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DocMagic Completes Compliance Implementation for CashCall

Nov 02, 2012

DocMagic Inc. has announced the successful integration of its document preparation and delivery solutions with CashCall Inc., one of the nation's premier consumer finance lenders. The recent project—achieved in just 40 days—quickly and expertly equipped CashCall with compliant loan documents, something its prior vendor couldn’t do despite 18 months of effort. This implementation allows CashCall’s staff to prepare and deliver fully compliant electronic loan documents with record speed in all 43 states where the company does business. "We place the highest priority on compliance—we can’t afford to work with vendors that aren’t 100 percent reliable,” said James Kiyohara, chief information officer of CashCall. “After experiencing endless delays with another vendor, we did our due diligence and DocMagic emerged as the clear choice for document preparation and delivery.” “DocMagic is known for being a very reliable compliance provider," said Dominic Iannitti, CEO of DocMagic. "We’re used to pinch hitting when other vendors have dropped the ball. Reliability reaches into all aspects of our operation, from being 100% compliant to implementing our technology when the competition has failed to deliver.” DocMagic’s solutions, which include paperless document management, electronic signature technology and the ability to audit loan files at any stage of the origination process, are now embedded in CashCall’s workflows. CashCall’s staff can now perform automated compliance reviews; compile and complete loan files; validate data; and perform as many audits as necessary to determine whether loan files meet or exceed state and federal lending regulations, including the Dodd-Frank Wall Street Reform and the Consumer Protection Act. This means that CashCall’s staff can prepare documents and check them for compliance from within their own systems, saving an extraordinary amount of time and effort. In addition, DocMagic can process CashCall’s loan documents in two seconds or less, the fastest known time in the mortgage industry. “We were a little skeptical that anyone could get the job done so quickly because of our past experiences, but DocMagic made us believers,” said Kiyohara. “As we continue our highly successful growth strategy nationwide, having a trusted partner like DocMagic on our side is important. We are very excited to be working together.” One of DocMagic’s integration specialists and business analysts led the project for CashCall. The installation was seamless, integrating DocMagic’s legal, compliance, form creation and programming teams during the implementation process. CashCall and DocMagic conducted tests during the installation, easily and efficiently making any modifications along the way. Initially geared for 41 states, the project went so quickly that DocMagic was able to add two additional states where CashCall does business: California and Washington.
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Nov 02, 2012
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