HousingWire sat down with DocMagic President and CEO Dominic Iannitti to discuss DocMagic’s new AutoPrep Solution and the benefits of applying artificial intelligence to the closing process.
HousingWire: How does the AutoPrep Solution streamline the closing process?
Dominic Iannitti: From a strategic perspective, DocMagic’s AutoPrep Technology will allow any lender, utilizing documents from ANY source, direct access to our premiere eClosing solution.
AutoPrep categorizes, tags, and barcodes documents, recognizing signature, initial and notary regions, and e-enables any third-party loan documents for eSignature, eNotary and eClosing processes. This opens the door for lenders to transition more quickly to an eClosing workflow, bringing efficiency, consistency and user experience enhancements.
HW: What are the benefits of leveraging artificial intelligence and machine learning technology in the closing process?
DI: Applying AI and machine learning identification logic to DocMagic’s extensive document inventory means that our AutoPrep Solution can quickly and easily identify any document regardless of source.
The technology automates fundamental labor-intensive processes, mainly the visual identification of signing regions and manual preparation required by most eClosing platforms. If your documents are not e-Enabled for eSign, eDelivery, eNotary or eClosing, this technology gives you instant access to those abilities.
HW: How does AutoPrep technology go beyond basic optical character recognition (OCR) technology?
DI: Basic OCR technology relies primarily on reading and recognizing documents, which can be slow and error-prone. AutoPrep employs intelligent document recognition to access extensive document metadata, stored in DocMagic’s rich form database, enabling pattern and trend detection for continuously improved decisioning over time.
HW: Does the use of artificial intelligence and machine learning in this tech allow for continuous improvement as it’s applied to more documents?
DI: Yes, AI and machine learning allow for continuous improvements in a variety of ways over time. AutoPrep allows organizations to scale for capacity and respond more quickly to market fluctuation. Fewer mistakes, and the resulting fixes, lead to an improved customer experience and a faster, more efficient eClosing experience.
HW: How does AutoPrep integrate with other DocMagic technology?
DI: Interoperability is a fundamental principle at DocMagic. All of our solutions and services are designed to not only work seamlessly together but offer a robust API for simple integration with other third-party systems.