At a time when social distancing concerns play a large role in business decisions, many lenders are focused on implementing digital technology to update antiquated, paper-reliant lending processes. Total eClose offers a true eClosing solution that involves no paper whatsoever, dramatically speeding up the closing process, ensuring accuracy and delivering newfound efficiencies for borrowers, notaries and settlement providers.
Any lender can access DocMagic’s Total eClose eClosing platform, regardless of their current document provider. Because the technology can consume data and documents from any source, it has the ability to dynamically e-enable any third-party documents, even if they were not originally produced by DocMagic. This means that lenders who have documents that are not e-enabled for eSign, eDelivery, eNotary or eClosing can immediately enjoy the benefits of those technical capabilities.
Switching the majority of loan documents from paper to digital can reduce a 150-page loan package to just a few pages or less. Prior to closing, borrowers can use Total eClose to preview and electronically sign documents that don’t require notarization; however, if the platform’s eNotary functionality is utilized, all documents can be electronically signed and notarized in a single session.
Total eClose significantly reduces or eliminates the time the borrower, settlement agent and notary must spend in each other’s presence. What is typically an hour-long, in-person closing can be reduced to a matter of minutes – and, in many instances, in-person contact can be eliminated altogether.
Total eClose maximizes user adoption by featuring an intuitive design and elegant workflow. Even before integration begins, DocMagic partners with its customers to develop a strategic implementation plan. Its dedicated eClosing and onboarding teams are committed to the highest standards of service and support. DocMagic employs a consultative approach to reduce any issues associated with user adoption and to provide invaluable digital mortgage experience to clients to shape their go-to-market strategy.
The intuitive technology fosters interoperability between disparate systems across the supply chain in order to originate, process, close and sell quality loans in the most efficient manner. Greater control and accountability during the mortgage loan cycle means that loans close faster, with fewer errors and omissions. It also removes the potential for delays at the closing table.
With valuable tools for communication and collaboration, as well as its ability to integrate easily with other platforms, Total eClose allows users to close loans quickly, compliantly and at a lower cost.
As DocMagic works with its clients and partners every day through the COVID-19 crisis, the company knows there is no ordinary roadmap ahead: remote workforce adaptation and fundamental changes in consumer behavior are shifting industry focus. While some shifts may be temporary, other changes to the mortgage process will be more permanent.
DocMagic believes lenders need to embrace technology and accelerate the adoption of the digital process. To help organizations develop a strategy for agility, resiliency and growth, its eClosing team has developed a consultative approach to eClosing implementation. It’s involved every step of the way to help clients manage uncertainty and outperform those less prepared. The right actions today can position an organization to adapt and succeed in the future.
PRODUCT: Hybrid eClosings with DocMagic’s Total eClose Solution
SNAPSHOT: Total eClose is a comprehensive, end-to-end eClosing platform that provides all technology necessary for a 100% paperless eClosing. The seamless digital workflow facilitates all hybrid types as well as a totally paperless eClosing and is comprised of DocMagic’s comprehensive suite of eSolutions; SMARTDoc eNote generation, embedded eNotary and Certified eVault functionality and Investor eDelivery technology.