Lending document provider DocMagic announced the formal launch of its new total eClosing solution, claiming it will electronically transform the entire mortgage process from initial eDisclosure, to final eClosing through investor eDelivery.
So what does it do?
According to a release from the company, DocMagic's total eClosing process seamlessly integrates its eDocument library, SMARTDoc eNote with eSignature, eNotary, MERS eRegistration, eDelivery and eVault services in a comprehensive end-to-end eClosing solution that delivers substantially faster closings, total data transparency, superior regulatory compliance and maximum process efficiency.
“The total eClosing solution is an out-of-the box, easy to implement, fully paperless, patented solution that combines the most advanced functionality and continuous compliance tracking with robust borrower and lender friendly user features,” said Dominic Iannitti, president and CEO of DocMagic.
“Borrowers can communicate with their lenders and settlement agents and eSign documents while DocMagic runs continuous automated compliance audits throughout the entire loan process, guaranteeing compliance on factors affecting the salability of your loan, from TRID tolerance levels to compliance with anti-predatory lending and higher-priced mortgage loan laws, all while tracking every iteration of the data and speeding up the closing process,” added Iannitti.
The same release also states that the total eClosing solution is also seamlessly integrated into DocMagic’s SmartCLOSE collaborative closing portal, offering a secure, centralized online environment for lenders, settlement providers and other parties to share, validate, audit, track and collaborate on documents, data and fees backed with a 100% TRID compliance guarantee. The new process is easily accessible from within SaaS-based SmartCLOSE and on-premise SmartSAFE XL systems, including the eSigning, eDelivery and eVaulting of all documents.
Earlier this year, DocMagic received MISMO certification for their SmartCLOSE software product. It’ll bring 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.
DocMagic’s eMortgage solutions have been evaluated and approved by Fannie Mae and by the aforementioned electronic registry system, Mortgage Electronic Registration Systems, to support all three eMortgage categories for eVault, eNote and eClosing.
“The DocMagic total eClosing solution is revolutionizing the traditional paper mortgage process and the timing of this couldn’t be better,” says Tim Anderson, director of eServices at DocMagic.
“With the electronic data verification, delivery and record retention requirements of TRID, lenders have to demonstrate proof of compliance, control and accountability of the entire mortgage process. We have developed only platform in the industry that integrates and supports all key eMortgage functions within a single solution. The total eClosing solution provides a full electronic process in a one stop solution – which is truly revolutionary,” said Anderson.
In 2015, DocMagic formed an exclusive relationship with World Wide Notary, a developer of electronic notarization services for a variety of different industries, to help deliver this fully paperless eClosing solution.