With months to go before the Consumer Financial Protection Bureau's (CFPB) Integrated Disclosure Rule takes effect, California-based DocMagic says its entire solution set is now aligned to transition into the new requirements.
The company announced this week that it has implemented Version 3.3 of the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model, which establishes a common dataset as a prerequisite for lenders to use CFPB's combined mortgage disclosures, which are set to replace the current disclosures on August 1.
Having implemented the new MISMO version early, DocMagic says it is now able to work on standardizing closing document forms for clients and partners.
"Our early implementation of MISMO version 3.3 is significant because it is yet another step that we are taking to proactively prepare for the CFPB's new Integrated Disclosure rule, as well as industry innovation involving the disclosures," said Dominic Iannitti, president and CEO of DocMagic. "Any software provider that is involved in loan closings or data exchange must update their respective systems to implement the new dataset in order to effectively support their partners and lender clients. Those organizations that wait will likely not be ready to meet the CFPB's deadline and as a result will encounter serious compliance issues."