DocMagic has finally got its apps together.
The mortgage software company reports that it has bundled its e-document, e-signature, e-notary, e-registration, e-delivery, e-note and e-vault solutions into a comprehensive end-to-end e-closing solution that delivers faster closings, increased data transparency, improved regulatory compliance and better process efficiency.
The company claims that its new e-closing solution – officially launched this week – electronically transforms the entire mortgage process, from initial e-disclosure to final e-closing through investor e-delivery.
The total e-closing solution is seamlessly integrated into DocMagic’s SmartCLOSE collaborative closing portal, offering a secure, centralized online environment for lenders, settlement providers and other parties to share, validate, audit, track and collaborate on documents, data and fees. In addition, the company backs its solutions with a guarantee that they meet the requirements set forth under the Consumer Financial Protection Bureau’s (CFPB) new TILA-RESPA Integrated Disclosure (TRID) rule.
DocMagic’s e-mortgage solutions have been vetted and approved by Fannie Mae and MERS to support all three e-mortgage categories for e-vault, e-note and e-closing, the company says in a press release.
The company’s expertise in e-mortgage processes and compliance is partly a result of the fact that it has participated in numerous e-closing pilots, including the CFPB’s e-closing pilot.
“The total e-closing solution is an out-of-the-box, easy-to-implement, fully paperless, patented solution that combines the most advanced functionality and continuous compliance tracking with robust borrower and lender-friendly user features,” says Dominic Iannitti, president and CEO of DocMagic. “Borrowers can communicate with their lenders and settlement agents and e-sign documents while DocMagic runs continuous automated compliance audits throughout the entire loan process, guaranteeing compliance on factors affecting the salability of your loan, from TRID tolerance levels to compliance with anti-predatory lending and higher-priced mortgage loan laws, all while tracking every iteration of the data and speeding up the closing process.”