By Kerri Panchuk
Mortgage industry technology provider DocMagic is rolling out a new product that allows mortgage professionals to put their electronic signatures on any document or contract in .pdf file format.
DocMagic said it will not charge for use of the signature software, which produces signed documents that are "legally effective, valid and enforceable," the company said.
The solution – DocMagic Inc. – digitally seals the signed documents, while also auditing the document trail and sending e-mail notifications to parties associated with the document.
The Carson, Calif-based mortgage technology firm used its proprietary ClickSign technology to offer the service. Currently, mortgage origination documents are printed out, signed, and then scanned to capture signatures. The new DocMagic service bypasses the printing out part of that equation.
"We developed eSign to be used for any document purely as goodwill for the industry, and we did it for free to encourage greater adoption of electronic signatures," said Dominic Iannitti, president and CEO of DocMagic.
"I strongly believe that our offering will revolutionize the way documents are signed by creating a domino effect among companies using it," he added. "We are laying the foundation for other software vendors to follow suit and our aim is to reduce the need to rely on paper and help organizations go green.”
The movement towards this product will allow multiple parties to sign online, essentially quashing the need for documents to be continuously faxed or e-mailed for the purpose of obtaining signatures.