Last month, lending document provider DocMagic announced the launch of a new eClosing solution that seamlessly integrated into the company’s SmartCLOSE collaborative closing portal, which offers a secure and centralized online environment for lenders, settlement providers and other parties to share, validate, audit, track and collaborate on lending documents, backed with a 100 percent TRID compliance guarantee of up to $5 million.
Now, DocMagics’s SmartCLOSE collaborative closing portal is the new recipient of PROGRESS in Lending’s 2016 Innovation Award, one of only seven recipients to receive the honor. Judges scored using a weighted scale that focuses on achievements over a 12-month period for each innovation's overall industry significance, originality, positive change on the industry, intangible efficiencies gained, and hard return on investment.
"Many technology vendors simply jumped on the TRID bandwagon, announcing very light solutions that lack core functionality and were unable to automate the new process from start to finish and ensure 100 percent compliance," said Dominic Iannitti, president and CEO of DocMagic.
PROGRESS in Lending cited the primary reason DocMagic won the award, was that early on the company developed a second-to-none, comprehensive solution that effectively addresses the Consumer Financial Protection Bureau's (CFPB) introduction of the TILA-RESPA Integrated Disclosure (TRID) rule.
"SmartCLOSE leverages our long-standing, sophisticated compliance and document management technology to bring lenders, settlement providers and other relevant parties together inside a secure collaborative portal to share, edit, validate, audit, track, and collaborate on documents, data, and fees," said Iannitti.