CARSON CA, February 2000 - DocMagic offered its DocMagic 7.0 for Windows software for free at the Mortgage Bankers Association Convention in Boston. The upgraded software offers more speed and better quality control and a free imaging module.
Like its earlier version, the software works with any loan origination software and there is no need for reentering data. The imaging feature transforms paper documents in to electronic images, allowing the user to sort, file and quality control from a desktop computer.
"You can order a flood certification document, than image it and see it all on screen before making any changes. The software has the ability to do multiple things, from placing a complex order to forwarding a digital copy of a document, said the president of DocMagic, Don Iannitti. He added, "it takes only seconds to input data and send off to the next point of retrieval. The new version also gives the lender the ability to email a deed to a county recorder."
|The company expects
to give away more
than 500 copies
of the software.
The imaging module eliminates the use of manual labor, which improves productivity, according to Mr. Iannitti. He added that because the system is Internet-based, data is received quicker than through a modem.
Mr. Iannitti said the company will be distributing the software at no charge to participants at the MBA convention. He added that he expects to give away more than 500 copies of the software and about half of the participants will wind up coming online to draw the documents.
"The imaging module is the hottest feature to the software, and it's free. It is a powerful way to produce documents after a borrower signs them. Without user input, anything can be viewed," Mr. Iannitti said DocMagic draws several thousand documents a day.
"With the advent of the Internet there are so many different ways to deliver a document from one point to the next," Mr. Iannitti said.
According to Mr. Iannitti, the software is designed to allow small and mid-sized lenders to take control of their document processing, rather than relying on lenders, which tends to be slower and more expensive. He added that in just a matter of seconds it cost $35 to deliver a set of documents through DocMagic, while it costs up to $150 to draw documents from a lender.
The quality control capabilities of the software have also been upgraded. DocMagic's Goof Proof Audit System has been revamped to prevent errors from happening.
"Catching mistakes is easy, but regulatory compliance is where this system is invaluable. Only a huge and sophisticated database like DocMagic can handle the disparate requirements of thousands of state, county, and local jurisdictions," Mr. Iannitti said.