DocMagic Inc. has announced that it has completed an integration with BeSmartee, a provider of mortgage automation technology. This integration will create a seamless connection between the two technologies. DocMagic and BeSmartee will enable borrowers to complete a loan application and receive disclosures in a matter of minutes, rather than the days or weeks that is typical with manual processes. Once the application is complete, disclosures are automatically created and presented to the borrower for electronic signature, with no additional effort by the lender.
“eMortgages offer better speeds, security, quality and accuracy, which translate to a better borrower experience and more efficient, economical operations for the lender,” said Dominic Iannitti, chief executive officer of DocMagic. “This integration further escalates those benefits by allowing two great technologies to operate at their peak collaborative performance.”
BeSmartee connects borrowers and lenders directly with providers that instantly validates the borrower’s income, asset and credit information, such as the IRS, financial institutions, and credit bureaus. The technology’s auto-population feature helps borrowers complete the application in a fraction of the time, while its validation feature provides lenders with vetted information for a faster underwriting process.
“A true eMortgage uses no paper at all. It’s a start-to-finish electronic process that requires collaboration among certain technology providers,” said Iannitti. “DocMagic is proud to be the solution that connects not only those technologies, but also all of the entities that use them, to enable a truly electronic process. It’s great to partner with progressive companies like BeSmartee who are helping to make eMortgages possible.”
DocMagic technology saves time by generating an electronic disclosure package based on the borrower’s information in a matter of minutes. That package is then presented to the borrower, who can review and execute the documents on-screen.
“The BeSmartee/DocMagic integration avails a level of speed that the industry hasn’t experienced before but that, as more lenders discover its impact on sales and operations, more borrowers will come to expect,” said Tim Nguyen, co-founder and CEO of BeSmartee. “Together, we’re delivering the type of speed and service that Millennials have come to expect, which is key to securing new business from this coveted group of borrowers.”