E-Mortgage, Compliance Solutions Provider DocMagic Saw 42% Growth In 2016

Posted by Patrick Barnard on April 18, 2017 No Comments
Categories : Residential Mortgage

As mortgage lenders increasingly adopt e-mortgage and compliance solutions, DocMagic Inc., a provider of loan document preparation, regulatory compliance and comprehensive e-mortgage services, says it saw a 42% increase in revenue for 2016.

The company credits its growth to the mortgage industry’s demand for products that enable compliance with new regulations, including the TILA-RESPA Integrated Disclosures (TRID) rule, as well as the adoption of new technologies enabling e-signatures and e-closings.

This is the second consecutive year that the company’s revenue has increased by roughly 40%.

“Lenders have been looking for ways to [ensure] TRID compliance since 2015, and DocMagic’s SmartCLOSE technology has become the industry’s go-to solution,” says Dominic Iannitti, president and CEO of DocMagic, in a release. “Our user base has grown quickly. A lot of existing DocMagic clients saw the value of SmartCLOSE immediately. It has also been an entry point for many of our new lender clients.”

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