CUSO leaps over hybrid eClose to offer fully electronic loan closings.
TORRANCE, Calif., Feb. 6, 2023—DocMagic, Inc., the premier provider of fully-compliant loan document generation, regulatory compliance, and comprehensive eMortgage services, announced that Superior Financial Solutions, LLC, a CUSO owned by Superior Financial Credit Union, has chosen DocMagic’s Total eClose solution for completely paperless electronic mortgage loan closings and is now performing eClosing ceremonies using Remote Online Notarization (RON) through its title agency subsidiary.
“When we decided to offer our customers’ members an electronic closing, we looked at the companies with the most experience,” said Kurt Neeper, President of Superior Financial Solutions. “DocMagic has gone further down this road than most, its user interface is one of the best in the industry, and its mobile capabilities are second to none. This is critical because most credit union members will be doing their remote closing on a phone or tablet.”
As a result, Superior won an industry award for being the first credit union in Ohio to provide a true, end-to-end eClosing solution to borrowers.
“Unlike the many lenders who settle for the hybrid eClose on their own journey to digital lending, Kurt took a different path,” said Dominic Iannitti, president and CEO of DocMagic. “Superior supports many credit unions with mortgage origination with a focus on a great member experience. Kurt knew that delivering that experience required a fully electronic loan closing and we are very proud to help him achieve it.”
Neeper said DocMagic’s remote online notary functionality was key to its decision to partner because he said consumers are drawn to it for the convenience it offers. Further, he said DocMagic’s experience with eClose and Superior’s experience with DocMagic made them good partners.
“Unless you are actively working with clients in this area every day, you won’t even know what issues can arise,” Neeper said. “DocMagic had the experience and offered an integrated solution that already worked with what we were doing today. Plus, all of the other stakeholders - the GSE’s, MERS - already knew DocMagic and were working with them, so it made the overall approval process much more seamless.”
About Superior Financial Solutions
Superior Financial Solutions, LLC is a wholly-owned subsidiary of Superior Credit Union, Inc. Since 2007, Superior Financial Solutions, headquartered in Lima, Ohio, has assisted other credit unions nationwide in the origination of secondary market-quality mortgage loans. Superior Financial Solutions offers mortgage products that help member credit unions increase their mortgage production, ranging from correspondent lending to full-service mortgage lending and including everything from application to closing the mortgage loan. In Ohio, Superior Financial Solutions also operates a property & casualty insurance agency, Superior Insurance Services, and a real estate brokerage, Superior PLUS Realtors. For more information about Superior Financial Solutions, please visit www.SFS.Mortgage.
DocMagic, Inc. is the leading provider of fully compliant document generation, automated compliance, eSignature and comprehensive eMortgage solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops award-winning software, mobile apps, and web-based systems for the production and delivery of compliant loan document packages. The company’s solutions connect industry participants, promote collaboration, and ensure data integrity to execute precision-based digital lending transactions. The company’s compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit https://www.docmagic.com/.