By Colin Wilhelm
DocMagic, a document provider for the mortgage industry, announced last week that it has launched a version of its service through Liquid Logics' cloud-based loan origination system.
The new partnership seeks to make Torrance, Calif.-based DocMagic's electronic document services interoperable with other "systems of record" that mortgage providers use. The service already allows production, e-delivery and e-signature of a borrower's origination documents, according to a joint press release from the two companies. DocMagic and Independence, Mo.-based Liquid Logics aim to roll out additional aspects of cloud-based services in coming months.
The move comes as the Consumer Financial Protection Bureau has placed an increased emphasis on paperless transactions within the loan industry. In August the governmental oversight agency selected DocMagic as one of twelve companies participating in its pilot program for "eClosings," to see if transitioning the closing process online makes it more consumer-friendly. DocMagic has also begun providing paperless closings for service members and veterans in partnership with Mountain America Credit Union and the Department of Veterans Affairs. The Federal Housing Administration also announced in January that it would begin accepting electronic signatures on mortgage insurance endorsement and servicing documents.
Steve Ribultan, director of business development for DocMagic, indicated via press release that DocMagic and Liquid Logics' new cloud service would be fully operational by the end of the year.