As the August 1 deadline for the Truth in Lending/RESPA Integrated Disclosures (TRID) nears, lenders are preparing for the multiple 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 between 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 between lenders, settlement 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 necessary closing components and parties together to effectively assist lenders in complying with TRID in a very efficient, timely fashion,” Dominic Iannitti, president and CEO of DocMagic said. “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 that 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 regulations. Each step in the process is tracked and stored within the secure environment.