DocMagic is making an update to the default expiration for eClosing packages. Currently, when an eClosing package is generated, the eSigning event will remain available after the closing date if the closing does not occur, or is not completed, as scheduled.
With this update, released the first week of October, DocMagic eSign with Total eClose® will automatically expire the eClosing package at the end of the day on the Closing Date. If closing is not completed and is rescheduled to a later date, the eClosing package will need to be regenerated to update all relevant dates in the eSign system, as well as on the documents themselves.
DocMagic Total eClose will indicate the expiration date on the eSign console. eClosing packages generated in advance of closing, or up to and on the Closing Date, will remain available until the end of the day on the Closing Date. The end of the day will occur at 11:59 PM PT on the provided Closing Date in the worksheet when the package was generated. Expiration will occur for any package that is not completed by the time of expiration. Completion means all assigned signatures have been completed.
The DocMagic eConsole will indicate the status of any expired eClosing package. The eSign event status will show as either “Active,” “Review,” or “Inactive” depending on the status of the package. In the event of package expiration, an email notification will be sent to the relevant parties, including the signers, loan originator, settlement agent, and notary, if assigned. While settlement agents and notaries will retain portal access to upload trailing documents and perform certain other tasks, certain functionalities will become unavailable after a package expires.
DocMagic users will be able to configure this expiration on other conditions, if desired, such as expiring on a different specified date provided in the worksheet. To configure this functionality, please contact DocMagic Customer Support via the DocMagic Support Center.
