DocMagic Inc. has announced that after extensive testing by lenders, settlement providers and other relevant parties, SmartCLOSE has been honed to perfection and been moved to a secure cloud-based production environment for its official release date of Aug. 15, 2015. In June, more than 250 lenders participated in the testing of DocMagic’s new SmartCLOSE collaborative closing portal in order to provide key feedback to DocMagic for continued fine-tuning of the system. As a result of months of preparation and testing, lender and settlement provider feedback and fine tuning the technology, SmartCLOSE is now ready for production.
“The innovative enhancements that DocMagic has added to the portal makes SmartCLOSE the most feature rich and easy-to-use TRID solution in the industry,” said Kevin Marconi, COO of United Fidelity Funding. “Even though the TRID deadline was pushed to Oct. 3, DocMagic’s early readiness today gives me the peace of mind I absolutely must have to know that I am TRID ready.”
DocMagic’s Audit Engine maintains electronic evidence to track and log all transactions and its Compliance Engine continuously compares the initial Loan Estimate against the final to ensure RESPA compliance throughout the process. DocMagic also reps and warrants all documents created and calculations provided by the system with a complete TRID compliance guarantee. This compliance “stamp of approval” allows SmartCLOSE users to rest assured that all TRID requirements have been met.
“DocMagic really hit a home run with this product. We are extremely impressed with Smart CLOSE; this system is very easy for us and our settlement agent partners to utilize,” said Jim Paolino, CEO of LodeStar Software Solutions, a technology provider for the title insurance industry. “The fashion in which the screens and workflow were developed is going to make adoption by our settlement agents quick and make their jobs easy in the new post-TRID world order.”
“The DocMagic client base and strategic partners say that DocMagic has built the best TRID solution in the industry,” said Tim Anderson, director of eServices at DocMagic. “Our team has diligently worked to fine-tune SmartCLOSE largely based on user feedback which has helped us get to where we are today.”
SmartCLOSE integrates with DocMagic’s LOS partners to provide seamless, bi-directional exchange of information with the click of a mouse. SmartCLOSE is also being integrated with all leading settlement platforms and other third-party applications used in the loan closing process.