20 Years Later, DocMagic Reflects on eMortgage Evolution
It's been twenty years since the now-ubiquitous e-doc provider DocMagic first began, and the company said that it sees more opportunity for electronic document management services now than at any time in the company's history. Document Systems, Inc., based in Carson, CA, passed its 20-year anniversary on Thursday -- when the company was founded, mortgage loan officers completed applications with clipboards and pens. Since then, DSI has been part of an industry constantly facing change and reinvention; its DocMagic software began as simple software designed to let brokers easily produce and print out error-free closing documents. The platform has evolved to offer a complete range of solutions that provide millions of fully compliant disclosures and closing document packages each year to originators of all sizes. "We took a month-long, paper-based process that involved hours of manual labor to gather, fill-in, copy, collate and store hundreds of different documents and turned it into a simple process of choosing a loan program and pushing a button," said Don Iannitti, founder and CEO of DSI. "The loan was no longer the Deed of Trust and all the supporting documents, it was a deal that was supported by a closing package." While Iannitti is proud of what his company has accomplished thus far, he says that even greater opportunity lies ahead for lenders and settlement services providers that can adapt to a changing marketplace. "The mortgage industry is at a crossroads today, a challenging time that will change this business once again," he said. "The lending community is ready now to move into fully electronic lending, the paperless processing of all loan documents. Lenders must save time and money if they hope to remain competitive." Companies like Iannitti's have been ready to deliver electronic mortgage documents for years now, but neither lenders nor borrowers have been eager to adopt completely paperless lending. That is changing, Iannitti said, and the industry will see greater adoption in 2008. "Soon, all lenders will realize that the documents aren't just forms filled with information, they are living instruments that contain electronic data, much of it pulled automatically from the lender's other systems," he said. For more information, visit http://www.docmagic.com.