Via this integration, DocMagic and BeSmartee are enabling 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.
“E-mortgages offer better speeds, security, quality and accuracy, which translate to a better borrower experience and more efficient, economical operations for the lender,” says Dominic Iannitti, president and CEO of DocMagic, in a release. “This integration further escalates those benefits by allowing two great technologies to operate at their peak collaborative performance.”
BeSmartee’s platform instantly validates a borrower’s income, asset and credit information, such as the IRS, financial institutions and credit bureaus. The platform’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.
Meanwhile, DocMagic’s technology saves time by generating a fully compliant electronic disclosure package based on the borrower’s information in a matter of minutes, rather than the days it takes with even the fastest manual processes. That package is then instantly presented to the borrower, who can review and execute the documents on-screen, once again reducing a traditionally days-long process to minutes.
“A true e-mortgage uses no paper at all. It’s a start-to-finish electronic process that requires collaboration among certain technology providers,” Iannitti says in the release. “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 e-mortgages possible.”