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MISMO has announced that DocMagic, a provider of document preparation, compliance, eSign and eDelivery solutions, has received MISMO certification for their SmartCLOSE software product. Specifically, SmartCLOSE has been awarded what is known as a Standard Level Certification for TILA/RESPA Integrated Disclosures (TRID).
"We congratulate DocMagic for obtaining a certificate for SmartCLOSE through MISMO’s software compliance certification program,” said MISMO President Mike Fratantoni. “Industry participants continue to work through the many challenges created by the Know Before You Owe rule and so we are pleased to be able to certify SmartCLOSE for appropriate use of the MISMO standards for TRID.”
MISMO Software Certification provides assurance that a technology provider’s products demonstrate compliance with MISMO standards and best practices. The Standard Level Certification provides a foundational certification of appropriate use of MISMO standards and best practices within a specified business domain through self-assessment, with validation of aspects of the self-assessment by MISMO staff and receipt of integration partner references. Only products certified by MISMO may utilize the term “certified MISMO compliant”—a symbol of industry excellence.
SmartCLOSE brings lenders, settlement service providers, and other relevant entities together inside a secure environment to share, edit, validate, audit, track and collaborate on documents, data and fees. Everything is accessible within SmartCLOSE, including the eSigning and eDelivery of documents. SmartCLOSE received Standard Level certification for MISMO Version 3.3 within the TILA/RESPA Integrated Disclosures (TRID) business domain.
“With the Uniform Mortgage Data Program (UMDP) quality initiatives mandated by the GSE’s and the CFPB’s move toward supporting more automated audits, we felt it was crucial to get certified since DocMagic is integrated to more lender LOS systems than any other vendor to perform compliance checks and audits” said Tim Anderson, Director of eServices for DocMagic. “In fact, we see MISMO software certification as a competitive differentiator since we provide representations and warranties regarding compliance and need to be sure the data is correct since our clients rely on our compliance services to ensure regulatory and investor compliance.”