TheMReport — News and strategies for the evolving mortgage marketplace.
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10 | Th e M Rep o RT As TRID Deadline Nears, DocMagic to Launch Collaborative Closing Platform The new Tool will allow key morTgage parTies To seamlessly exchange daTa, documenTs, and more. A s the August 1 deadline for the Truth in Lend- ing/RESPA Integrated Disclosures (TRID) nears, lend- ers are preparing for the mul- tiple ways their loan operation will be impacted by the new Consumer Financial Protection Bureau requirements. This week, DocMagic, Inc., a provider of fully-compliant loan document preparation, compliance, eSign, and eDelivery solutions, announced it will be launching a Collaborative Closing Platform. The Collaborative Closing Platform is aimed at helping lenders streamline the flow of information among the key parties involved in the closing process, a necessity they will need to have in place when TRID goes into effect. According to a press release, the Collaborative Closing Platform allows a real-time exchange of information among lenders, settle- ment agents, and their associates through a secure Web portal. Once on the portal, all parties involved can electronically access, edit, validate, and approve the data and documents. "Our Collaborative Closing Platform brings all of the neces- sary closing components and parties together to effectively assist lenders in complying with TRID in a very efficient, timely fashion," said Dominic Iannitti, president and CEO of DocMagic. "With one simple click, lenders can invite their settlement providers to view and update disclosure data, which is automatically analyzed by DocMagic's comprehensive Audit Engine in preparation for final approval by the lender." DocMagic announced back in February they had implemented MISMO 3.3 ahead of the August 1 deadline. Their Collaborative Closing Platform utilizes the MISMO 3.3 standard that is needed for "TRID to bi-directionally and securely pass data between parties". DocMagic stated that their Audit Engine automatically tracks RESPA tolerance levels, changes in fees, and related approvals to ensure compliance with applicable regula- tions. Each step in the process is tracked and stored within the secure environment. Altisource Reveals New Cooperative for Residential Investors residenTial invesTor one cooperaTive will provide resources, savings and bargaining power To invesTing communiTy. A ltisource has announced it is launching its Residential Investor One Cooperative, which will help investors gain access to vendors and services in order to build profitable home investment portfolios. The cooperative was created to provide its members on the web New Partnerships, Platforms, Programs Help Streamline the Mortgage Industry Collaboration, compliance now easier than ever thanks to new industry tools. with savings and efficiencies when navigating individual residential real estate or larger home portfolios. The Residential Investor One Cooperative will be managed by a subsidiary of Altisouce Portfolio Solutions S.A. Altisource Portfolio Solutions is a top marketplace and transaction solutions pro- vider for the real estate, mortgage, and consumer debt industries offering both distribution and content. Altisource leverages pro- prietary business process, vendor, and electronic payment manage- ment software and behavioral science-based analytics to improve outcomes for marketplace partici- pants. Altisource has been named one Fortune's fastest growing global companies two years in a row. "The residential rental and resale investment market historically has been fragmented, lacking the buy- ing power to reduce the costs for the products and services needed to buy, manage, improve and sell properties," said David Wisen, SVP Cooperatives and Origination Services for Altisource. "We have applied the expertise in obtain- ing best in class services that we developed with our mortgage banking cooperatives, Lenders One and Wholesale One, and applied that to the residential home inves- tor market. Members will benefit from working with our preferred vendors including Altisource with its end to end real estate and reno- vation services." Residential Investor One is intended to offer its members the chance to facilitate group purchas- ing power and also the ability to gain reduced prices on the ser- vices and products needed for the purchase, renovation, management, and resale of residential invest- ment properties. Members will have access to a plethora of useful financing services through the cooperative, such as access to capital to help investors renovate properties and expand portfolios, discounted rehabilitation, maintenance and ancillary products and services, outsourced property management services, reduced transaction costs, and a community peer group to build relationships and share experiences with.