The core of any effective eStrategy must include a durable, secure repository to retain all electronic artifacts. The system must be capable of receiving input from all aspects of a client’s workflow and must be integrated into the process to ensure all assets are managed in a consistent, verifiable manner.
DocMagic’s eVault reduces cycle times, increases process efficiencies and ensures data and document integrity as well as full compliance for all electronically signed documents throughout the mortgage process.
DocMagic’s eVault technology offers real-time control of electronic loan files and provides a proactive solution for lenders to securely access, manage and store electronic records on a short- or long-term basis.
The eVault maintains an audit trail of electronic events, retains DocMagic’s proprietary Loan Detail Report of automated compliance audits performed on the loan transaction, and retains data and any documentation that customers wish to store electronically.
Lenders that want to offer eNotes or eClosings are going to need an eVault. DocMagic’s eVault was built to handle all facets of the eNote lifecycle. It validates the integrity of transferable electronic records, protects them with a tamper-evident seal, categorizes documents according to MISMO Document Classification standards, and seamlessly eDelivers category one SMART Doc eNotes, documents and data via direct integration with the MERS eRegistry.
In addition to storing and delivering eNotes, DocMagic’s eVault features a Global File System that accepts virtually any digital asset including eChattel (electronic promissory notes, auto notes, commercial leases, etc.), any type of electronic file including authoritative copies, all data formats — TIFF, Word, Excel, PDF, Cat 1 SmartDoc, even audio files.
Now more than ever, lenders are looking for mortgage technology that can help streamline the overall loan process. What they need, however, is flexibility in how to deploy their solutions. The flexibility of DocMagic’s eVault technology and its service model allows lenders to plug in only what they need.
Like all DocMagic’s solutions, the eVault technology application has been designed API-first, meaning that any functionality released is built as an application interface to be deployed as part of the solution and the client is free to decide whether to leverage it.
This tool also allows organizations that are either looking to build or are already building an eClosing platform to engage DocMagic to rapidly integrate electronic components into their solution. These organizations will immediately have the ability to register eNotes with MERS through DocMagic’s eVault technology.
The additional power of the solution is that DocMagic offers a fully cloud-based service layer specific to eClosing. Unlike other technology providers that may offer prebuilt functionality designed for a specific environment, DocMagic’s eVault has flexible out-of-the-box capabilities that make it adaptable to any and all eClosing options.
DocMagic has been providing eVault technology for more than 20 years and its entire suite of solutions has been designed to seamlessly interact with the eVault. DocMagic has built a huge toolbox that’s ready and available for any modern lender to put together a workflow in the digital mortgage transaction space, especially those looking to offer eClosing options now and in the future.
Product Snapshot: DocMagic’s eVault is a secure repository where lenders can access, manage and store electronic records on a short or long-term basis.