Press Release: COSTA MESA, CA -- LendingQB, a provider of end-to-end loan origination software, announced that they completed a seamless interface with DocMagic's document production and compliance technology. The integrated solution provides users working in LendingQB's loan origination system (LOS) with seamless access to DocMagic's document preparation functionality. The companies partnered to make the process of ordering, sending, signing and receiving compliant mortgage documents as effortless as possible.
The new interface completely embeds DocMagic's functionality within LendingQB's LOS, preventing users from ever having to leave the environment in which they are accustomed to working in-LendingQB. All activities, from selecting document packages to auditing data, occurs in LendingQB's centralized database, eliminating the need to re-key information and potential loan data mismatches, thus ensuring accuracy and compliance with all state and federal regulations.
The most impressive feature of the seamless interface, however, is the addition of DocMagic's eDelivery and eSign features. Using this part of DocMagic's solution, borrowers are able to conveniently, expeditiously and accurately sign documents electronically using DocMagic's technology. Once signed, DocMagic instantly places all documents into LendingQB's electronic document management system.
"Many LOS integrations that are completed today are not truly seamless and at one point force users to leave the LOS and perform actions such as data touch up and package ordering within the document provider's system, without any data going back into the lender's LOS," remarks Steve Ribultan, director of business development at DocMagic. "While this method works, it isn't ideal. On the other hand, the tight integration we have with LendingQB allows lenders to generate accurate compliant documents the first time-every time-while remaining in their native system of record, thus ensuring data consistency."
Binh Dang, president of LendingQB, noted: "Metrics that we track in our system revealed that people were spending entirely too much time keying data and changing loan information in the document provider's system, and then having to go back and reconcile the data in our LOS. This might amount to just a few minutes of effort per loan, but when calculated across multiple users and loan files, it becomes a substantial loss of productivity. This loss of time and inefficiency was the impetus for us to accomplish a better way to order mortgage documents."
Dang added: "The interface we developed with DocMagic aids in our goal of cutting clients' loan production labor costs in half. Without the interface, there's a lot of wasted, non-value-added activity that transpires with every loan. By leveraging DocMagic's innovative eDelivery and eSign technology, we'll quickly achieve our goal."
LendingQB is a Costa Mesa, California-based company that specializes in loan origination technology solutions and services for the mortgage industry. The LendingQB LOS is a 100 percent Web-based, true end-to-end enterprise-class loan origination platform. The solution is designed to meet the needs of all types of mortgage lenders-large or small, wholesale or retail, correspondent or Internet-based-with specialized tools that are targeted, customizable and flexible. LendingQB uses a consultative technology assessment approach before engaging with new clients, and places a strong emphasis on the utilization of data analytics to assist lenders in leveraging business intelligence, resulting in optimized organizational performance and lowered cost per loan. For more information about LendingQB, please call 888-285-3912 or visit www.lendingqb.com.
Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, processes and web-based systems for the production and delivery of compliant loan document packages. DocMagic guarantees and warrants that all agency forms are up to date and in compliance with GSE requirements. The company's compliance experts and in-house legal staff constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.