Skip to main content

Despite TRID Rule Delay, DocMagic to be Fully TRID-Compliant by Aug. 1

NationalMortgageProfessional.com
Jun 22, 2015

DocMagic Inc. has announced that the CFPB’s proposed delay will have no bearing on its plans to be ready to  meet the CFPB’s originally planned Aug. 1 due date to implement the TILA-RESPA Integrated Disclosure (TRID) rule. 

“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” said Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Mr. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that."

“DocMagic has been working very closely with our clients, LOS partners, industry experts and other mortgage entities to be absolutely 100 percent certain that we are TRID compliant by the original Aug. 1 date,” said Dominic Iannitti, president and CEO of DocMagic. “The CFPB’s announcement about the proposed delay will not change our momentum.  All of our systems will be TRID-compliant come Aug. 1 ranging from loan document production to LOS integrations to our new Collaborative Closing Portal, SmartCLOSE."

Published
Jun 22, 2015
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022
CFPB Seeks Input On Creating New Mortgage Products

Agency seeks information on refinances, mortgage products to promote competition and support household financial stability.

Regulation and Compliance
Sep 22, 2022
The Fed Raises Interest Rate 0.75% For The 3rd Time

Chairman said housing market may have to go through "a correction" to return to balance.

Regulation and Compliance
Sep 21, 2022
Fed Committee Gathers To Renew Inflation Fight

FOMC expected to announced 0.75% rate hike after 2-day meeting ends Wednesday.

Regulation and Compliance
Sep 20, 2022
MISMO Releases New Reference Model For Public Comment 

Version 3.6 of the MISMO Reference Model includes new data points and structures.

Regulation and Compliance
Sep 19, 2022
MBA, Other Organizations Want FHA's MIP Reduced

Submit letter to the White House & National Economic Council urging reduction in mortgage insurance premium.

Regulation and Compliance
Sep 14, 2022