DocMagic’s Compliance Guarantee To Protect Lenders From TRID Violations

Posted by Patrick Barnard on February 17, 2016 No Comments
Categories : Residential Mortgage

DocMagic Inc., a provider of loan document preparation, compliance, e-sign and e-delivery solutions to the mortgage industry, reports that it is developing an extensive set of new reps and warrants for its calculations, documents and data in an effort to provide greater peace of mind to lenders when it comes to compliance with the Consumer Financial Protection Bureau’s (CFPB) new TILA-RESPA Integrated Disclosure (TRID) rules.

That means mortgage lenders using DocMagic’s solutions can reduce their risks of civil suits and regulator fines and penalties for TRID violations.

With DocMagic’s Premium Compliance Guarantee, the loan estimate and closing disclosure are guaranteed to be accurate and complete.

Additionally, the guarantee ensures timely electronic delivery of initial disclosures, compliance with federal and state high-cost/higher-priced mortgage loan laws, and accurate document selection logic, resulting in compliant loan packages.

The guarantee also ensures that all other compliance and data validation audits will trigger at the appropriate times during the loan process, providing critical warning messages to help lenders stay in compliance with applicable laws.

The offering is backed by a $5 million guarantee (up to $50,000 per loan). In addition, customers will enjoy a 36-month claim-filing period, DocMagic says in a press release.

Beginning Feb. 15, all new DocMagic customers will automatically receive the new premium rep and warrant offering. Existing DocMagic customers will be given the opportunity to protect their future loan files for an additional fee.

For more, click here.

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