The proof is in the pudding, and one provider of fully-compliant loan document preparation, eSign and eDeliver solutions has a group of clients testing its online collaborative closing portal.
DocMagic, Inc. announced that a group of clients have begun testing the features and functionality available within its new Collaborative Closing Portal, SmartCLOSE.
“The idea behind releasing SmartCLOSE to a select group of clients for initial testing is that it will help us refine the feature set to ensure we provide the very best TRID closing portal,” says Dominic Iannitti, president and CEO of DocMagic. “The workflow and functionality is already incredibly intuitive and every screen is designed with simplicity in mind.”
The portal was made available to nearly 250 lenders to start working with the system and provide comments. The complete product will be rolled out in two planned phases as features are continuously added and the solution is enhanced.
SmartCLOSE offers a secure, centralized online environment for lenders, settlement providers, and other associates to share, validate, audit, track and collaborate on documents, data and fees. DocMagic’s Audit Engine runs continuously behind the scenes to ensure compliance for any changes that may affect tolerance levels, calculation reconciliation and potential RESPA violations. Everything is accessible within SmartCLOSE, including the eSigning and eDelivery of documents.
DocMagic’s Audit Engine captures who changed what, what was changed, what you need to fix and why, and all of the electronic evidence to log and complete all transactions in full compliance. DocMagic reps and warrants transactions run through the system.
“There a lot of closing portals that have been recently announced to address TRID compliance, but we believe most fall short in adequately tracking tolerance levels, changes in circumstance, and other very complex aspects of TRID compliance,” says Iannitti. “There is a great deal of work and complex problem-solving required to create a robust portal that addresses every facet of TRID compliance while providing a truly dynamic and collaborative workflow environment. Our TRID wizards have been very busy.”
Leading up to the new TRID compliance, DocMagic has been holding regular webinars and training sessions to educate and prepare their clients.