Iannitti, president and chief executive officer of DocMagic. "Now, more than ever, it is imperative to remain in compliance amid an incredibly fluid, unforgiving business environment." Her appointment comes as DocMagic has been adding to its compliance and legal team, Joe Bowerbank, DocMagic spokesman, said in an e-mail. Since August 2009, DocMagic has been in back-and-forth legal disputes with Ellie Mae, which provides an online network, software and services for the residential mortgage industry. That same year, DocMagic filed two lawsuits against Ellie Mae — one in federal court for antitrust violations, intentional interference with contractual relationships, interference with prospective economic advantage and unfair competition. The other was filed in San Francisco Superior Court where DocMagic sought a permanent injunction against Ellie Mae coming out of its "misuse of DocMagic’s proprietary information in connection with the Ellie Mae Docs system," according to a release. With the legalities spilling into 2010, the federal court judge urged the parties to consolidate the state case claims into federal court and to dismiss the state case without prejudice, the release said. Ellie Mae wasn't immediately available for comment. Write to Shaina Zucker.