The adoption of digital lending solutions has been increasing over the last few years, with the COVID-19 pandemic only accelerating the process. eClosings in particular have grown in popularity – for example, the use of Remote Online Notarization has expanded, with 37 states now with legislation permitting its use.
That said, the eMortgage process is complex, involving a significant number of moving parts. DocMagic’s single-source solution has eliminated most of the issues that plague other providers – not just after implementation, but over the long term.
The company’s powerful, end-to-end eMortgage technology is available via an intuitive interface that can be deployed quickly, and the company prides itself on its highly consultative approach designed to make the transition as easy as possible.
Lenders with the ability to adopt technology that drives efficiency and client satisfaction have a competitive advantage in today’s landscape.
DocMagic delivers that technology in one seamless process provided by a single-solution suite designed to make the client experience as simple as possible. Once lenders understand all the options available inside the solution, they realize they can solve a whole host of problems.
“Our hands-on approach to implementation, from developing the project roadmap to synchronized testing of each facet of the eClosing process, helps us ensure success for our clients,” DocMagic President and CEO Dominic Iannitti said. “We’ve been at this a long time, so we understand our clients’ need for agile and technology-forward lending platforms to help them sustain and scale critical business processes.”
How it began
DocMagic was founded in 1987 when Iannitti wrote its business plan during his senior year of college, basing the initial technology on automating the collection and organization of mortgage loan documents. By 1988, it was incorporated and had employees, functional technology and customers.
The company quickly grew to offering custom form design and software. This formed the basis for the mortgage industry’s first auditing system, a full compliance and legal department, and a variety of eServices.
From the beginning, DocMagic has focused on delivering advanced, efficient and compliant mortgage technology solutions. Back when the mortgage industry was almost entirely paper-based, the ability to use emerging technologies to “repackage data” allowed the company to begin automating manual data collection and interpretation processes.
DocMagic has since grown into the largest loan document company in the U.S., expanding its solution set to include a suite of award-winning eMortgage services, compliance, mobile and digital mortgage technologies. Today, the company services key stakeholders throughout the mortgage supply chain, ensuring compliance and increasing efficiency while reducing loan production costs.
“Our commitment to bringing digital processes to the mortgage industry has driven the evolution of our products and services for more than 30 years,” Iannitti said. “It is the primary reason DocMagic is at the forefront of digital document adoption.”
Throughout its almost 35 years, DocMagic has continued to consistently evolve, enhance systems, launch new solutions and forge significant strategic partnerships that have made it a leader in document preparation, eClosings, eMortgages and other eServices that bring new efficiencies to the mortgage process.
Digital adoption made easy
DocMagic supports its clients’ needs by making digital adoption as simple as possible. The company offers a full enterprise technology stack to support every aspect of the complete digital transformation process.
The stack is designed to function as one integrated platform with a single sign-on, allowing for high levels of user efficiency. Its technologies are agnostic to any vertical and have allowed the company to develop some of the most powerful and widely used solutions and tools in the space.
“We have made significant investment back into our core technology stack, allowing us to rapidly adjust to a fluid marketplace while simultaneously investing into where the industry is heading,” Iannitti said.
DocMagic’s implementation and support teams take a unique approach to work with clients on their digital adoption.
The company has established a team of subject matter experts. These experts serve an advisory services role, guiding clients through the best digital mortgage automation and compliance strategy for their specific businesses. The team’s tailored, solution-oriented crafting looks at both the short- and long -term of a user’s business.
DocMagic’s implementation team has streamlined the client onboarding process – almost everything can be implemented remotely and without disrupting daily operations. This has proven particularly beneficial throughout the COVID-19 pandemic.
DocMagic’s support teams take a hands-on, strategic approach to the onboarding process, product education and customer service. Implementation of its innovative technology is simple and quick, strategic guidance is always available, and support is second-to-none.
DocMagic’s industry experience allows the company to be a long-term partner, supporting its clients robustly. As such, DocMagic has helped numerous lending entities successfully transition to a digital mortgage model, from docs to workflow automation and full eClosings.
Solutions for every step of the process
DocMagic’s solutions touch almost every arena within the mortgage process, with end-users including loan officers, processors, compliance managers, settlement providers, attorneys and borrowers.
DocMagic offers dynamic document generation using a single system of record, which automatically evaluates critical transaction information at all phases of the mortgage lifecycle to ensure accuracy and compliance. Powered by its proprietary Audit Engine, DocMagic’s Document Preparation solution optimizes every aspect of the document process, from initial disclosures all the way through closing.
The company also enables a fully paperless eClosing workflow via its end-to-end eClosing platform, Total eClose. Total eClose seamlessly integrates every component of the closing process, including Remote Online Notarization (RON) capabilities, and offers direct connectivity to the MERS eRegistry. Total eClose can be implemented using a “walk before you run” phased approach, leveraging multiple hybrid models to provide lenders with the flexibility to go fully paperless when they’re ready.
AutoPrep is an advanced technology that leverages artificial intelligence and machine learning to transform standard documents into e-Enabled documents in less than 10 seconds. The solution scans and parses documents, locating all areas required for a signature, and tags them for eClosing.
Its other offerings include collaborative closing solution SmartCLOSE, GSE-certified eVault technology, and LoanMagic, an application for smart devices that dramatically reduces the time it takes to process mortgage loans.
The future of DocMagic
DocMagic’s Total eClose platform and document generation solution have achieved significant market penetration, and the company is poised for more growth. In the coming years, it’s expected that eNote and eVault usage will gain additional momentum, and DocMagic anticipates widespread use of its eSign 3.0 system.
Its AutoPrep solution will further e-Enable any third-party providers to allow complete eClosings, and the company expects to see an increasing number of lenders moving from hybrid eClosing models to offering 100% paperless eClosings – a goal with which DocMagic will happily assist.