DocMagic, which offers loan document preparation, compliance, e-sign and e-delivery solutions for the mortgage industry, has introduced a new automated due diligence solution for investors and correspondent lenders.
Dubbed “eQC,” the new solution combines proof of compliance with the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule with loan-level data transparency for audits.
eQC provides a complete closed loan MISMO 3.3/UCD XML data file, an automated compliance report, and a detailed audit trail with a document integrity certification that certifies that the XML data provided and documents match prior to investor delivery, the firm says in a release.
The automated compliance component of eQC includes a complete electronic record of compliance that arms investors and correspondent lenders with a detailed audit trail that eliminates concerns over future TRID audits and violations.
eQC also provides compliance data on federal regulations, such as high cost, qualified mortgage and ability-to-repay, as well as applicable state regulations.
“The CFPB requires all parties involved in the mortgage finance transaction to demonstrate evidence of TRID compliance,” says Tim Anderson, director of e-services at DocMagic. “Our new eQC solution gives investors and correspondent lenders warranted electronic evidence of compliance with TRID and other critical regulations and ensures that the audited data is exactly the same data that appears on the documents disclosed to the borrower. This is really the holy grail of automated due diligence compliance.”