Dominic Iannitti, founder, president, and CEO of DocMagic, Inc., a company whose technology was one of the first enabling mortgage brokers to issue documents, died unexpectedly last Thursday morning, July 18, due to complications from pneumonia. The company announced Iannitti’s passing in a press release Monday morning.
Long-time business partner of Iannitti's and DocMagic’s chief financial officer, Pat Theodora, will assume the roles of president and CEO, effective immediately.
“The entire family at DocMagic is deeply saddened by Dominic’s passing,” Theodora said in the press release. “He was a true pioneer in our industry and a mentor to many. I am committed to honoring his legacy by continuing to drive innovation and deliver exceptional solutions to clients.”
Iannitti founded DocMagic in 1987 with a vision of “streamlining the mortgage process and eliminating the mortgage industry’s reliance on paper,” and is credited with automating the loan document preparation, management, and delivery processes; pioneering eVault and eSign capabilities; and introducing the first end-to-end eClosing platform, among other advancements in mortgage technology.
In 2015, the company celebrated passing the milestone of having processed more than 100 million mortgage-related eSignature transactions on its eSign platforms. In 2021, Intercontinental Exchange, Inc. (ICE) acquired DocMagic’s eVault technology for integration into ICE’s Encompass eClose platform.
“This is what my friend and partner would have wanted, and I am laser-focused on implementing the company’s succession plan without any interruption to operations,” Theodora added.
Over the decades, Iannitti’s achievements and leadership have been rewarded with numerous industry awards and accolades. Just last month, the Mortgage Bankers Association (MBA) named Iannitti a rare, second-time recipient of its Tech All-Star Award.
“As we mourn the loss of our friend and business inspiration, DocMagic’s longtime leadership team is well-prepared to remain steadfast in our mission and commitment to excellence in the mortgage technology space,” said Lori Johnson, DocMagic’s chief operating officer.
