Report: DocMagic Enables Completely Paperless Digital Closing
December 6, 2016
DocMagic, Inc., a provider of loan document preparation, regulatory compliance and e-mortgage services, announced it successfully completed a comprehensive electronic closing in Massachusetts, which included both lender and closing/settlement agent documentation, for radius financial group inc.
DocMagic said its Total eClose solution is a single-source platform that contains all of the components needed to facilitate a completely paperless digital closing. Paramount to achieving the end-to-end e-closing was e-notarization services provided by World Wide Notary (WWN). Once the e-closing process begins, documents requiring notary acknowledgment are automatically grouped by the system and electronically executed in the presence of the notary. The entire process takes only minutes.
“There are a few mortgage technology vendors that have been working to deliver an eClosing for some time now, but they have all fallen short in various ways,” said Dominic Iannitti, president and CEO of DocMagic. “Most of these solutions are merely hybrids that require certain documents to be executed on paper and often force lenders to maintain numerous complex integrations. With Total eClose, however, you work with a single vendor, on a single platform, and clients need only access DocMagic or the company’s SmartCLOSE system to seamlessly and compliantly fulfill a paperless closing.”
DocMagic's solution includes all of the components required to execute a fully digital e-closing transaction. The library features e-signature, e-notary and MERS e-registration capabilities. In addition, the system automatically stores all data and documents within a secure e-vault designed to simplify e-delivery to the investor.
Also key to DocMagic enabling radius’ first e-closing was the participation of Santander Bank, which served as the e-warehouse lender.
“In addition to having integrated eNotary capability, one of the last remaining obstacles to adoption has been the reluctance of warehouse players to fund e-notes,” said Tim Anderson, director of eServices at DocMagic. “We helped test and implement an e-warehouse process to e-deliver acceptance of the e-note to Santander Bank within seconds after the e-closing was completed. This is an industry-altering achievement.”
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