DocMagic has announced that PHH Mortgage has signed a multi-year license agreement to use its expansive set of products to help ensure compliance with the TILA-RESPA Integrated Disclosure (TRID) rule that goes into effect on Oct. 3, as well as other federal, state and investor requirements.
“We have worked closely with DocMagic for the last year to thoroughly evaluate, test and integrate their technology and compliance solutions, and we will use various components to ensure we are TRID compliant,” said Eric Sadow, chief compliance and fair lending officer for PHH Mortgage. “We are confident that our use of the DocMagic technology and compliance solutions will meet our needs and the needs of our clients, regulators, investors, partners and borrowers.”
PHH, its clients and their borrowers can access DocMagic’s eSign/eDelivery technology that enables the electronic delivery of TRID documents and the electronic viewing of closing disclosures and related documentation. DocMagic’s Audit Engine electronically tracks and logs transactions touched by all parties working with its Compliance Engine as well as its SmartCLOSE portal, while continuously comparing the initial Loan Estimate against the final Closing Disclosure to ensure RESPA compliance throughout the process.
“For a lender with the size and reputation of PHH to select DocMagic to comply with TRID, speaks volumes about how sophisticated and scalable our solution really is,” said Dominic Iannitti, president and CEO of DocMagic.
Expanding on its technology and compliance solutions, DocMagic has developed SmartCLOSE, which can integrate with loan origination systems for seamless, bi-directional exchange of data and related information. Additionally, it will integrate with all leading settlement technology platforms and other third party applications used in the loan closing process to allow all relevant parties to share, validate, audit, track and collaborate on documents, data and fees in a secure, collaborative environment.
"We have designed SmartCLOSE to be the most advanced and effective TRID solution in the industry," said Iannitti. "That is why we can rep and warrant all documents and calculations generated in SmartCLOSE with a TRID Compliance Guarantee.”
