Provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, DocMagic, Inc., recently announced it has begun allowing a group of clients to test the features and functionality available within its new Collaborative Closing Portal, SmartCLOSE to prepare for upcoming TILA-RESPA Integrated Disclosure (TRID) regulation.
Last week, DocMagic made the portal available to nearly 250 lenders to start working with the system and provide comments. The company said that the complete product will be officially released in two planned phases because new features and enhancements will continuously be added.
“The idea behind releasing SmartCLOSE to a select group of clients for initial testing is that it will help us refine the feature set to ensure we provide the very best TRID closing portal,” said Dominic Iannitti, president and CEO of DocMagic. “The workflow and functionality is already incredibly intuitive and every screen is designed with simplicity in mind.”
SmartCLOSE offers a secure, centralized online environment for lenders, settlement providers, and other associates to share, validate, audit, track and collaborate on documents, data, and fees, according to DocMagic. The company's Audit Engine ensures compliance for any changes that may affect tolerance levels, calculation reconciliation, and potential RESPA violations. Users can still use eSign and eDelivery capabilities within the SmartCLOSE program.
“There a lot of closing portals that have been recently announced to address TRID compliance, but we believe most fall short in adequately tracking tolerance levels, changes in circumstance, and other very complex aspects of TRID compliance," Iannitti said. "There is a great deal of work and complex problem-solving required to create a robust portal that addresses every facet of TRID compliance while providing a truly dynamic and collaborative workflow environment. Our TRID wizards have been very busy.”
To further their efforts of TRID preparation, DocMagic has been holding regular webinars and training sessions to educate and prepare clients for the upcoming changes.