For the mortgage industry, like many others, conducting business as usual is no longer possible or plausible. As DocMagic works with clients and partners every day, the company knows there is no ordinary roadmap ahead.
Remote workforce adaptation and fundamental changes in consumer behavior are shifting mortgage industry focus. While some shifts may be temporary, many changes to the mortgage loan process will be more permanent.
A business-critical approach
At a time when social distancing concerns play a large role in business decisions, many lenders are focused on digital technology to update paper-based lending processes. It’s critical for lenders to think strategically, invest thoughtfully and embrace solutions that enhance key business processes and ensure the ability to rapidly scale their remote capabilities.
Maybe you’ve been originating loans for many years, working with legacy technology, outdated workflows, multiple vendors, and you’re tasked with getting your process to an eClosing. That’s the arms race every lender is facing right now.
DocMagic provides clients with an agile and technology-forward lending platform that ensures that they can sustain and scale critical business processes.
“There are a significant number of moving parts to an eClosing, and as a single-source solution, we have intricate knowledge of every one of them. We have eliminated all of the issues that plague other providers—not only immediately after the implementation, but over the long haul as well,” said Dominic Iannitti, president and CEO.
“DocMagic provides powerful end-to-end technology, perfectly executed and seamlessly implemented, with an intuitive interface that everyone—staff, settlement service providers and borrowers—can use immediately, without a steep learning curve. Our hands-on approach to implementation, from developing the project roadmap to synchronized testing of each facet of the eClosing process, is what ensures our clients’ success.”
One solution, infinite options
By leveraging browser-based technology that is accessible anywhere, anytime via any device with an internet connection, lenders empower their employees to work where they want, when they want and how they want. DocMagic delivers that technology in one seamless process provided by a single-solution suite designed to make the client experience as simple, quick and easy as possible.
By switching the majority of loan documents from paper to digital, lenders can reduce a loan closing from hundreds of pages to just a few. Prior to closing, borrowers can access the platform to preview and electronically sign documents that don’t require notarization, and at closing time, if the eNotary functionality is utilized, any remaining documents can be electronically signed and notarized in a single, short session.
“We believe the utilization of dynamic, intelligent, data-driven loan documents is paramount,” said Chris Lewis, director of Enterprise Solutions. “By onboarding DocMagic as your document generation and compliance provider, you are essentially eliminating the entire vendor food chain downstream and giving yourself access to all eClosing options.”
DocMagic’s document generation process is fully e-enabled and is integrated into a solution set that is provided as a service lenders can consume transactionally. No software installation is required—users simply access the service via the web. What users experience is the ability to eSign, eDeliver, generate eNotes, perform remote online notarization (where available) eClosings and secure eVault storage… everything right out of the box.
Once setup is complete, any lender can generate disclosure and/or closing packages instantly. Now they can check every box. Once lenders begin to see all the options available inside the solution, they realize they can solve a whole host of problems. Can I eDeliver everything? Yes. Can I eClose? Yes. Will DocMagic generate an eNote? Absolutely. Will you vault it for me? Will you register it with MERS? Yes, and yes.
“Integrate with DocMagic for document generation and you can close with us however you want,” Chief eServices Executive Brian D. Pannell said. “Instead of the complication and ‘risk’ associated with adding another vendor, or introducing another solution in the value chain, with another integration point, and another piece to break, etc. The simplicity of the DocMagic solution is the power of it.”
For very little investment, lenders can have an eVault set up. DocMagic generates an eNote seamlessly as part of your closing package. It’s all fully integrated, including automatic eRegistry with MERS and all the functionality is built into your document management solution. That’s a single implementation that hinges on document generation. By integrating the company’s document generation solution, you can access all of it as a service transactionally.
“All the functionality is inside one online marketplace. By creating one ecosystem, users can approach the digital lending solution as a single transaction,” Pannell said. “It’s like going to a fast food window and ordering an eClose. You don’t order the bun, lettuce and meat separately. You just order a hamburger.”
Lenders with the ability to adopt technology that drives efficiency and client satisfaction have a competitive advantage in today’s landscape. DocMagic works with lenders who want the right balance between technology and service to change the way consumers think about the mortgage process.
With more than 34 years of technology innovation, DocMagic’s 100% paperless solution dramatically speeds up the closing process, ensuring accuracy and delivering remote capabilities and efficiencies for lenders, borrowers, notaries and settlement service providers.
- LOS Integration – Bi-directional integrations with each lender’s loan origination system, to complete transactions.
- Document Generation – DocMagic’s 100% digital e-enabled documents work seamlessly with its eClosing interface.
- LoanMagic for Borrowers – Connecting borrowers in real time to the loan process and providing constant loan status updates.
- An extensive dynamic eDocument Library of well over 250,000 e-enabled documents, including MISMO SMARTDocs.
- With over 400 million eSign transactions, DocMagic’s eSign technology provides secure electronic delivery and execution of documents.
- SmartCLOSE, a secure portal between the settlement agent and lender that facilitates collaborative creation of the LE and CD with the ability to review, edit and add loan fees and costs in real time.
- AutoPrep dynamically e-enables any third-party documents. Lenders with loan documents that are not e-enabled can immediately eSign, eDeliver, eNotarize and eClose.
- Total eClose is a comprehensive, end-to-end eClosing platform that provides all technology necessary for a 100% paperless eClosing. Seamless digital workflow facilitates all hybrid, as well as totally paperless, eClosings, is comprised of DocMagic’s comprehensive suite of eSolutions: SMARTDoc eNote generation, embedded eNotary technology and Certified eVault functionality, and provides Investor eDelivery.
To help organizations develop a strategy for agility, resiliency and growth, DocMagic brings a consultative approach to digital workflow implementation. DocMagic partners closely with its clients to help them manage uncertainty and outperform those less prepared.
DocMagic believes the right actions today can position an organization to adapt and succeed in the future.