Document servicer hits major milestone as more mortgages go digital
Loan document solutions provider and HW Tech100 winner DocMagic announced Wednesday that it has processed more than 300 million mortgage-related electronic signatures.
The company’s milestone achievement is the direct result of increased adoption of several DocMagic technologies that feature its comprehensive eSigning platform, which can be accessed as a software-as-a-service or on-premise enterprise platform, the company said.
As the industry moves closer and closer to a complete digital mortgage, each of DocMagic’s digital platforms report a significant increase in volume, which the company said it attributes to lenders’ growing need to prove a TRID-compliant, 100% paperless mortgage process.
“Borrower demand is driving the increase in eSignings, and lenders are choosing DocMagic to get a consistent, compliant eSigning solution that spans the original LE [Loan Estimate] to the final CD [Closing Disclosure],” said Dominic Iannitti, president and CEO of DocMagic. “Lenders know DocMagic is the go-to choice for compliance. We reached 300 million eSignatures because we have solved lenders’ number one burden for the past two years—electronic evidence of TRID compliance—while enabling them to stay competitive and enhance the overall borrower experience.”
DocMagic reported significant increases in volume for SmartCLOSE and Total eClose, two technologies that enable lenders to comply with TRID and Uniform Closing Dataset guidelines, the company said.
SmartCLOSE is a collaborative closing portal offering one system of record that assures accuracy, completeness, consistency and compliance of the data before final documents are drawn and the borrower electronically executes the documents using DocMagic’s integrated eSign technology. Total eClose, a paperless, digital closing solution with integrated eSignature and eNotarization capability, provides continuous compliance checks to assure all documents are complete, current, consistent and compliant.
“A lot of existing DocMagic customers adopted our eSign technology because it’s so much easier to access and use than other platforms,” said Iannitti. “We were already integrated with the vast majority of LOS systems, so providing eSigning functionality was a logical extension of our service. We also added new integrations, which brought onboard new eSigning customers. Having an eSign technology that can draw new customers while expanding use among existing customers shows the ubiquitous need for the functionality DocMagic’s technology provides.”