The inefficiencies of paper documents are undeniable. But when a mortgage lender, credit union, bank, title company or settlement service provider wants to transition away from paper closings, it can be hard to know where to start.
It offers instant document e-enablement by leveraging cutting-edge AI, machine learning and powerful Optical Character Recognition (OCR) technology, instantly e-tagging third-party documents for eSignatures, eNotary and eClosing processes.
E-enabled documents are a fundamental component of eClosing workflows. While progressive document generation companies like DocMagic already provide e-enabled documents, the move to a digital workflow requires that ALL documents be e-enabled. Mortgage documents from sources such as title companies or appraisers can include unique formats. Adapting disparate document types into an electronic workflow can be a complex and time-consuming endeavor.
Regardless of a document’s original format, AutoPrep transforms every document into a high-speed, all-access pass to the world of digital closing. AutoPrep enables documents for access within DocMagic’s industry-acclaimed eClosing solution, Total eClose, no matter the format or source of the document.
AutoPrep saves time, protects resources and reduces errors by eliminating the effort involved in the manual tagging process. By automating these labor-intensive document processes, users can quickly unlock the benefits of reduced operational costs, heightened efficiency and an improved overall customer experience immediately.
AutoPrep leverages the potency of crucial document metadata, utilizing AI and machine learning identification algorithms inspired by DocMagic’s extensive document repository. The outcome is an enhanced level of efficiency and precision as the metadata enables testing and adaptation, employing document recognition as well as pattern and trend detection for improved decisions over time. AutoPrep categorizes, tags and barcodes documents to identify signature, initial and notary regions with pinpoint accuracy. But the real magic happens when it turns those documents into an e-powerhouse, preparing them for any type of eClosing process.
“This technology isn’t just a tool; it’s a strategic shift that positions lenders to thrive in an increasingly digital and competitive lending landscape,” said Dominic Iannitti, DocMagic president and CEO. “It offers real operational efficiency by automating a fundamentally labor-intensive process, accelerating data transfer and improving accuracy by eliminating transcription errors and streamlining a path to the digital closing process. “
E-enabling documents has increased efficiency and sped up the closing process for users like Superior Financial. The credit union known for high-quality customer service has reported 100% elimination of paper, which has compressed closing times by as much as 75%. And enabling the convenience of eClosing from anywhere has led to positive feedback from borrowers.
DocMagic’s commitment to automating the loan process has been the driving force behind its innovative efforts for more than 35 years. “Looking ahead, we’re harnessing AI to introduce the future of mortgage compliance. Guided by our cutting-edge automation, we’re empowering underwriters and settlement providers to make more informed decisions based on systematically classified data,” Iannitti said. “We’re bringing efficiency, consistency and user experience enhancements — and offering a vastly more efficient and compliant lending future.”