MISMO Awards DocMagic SmartCLOSE Platform Awarded Software Certification for TRID
MISMO awarded DocMagic, Torrance, Calif., a provider of document preparation, compliance, eSign and eDelivery services, with certification for the company’s SmartCLOSE software product. Specifically, SmartCLOSE has been awarded a Standard Level Certification for MISMO Version 3.3 within the TILA/RESPA Integrated Disclosures (TRID business domain.
MISMO Software Certification provides assurance that a technology provider’s products demonstrate compliance with MISMO standards and best practices. The Standard Level Certification provides a foundational certification of appropriate use of MISMO standards and best practices within a specified business domain through self-assessment, with validation of aspects of the self-assessment by MISMO staff and receipt of integration partner references. Only products certified by MISMO may use the term “certified MISMO compliant”–a symbol of industry excellence.
SmartCLOSE brings lenders, settlement service providers and other relevant entities together inside a secure environment to share, edit, validate, audit, track and collaborate on documents, data and fees. Everything is accessible within SmartCLOSE, including eSigning and eDelivery of documents. More information can be found at https://www.docmagic.com/products/docmagic/smartclose.
“We congratulate DocMagic for obtaining a certificate for SmartCLOSE through MISMO’s software compliance certification program,” said MISMO President Mike Fratantoni. “Industry participants continue to work through the many challenges created by the Know Before You Owe rule and so we are pleased to be able to certify SmartCLOSE for appropriate use of the MISMO standards for TRID.”
“With the Uniform Mortgage Data Program quality initiatives mandated by the GSEs and the Consumer Financial Protection Bureau’s move toward supporting more automated audits, we felt it was crucial to get certified since DocMagic is integrated to more lender LOS systems than any other vendor to perform compliance checks and audits,” said Tim Anderson, Director of eServices for DocMagic. “In fact, we see MISMO software certification as a competitive differentiator since we provide representations and warranties regarding compliance and need to be sure the data is correct since our clients rely on our compliance services to ensure regulatory and investor compliance.”
MISMO Software Certification in the TRID Business Domain is certification of appropriate use of MISMO standards and best practices related to the data aspects of the Integrated Disclosures, specifically data and information exchanges required to support the Closing Disclosure and/or Loan Estimate artifacts. It is not a certification that the product is compliant with TRID rules and regulations.
More information regarding the program is available at http://www.mismo.org/AboutMISMO/MISMOSoftwareComplianceCertification.htm or by contacting MISMO at info@mismo.org.
