The mortgage industry is looking to drive business results in a new digital environment where organizations must respond to change at an accelerated pace. DocMagic provides lenders with a competitive advantage with digital technology that offers more flexibility, improves efficiency and provides a better user experience than traditional paper-based methods.
DocMagic’s Total eClose solution is a comprehensive, end-to-end eClosing system that provides everything necessary for a paperless eClosing. The seamless digital workflow includes all hybrid eClosing options and is comprised of DocMagic’s comprehensive suite of eMortgage solutions, including SMART Doc eNote generation, remote online notary (RON) capability, certified eVault technology, and culminating with Investor eDelivery.
“DocMagic’s powerful end-to-end technology, perfectly executed and seamlessly implemented, provides an intuitive interface that all participants—lenders, settlement service providers, notaries and borrowers— can use immediately, without a learning curve,” said Dominic Iannitti, President and CEO.
With DocMagic’s new remote online notary technology, eligible borrowers can electronically review, sign and notarize documents within an intuitive, end-to-end eClosing workflow.
Total eClose features both Settlement Agent and Notary eClose consoles, providing users with all of the functionality required for a successful eClosing. The console allows settlement agents and their notaries to browse a complete document package and easily upload any additional documents that may be necessary. DocMagic’s AutoPrep system further simplifies the process by instantly identifying signatures, initials and notary regions, and automatically applying the essential e-tag information required by most eClosing platforms.
The eClose Console is a powerful control center for monitoring and facilitating an efficient and successful eClosing ceremony. It contains all of the information settlement agents and their notaries need to manage signers and other participants. The system makes it easy to select and confirm a RON-certified eNotary from a national network of over 25,000 approved, fully vetted and RON-certified notaries.
The eClose console also provides the notary with the instrumentation needed to execute a smooth and efficient eClosing ceremony. This includes all pertinent loan transaction information, contact information for all participants, a real-time countdown to the eClose ceremony and more. Notaries can easily review the complete document package and print any borrower documents that must be signed with a pen.
The system also provides important identity verification utilities such as Knowledge-Based Authentication and Identity Validation that leverage the signer’s smart device for secure, effective authentication. The console automatically records the RON signing session and creates all required entries within the notary’s electronic journal. All of this information is automatically stored within a secure action log.
“By providing the key participants with a secure online eClose portal, we’re ensuring transparency and complete control throughout the eClosing process,” Iannitti added. “In practice, these new levels of participation mean fewer errors and a better loan process from end to end.”
DocMagic’s hands-on approach to implementation, from developing the project roadmap to synchronized testing of each facet of the eClosing process, ensures each client’s success. “We partner with our clients to put the essential pillars in place, paving the way to more flexible and scalable operations with paper-free eClosings at the heart of their workflow,” Iannitti said.
An eClosing has many moving parts and DocMagic has an intricate knowledge of every one of them. As a single-source solution, DocMagic has eliminated the issues that plague other providers—not just after implementation, but over the long term as lenders embrace electronic closings.
Dominic Iannitti, President & CEO
Dominic Iannitti founded DocMagic more than 30 years ago with a commitment to provide the mortgage industry with superior technology solutions and services to reduce and eventually eliminate the use of paper.