As published in HousingWire's August 2022 eClosing Special Report.
As the mortgage industry adjusts to higher rates, loss of refinance volume, margin compression, supply issues and other factors, lenders are looking to solutions like eClosing to optimize operations for the short and long-term. As the industry pioneer and leading eClosing provider, DocMagic continues to lead with innovation to help lenders streamline their operations through technology solutions that can increase efficiency, lower operating costs and provide a competitive advantage by delivering the best possible borrower experience.
DocMagic has always been focused on making it easier for organizations to implement modern digital mortgage capabilities to improve the overall process for all participants. Total eClose, DocMagic’s end-to-end eClosing solution provides everything needed for a 100% paperless eClosing including a comprehensive suite of eSolutions leveraging SMART Doc eNotes, Remote Online Notarization, Certified eVault and Investor Delivery technology.
Now, from the moment the first document package is generated, lenders can understand how “e” each loan can be with eDecision, DocMagic’s eEligibility solution integrated with Total eClose. Lenders can now determine if a loan is best suited for one of three hybrid eClosing options or if the loan is a fit for a fully paperless eNote and RON eClosing.
DocMagic’s goal is to make both accessing and accomplishing an eClosing easier, and to support all parties involved in the transaction.
“DocMagic’s eClosing solutions are integrated into a solution set that is provided as a service that lenders can consume transactionally,” said Chris Lewis, director of Enterprise Solutions. “Users have the ability to eSign, eDeliver, generate eNotes, perform remote online notarization eClosings and secure eVault storage… within one system, transactionally and right out of the box.”
More lenders are moving beyond hybrid eClosing to a fully digital eNote closing process. DocMagic’s industry-leading eVault was built to handle all facets of the eNote lifecycle. It validates the integrity of transferable electronic records, protects them with a tamper-evident seal, categorizes documents according to MISMO Document Classification standards, and seamlessly eDelivers category one SMART Doc eNotes, documents and data via direct integration with the MERS eRegistry.
Both Total eClose and its embedded RON technology are MISMO certified. DocMagic is the only document generation provider to receive MISMO’s eClosing certification.
Lenders, borrowers and settlement agents using Total eClose benefit from a seamless digital workflow, enabling borrowers to review, eSign and have documents eNotarized in a single, streamlined and intuitive end-to-end eClosing process.
“Our solution suite gives users the ability to conduct a perfect eClosing without having to leave DocMagic’s eClosing system or log in anywhere else,” President and CEO Dominic Iannitti said.
“There were a lot of providers in the market that had pieces and parts, but not the whole thing,” said Beth Eller, vice president of Mortgage Lending, Truliant Federal Credit Union. “DocMagic could generate the eNotes, provide the eVault, help transmit the data, generate the document packages… DocMagic provided the ease of getting everything in one place.”
Getting started with eClosing is easier than you think. Request a demo today and DocMagic will show you how.