Freddie Mac is integrating DocMagic technology into its software suite to facilitate the storage and control of eNotes.
The government sponsored enterprise is incorporating DocMagic’s eVault technology and its SmartREGISTRY platform to store documents, perform automated eNote certification for Freddie Mac eMortgage lenders and enable the electronic transfer of these notes to other eVault systems.
Freddie Mac cites process efficiency, cost cutting and increased liquidity as the main drivers behind its decision to onboard this new software.
“Freddie Mac is committed to streamlining the mortgage process for lenders and borrowers and has been a leader in purchasing eMortgages since 2006,” Freddie Mac Single Family Chief Operating Officer Andy Higgenbotham said in a statement.
“We rolled out our automated certification process in 2015 to speed up the funding process, thereby improving liquidity in the mortgage markets and reducing lender’s warehouse line costs. We are now expanding this process to include the DocMagic platform,” he added.
The mortgage industry has been making big strides toward toward full adoption of the digital mortgage this year, and Freddie Mac’s incorporation of new software that facilitates that adoption is evidence of an ever-quickening clip toward a fully digital mortgage industry.
“Freddie Mac has been a long-time visionary and champion of eMortgages over the years and has made great strides with their unwavering commitment to automation across the supply chain,” DocMagic President and CEO Dominic Iannitti said in a statement.
“Now, with the successful rollout of SmartDoc eNote data validation prior to funding, this demonstrates the advantages and a clear-cut ROI of going completely ‘e.’ We look forward to ongoing collaboration with Freddie Mac and to further adoption of the digital mortgage process.”