Integration provides borrowers with a digital mortgage process from POS through closing

TORRANCE, Calif., June 5, 2018  — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, and MortgageHippo, a Fintech-driven digital lending platform, announced a seamless eSign integration between their two platforms.

This integration enables MortgageHippo’s lender customers to provide borrowers with the ability to electronically sign documents at any stage of the mortgage process, from point-of-sale to closing. eSignatures eliminate the time constraints and accessibility limitations of manual signatures, thus providing lenders with a faster mortgage process and reduced origination costs. The eSignature process that MortgageHippo provides via DocMagic is as legal and valid as a manual process using printed and wet signed documents.

Borrowers can have a 10-minute closing appointment when reviewing and electronically signing documents in advance

DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that retail mortgage lender Guaranteed Rate can now cut closing time by electronically signing mortgage closing documents in advance.

Guaranteed Rate has branded the solution FlashClose, which allows customers to opt-in, review and complete most documents in advance of the notary arriving, saving an hour or more at the closing table – with some averaging a mere 10-minute appointment to provide inked signatures.

“Guaranteed Rate is always looking for ways to simplify the process using innovative technology to enhance the customer experience,” says Jim Hettinger, executive vice president of operations for Guaranteed Rate. “With the successful launch of FlashClose, powered through our partner DocMagic, this tool adds speed, convenience and accuracy to the closing process.”

The Whole is Greater than the Sum of its Parts When it Comes to Digital Mortgage Solutions and eNotes

By Tim Anderson,
Director of eServices, DocMagic, Inc.

Having worked in the mortgage industry for over 30 years, I’ve pretty much seen it all. As a mortgage technologist, I’ve watched vendors and lenders alike create hype around various technologies and new buzz words over the years, only to see so many of them never gain adoption or provide value. Sometimes, the rollout is flawed or it’s an outright failed go-to-market strategy. I recall when the likes of Service Oriented Architecture (SOA), Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), cloud-based computing, and so many others instantly became attractive terms and acronyms with mortgage technology vendors flocking to incorporate them into their marketing speak—whether they delivered on their promises or not.  

Collaborating closely with the GSEs, investors, lenders, servicers, warehouse lenders, and many other industry participants, I’ve worked to forge ahead and evangelize the far-reaching benefits of a comprehensive “eMortgage” process, a term that has essentially been replaced by “digital mortgage.”  No matter what you call it, it’s always been about replacing and automating paper-based processes with automation.

Now we’re living in a world of digital mortgage. We’ve seen many new and small software companies pop up, driving hard to attract lenders with slick marketing speak and often low price points for what is sometimes immature, unproven technology.  

By Tim Anderson

Today, digital technology is driving more of the loan transaction away from paper to online. The industry is realizing that it’s time to get the paper out of our systems and manual processes. Paper documents take more time to process, require more people to validate, and key information from and follow-up efforts to track down missing pages, signatures, or total file loss.

For example, delivering a correct closing disclosure (CD) to the borrower three days before closing highlights just how difficult it is to get everything right and on time in a paper world.

Press Release: 
TORRANCE, Calif., May 16, 2017- DocMagic, Inc., the mortgage industry’s leading provider of document production, automated compliance and comprehensive eMortgage services, announced that it completed North Carolina’s first 100 percent paperless eClosing. The DocMagic-driven eClosing was completed on Friday, May 5th at North State Bank and was carried out in the presence of borrowers Jason and Karen Boccardi, the North Carolina Secretary of State, a closing paralegal, an eNotary, and members of the media who documented the historical event.

One of the nation’s largest lenders completes its first eClosing as an eWarehouse lender, using DocMagic’s Total eClose™ solution for eWarehouse lending

TORRANCE, Calif., April 21, 2017—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that Texas Capital Bank has implemented its Total eClose™ solution. This implementation enables the bank to function as an eWarehouse lender. They can now accept and fund eNotes from its lender customers that want to drastically speed up the process of closing and selling loans.

North Carolina Secretary of State Elaine Marshall wants the state to be a leader in eCommerce. It adopted the Uniform Electronic Transactions Act, the Uniform Real Property Electronic Recording Act and the Electronic Notarizations Act. All of this was to prepare for the day when the state could institute eClosings.

“We have been working diligently over the past 15 years to build the infrastructure to build electronic commerce,” Director of Electronic Notarization and Notary Enforcement Ozie Stallworth said. “We thought it was a prime time for North Carolina to step forward and lead in this space because we have the legal infrastructure in place to support a full end-to-end eClosing. We looked to our state’s lending institutions to see whether or not they understood and believed that the industry was headed down the road towards eClosings.”

DocMagic recently helped a Massachusetts lender close on a series of fully paperless mortgages! DocMagic’s eclosing technology, Total eClose™ tracked each completely paperless loan process in real time, combining an electronic closing with an electronically signed promissory note and deed of trust!

Stop by booth #50 at the New England Mortgage Expo on January 13th to learn how DocMagic continues to move the needle in digitizing the mortgage process by working with our customers and partners at every stage of their eClosing evolution!

This fall, a Massachusetts lender closed on a fully paperless mortgage. The work that led to this rare achievement captures the difficulties originators still face in digitizing the loan process.

Radius Financial Group in Norwell electronically closed six loans beginning in October. The process was created in partnership with the tech vendor DocMagic, the MERS loan registry, Fannie Mae and Santander Bank.

Electronic closings and e-notes have been kicking around for a long time. Fannie Mae and Freddie Mac have purchased e-mortgages since the early 2000s. But they remain rare, partly because there are few warehouse lenders that can handle these transactions. Rarer still are completely paperless loan processes that combine an electronic closing with an electronically signed promissory note and deed of trust.