In an effort to help lenders quickly and easily transition to an eClosing workflow, DocMagic has developed a solution that goes beyond basic optical character recognition (OCR), which can rely on slower manual and repetitive processes. Instead, DocMagic has leveraged critical document meta-data and applied AI and machine learning identification logic to develop its AutoPrep technology.
“We believe mortgage technology innovation should focus on reducing operational friction while improving the standardization between disparate systems,” said Dominic Iannitti, president and CEO at DocMagic. “This underlying interoperability underscores innovation across our entire technology stack, with the goal of simplifying each step of the loan process.”
DocMagic’s AutoPrep technology leverages the organization’s deep stores of document meta-data and is capable of testing and automation, employing intelligent document recognition as well as pattern and trend detection for continuously improved decisions over time. As a result, the new technology can quickly and easily identify any document from any source and then categorize, tag, barcode, recognize signature and initial regions and enable documents for eSignature, eNotary and eClosing processes.
AutoPrep allows any lender, utilizing any documents, to access DocMagic’s premiere eClosing solution. From a strategic perspective, the technology positions lenders for successful digital eClosings and allows them to leverage an eNote process on a platform with centralized mortgage underwriting and processing augmented by automation.
“If your documents are not e-Enabled for eSign, eDelivery, eNotary or eClosing, this technology gives you instant access to those capabilities,” Iannitti said. AutoPrep opens the door for lenders to transition more quickly to an eClosing workflow — bringing efficiency, consistency and user experience enhancements. Users can successfully adopt advanced automation, streamlined workflows and process standardization.
“This is a key tool for lenders to facilitate eClosings,” Iannitti said. “The technology automates a fundamentally labor-intensive process, accelerates data transfer, improves accuracy and streamlines a quick and simple path to the digital eClosing process and eNotes.”
SNAPSHOT: DocMagic’s AutoPrep technology offers an enhanced capability to absorb data and documents from any source or format, and then intelligently e-enables those documents for eSignature, eDelivery and other digital processes. The solution employs high-accuracy and proprietary rules-based technology to instantly auto-prep documents for easy, accurate and compliant eClosings.