DocMagic Inc. says its suite of e-document, e-signature and e-delivery solutions is now up to date with all of the features and functionality mortgage lenders need to comply with the Consumer Financial Protection Bureau's (CFPB) new TILA-RESPA integrated disclosure (TRID) rules going into effect Aug. 1.
As such, DocMagic clients and loan origination system partners can now test these new features and capabilities prior to the rules going into effect.
‘We are giving our clients and partners the ability to be well prepared for TRID far in advance of the Aug. 1 deadline,’ says Dominic Iannitti, president and CEO of DocMagic, in a release. ‘After extensive internal testing, re-testing and BETA testing by a select group of lenders, we perfected the changes required for TRID compliance and are now ready to open the flood gates.’
DocMagic is one of the firms participating in the CFPB's e-closing pilot.
To help lenders comply with the complex set of new rules, DocMagic offers a step-by-step TRID testing guide as part of its service. In addition, it has a support team in place that has already successfully fielded hundreds of questions about the new rules, as well as the new features and capabilities.
DocMagic says that it has already started client training sessions on the new loan estimate and closing disclosures. In addition, it has made available detailed training videos and is presenting educational webinars on TRID.