TheMReport — News and strategies for the evolving mortgage marketplace.
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Co nte nts Th e M Rep o RT | 3 12 Back to the Future Lenders who put eMortgages and eClosings on the back-burner in 2008 find themselves racing into the future, where electronic mortgage processing is no longer a "have" but a "must". 17 taking the Leap With new closing disclosure changes imminent, now may be an ideal time for lenders to leap full-force into eLending. 21 From paper traiL to Super highway How the Mortgage Insurance Industry Traded Its Unwieldy Paper System for Sleek Digital Processing 24 appreciating aSSetS DocMagic puts employees at its forefront. SpeciaL Section 29 compLiance company guide e-lenders solving the industry's most pressing challenges through their innovative products and solutions. departmentS 4 take 5 Scott K. Stucky, Chief Strategy Officer at DocuTech 5 month in review Mortgage Industry Round-up 6 mdweLL The Home-Buying Power of the American Dollar: The Hottest (and Coolest) Markets for the Middle-Class Borrower. 11 mcrowd See Who's Moving On and Moving Up in the Industry TH E M REP O RT | 31 Special Advertorial Section eLENDING TECHNOLOGY GUIDE CORPORATE PROFILE PeirsonPatterson, LLP is a Texas-based law firm that provides nationwide legal services to the mortgage banking and consumer lending industry. Since 1984, the firm has been at the forefront of melding compli- ance with technological implementation. The firm deploys legal and technological resources in ways that serve our clients' legal and regulatory, opera- tional, and ecommerce needs. They are proud to provide their unique combination of legal services to the residential financing industry. KEY FEATURES/BENEFITS Features: • Delivery platform (SaaS, Web-based, etc.) • Key benefits • User stats (i.e. number of users by sector/job description, number of loans/transactions pro- cessed through platform, etc.) Benefits: • Automates loan level funding authorization • Automates endorsement chain • Standardizes loan delivery and purchase pro- cess • Facilitates electronic recording of security instru- ment • Facilitates faster delivery of title policy • Standardizes loan servicing "boarding" proce- dures • Substantially improves capital deployment cycle times and efficiencies The law firm is in the final stages of developing the necessary compliance tools to interface MISMO data to the common securitization platform. COMPETITIVE ADVANTAGE PeirsonPatterson has the experience that other law firms don't have. The firm has generated more than 85,000 eMortgage document packages and has eVaulted more than 100,000 eNotes. INDUSTRY AWARDS, ACCOLADES, AND MILESTONES PeirsonPatterson, LLP has been included in the CFPB eClosing Pilot Program. They are dedicated to providing a superior consumer experience by provid- ing eClosing technologies to the lending, title, and investor communities. From the ability for all consum- ers to securely receive the entire closing package prior to closing, to the single digital, holographic signature, and to the virtual elimination of all post- closing issues, the consumers are educated and informed about the loan package they are signing. CLIENT TESTIMONIAL Neal Brodbeck, SVP at the Blanco National Bank has described the conversion from paper lending to "e" as follows: "If you are contemplating an entrance to the world of paperless closings, I know how you feel and what you are thinking–I was there four years ago. Fast forward to today, and the thought of printing more than 150 pages of paper, taking an hour or more to sign the documents, making copies, and forwarding two pounds of documents to an investor seems as ancient as carbon paper." Over the past four years, our partnership with PeirsonPatterson, LLP has exceeded expectations. They are committed to this innovative closing model and will provide an excellent level of service to you, your staff, and your borrowers. Moreover, if you embrace this process and technology now, you will prepare for the new closing disclosures in August of this year. Get a few under your belt and the rest will be history! For us, the true benefit of the paperless closing process occurs after closing. First, the loan is pur- chased by [the investor] the same day of closing or the next, depending on the time of the closing. If we close a loan in the morning, it is common to receive the Purchase Advice and wire before the end of the day. If you deal with warehouse lines, this could be a huge savings. Second, because the file is fully vetted before closing and all, and I mean all, conditions have been cleared, post-closing conditions are eliminated. In the past four years of delivering eClose loans, we have never received a request to cure any post- closing conditions. Again, another time saving feature with the paperless process." "Over the past four years, our partnership with PiersonPatterson, LLP has ex- ceeded expectants. They are committed to to this innovative closing model and will provide an excellent level of service to you, your staff, and your borrowers" —Neal Brodbeck, SVP, Blanco National Bank KEY PERSONNEL William H. Peirson Principal Attorney Chris A. Peirson Principal Attorney Chris Christensen Associate Attorney Lori Stacy Chief Knowledge Officer Jason L. Wright Attorney Blake Alexander Director of Social Media CONTACT INFORMATION Jason Wright Jason.wright@peirsonlaw.com 972.392.7770 4400 Alpha Road Dallas, Texas Phone: 972.392.7770 Web: isignroom.com PeirsonPatterson, LLP 30 | TH E M REP O RT Special Advertorial Section eLENDING TECHNOLOGY GUIDE CORPORATE PROFILE DocMagic is the leading provider of fully compliant loan document preparation, compliance, and eDeliv- ery solutions for the mortgage industry. COMPANY HISTORY Founded in 1988 by current CEO Dominic Iannitti, DocMagic Inc., is the largest loan document production company in the U.S. Since its introduc- tion, DocMagic's flagship product, DocMagic, has revolutionized the mortgage document industry. The company was an early adopter of numerous technol- ogies, creating innovative products that have resulted in its industry-leading position today. DocMagic has evolved from a local Southern California document service provider to a national phenomenon. The firm has specialized in consistently developing award- winning solutions and technology to make clients more productive, promote operational efficiency, and mitigate compliance risk. DocMagic has received the SSAE-16 Certification. The highest level of certifica- tion available, this validates that its software and systems meet the rigorous operational controls as- sociated with Sarbanes Oxley compliance. BUSINESS LINES, SERVICES, AND PRODUCTS DocMagic has been a leader in the management and delivery of compliant document packages for lenders for more than 25 years. The company has expanded its offerings over the years to provide a full range of compliance and eMortgage services. Today, the company offers document management, compliance, eSign, and other eMortgage services, LoanMagic, flood determinations, OpenPCL viewer, and in-house processing and fulfillment. In addi- tion, the company has a complete investor delivery service. PRODUCT SOLUTION The company's flagship product is DocMagic, an offering that consists of the people, the systems, and the technology to answer all the lender's mortgage document needs. It offers: • Seamless integration with leading LOSs • Free predatory lending and compliance auditing • In-house legal and compliance experts • Fully compliant eDisclosure delivery • Free setup and integration services • Integrated flood zone determinations • DocMagic's revolutionary eSign technology DELIVERY PLATFORM DocMagic can deliver its service in any way the lender requires, though most users use either DocMagic Online or DocMagic Direct through their loan origination system of choice. KEY FEATURES • DocMagic is specifically designed to keep lend- ers in full compliance with all state and federal regulations. Along with access to in-house legal and compliance specialists, lenders have access to DocMagic's compliance website, containing a wealth of information, from legal analysis to news and resources. • DocMagic's sophisticated technology delivers a unique combination of speed, ease, and accuracy that saves the lender time and money, keeping originators well ahead of their competition. • DocMagic's responsive support staff does what it takes to solve any concerns and develop solu- tions that fit each lender's unique needs. COMPETITIVE ADVANTAGE DocMagic's team sets it apart. Everything the company has accomplished has been the product of a dedicated group of mortgage professionals, technology wizards, and compliance experts. A culture of fantastic customer service ties them all together. Many of its employees have been with the company for more than 10 years. Some have been there since DocMagic's founding in 1988. Few firms can claim that. Any lender who has worked with a member of DocMagic's staff knows the difference, the value the company brings. It's a source of great pride within the company and a high barrier to entry for any challenger. ADDED VALUE TO CLIENTS Its guaranteed compliance solutions are likely the most valuable to DocMagic's clients. Regulations at multiple levels have proven too difficult for lenders to track. The company's compliance solutions are a lifesaver for lenders. The fact that they are bundled so tightly with its document solutions makes DocMagic a one-stop shop for top originators. KEYS TO SUCCESS A fanatical focus on customer service. This is the foundation of the company, and everything it does is measured against this. At DocMagic, employees take pride in their ability to answer "yes" to every customer request. INDUSTRY AWARDS, ACCOLADES, AND MILESTONES DocMagic has been one of Mortgage Technology magazine's Top 50 Service Providers for the last 10 years and a finalist for the 2012 Lasting Impact Award. DocMagic continually maintains SSAE-16 Certification. KEY PERSONNEL Dominic Iannitti CEO Tim Anderson Director of eServices Susan Iannitti Director of Advertising Michael Morford Director of Product Development Steve Ribultan Director of Business Development STAFFING More than 79 employees CONTACT INFORMATION 1800 W. 213 St. Torrance, California 90501 Phone: 800.649.1362 Web: docmagic.com DocMagic P R E S E N T S TH E M REP O RT | 29 eLending Companies are moving more and more toward using electronic tools to keep the industry moving and e-lenders are heading up the charge. With a plethora of e-signature, e-recording, and other e- lending options on the market, it can be tough to pinpoint the best tools to incorporate to strengthen your business platform. The following industry leaders will help you solve your most pressing challenges through their innovative products and solutions, making the move to the e-mortgage a seamless transition. Guide