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Special Reports
Document Services
New DSI Product For Wholesalers
CARSON, CA -- DocMagic, developed by Document Systems Inc. here, is one of the
most popular document preparation offerings on the market for brokers. But according to company president Don Iannitti,
a new company product is attracting the attention of much larger lenders.
Through the company's new DocMagic Direct offering, DSI is making all of the data
collected from the broker during document processing available to the wholesale lender, and it is without a charge.
"DocMagic Direct eliminates the GUI aspect and allows a user or an LOS or
a software provider to access our back end directly," says Mr. Iannitti.
This is accomplished through the online transfer of a complex XML file. "Essentially
what happens is that a client can create an XML request file that contains all of the pertinent data on a loan
transaction and they post that file to a URL."
Within seconds of the request being transmitted, the DSI servers return another
XML file. Contained within this response file is the completed documentation, but also all of the results of the
various compliance checks and data analysis that goes on behind the scenes at DSI. This includes a predatory lending
analysis, Section 32 analysis, APR and payment schedule data and more.
"It's not just a hard copy form. It's everything that is contained in the
documents, but it's also all of the underlying data used by those documents," he said. "A company that
uses this method to communicate with us gets a lot of value in return and can leverage all of the fancy things
that we do."
The XML file will also return HTML tags so that the information that is returned
can be used to automatically generate Web pages. This makes it easy for DSI to private brand its offerings to wholesale
lenders who want to serve brokers from their own websites.
"We basically give them all the magic in DocMagic and make it accessible
through DocMagic Direct," Mr. Iannitti said.
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