Homeowners have adapted well to eSignings and remote closings and are very satisfied with their overall closing experience, according to a new national survey of people who bought and refinanced homes during the COVID-19 pandemic.
A recent DocMagic update has made it easier to conduct transactions that involve someone with power of attorney (POA) acting on a borrower’s behalf, especially during the closing event. This is crucial during the current COVID-19 era, helping to reduce the amount of in-person contact needed by borrowers and title companies.
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.
Milestone results from increased adoption of several DocMagic technologies
TORRANCE, Calif., Jan. 24, 2018 — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that it has processed more than 300 million mortgage-related electronic signatures.
This milestone achievement is the direct result of increased adoption of several DocMagic technologies that feature its comprehensive eSigning platform, which can be accessed as a software-as-a-service (SaaS) or on-premise enterprise platform. Each of DocMagic’s digital platforms reports a significant increase in volume, which the company attributes to lenders’ growing need to prove a TRID-compliant, 100 percent paperless mortgage process.
Written by Nathan Batts. This is the part 2 of a blog series. Click here to read part 1.
What is Driving the Transition
North Carolina is not the first state to begin offering electronic mortgages, but it is the first state in which the government has taken an active role in the development and rollout. The decision by the Secretary of State to begin a pilot project, convene various market participants together for a discussion, and form an advisory committee with the goal of developing best practices and standards now positions North Carolina to help form the national model for such transactions.
The groundwork began many years ago. The legal basis for digital signatures and documents has existed at the federal level, through such laws as the Electronic Signatures in Global and National Commerce Act (E-Sign Act), and at the state level in North Carolina, through such laws as the Uniform Electronic Transactions Act found in Article 40 of Chapter 66, since at least the year 2000. Similarly, North Carolina has had a structure for electronic recording and electronic notarization in place since 2005. The North Carolina structure includes safeguards such as a requirement that the electronic notary must be physically present with the borrower so as to protect against fraud or impersonation and duress.
By Tim Anderson
For years a core group of us has been telling the industry that it’s time to get the paper out of our systems. We’ve performed studies that show paper is more expensive, that it takes more time to process, is usually missing pages or signatures, or gets lost. It took the foreclosure crisis to really bring home to the industry the negative implications of lost or incomplete documents. After billions of dollars in settlements to federal regulators and attorneys, it looks like our industry is finally ready to say goodbye to paper forever, or at least a majority of it.
By Melanie Feliciano
ESRA Executive Board Member; and
Chief Legal Officer,
DocMagic, Inc.
As longtime members of Electronic Signature and Records Association (ESRA), DocMagic is proud to be a sponsor of this year's eSignRecords2016 Conference. Coming November 2-3 in Washington D.C., this year's signature event will take place at the iconic Ronald Reagan Building and International Trade Center.
I encourage you to take the opportunity to attend this special event. ESRA's annual conference continues to be a unique platform for organizations across a wide variety of industries to meet and exchange ideas, best practices, and unified strategies in the electronic signature and digital transaction arena.
Presss Release:
Transforms the entire mortgage process from initial eDisclosure to final eClosing and investor eDelivery
TORRANCE, Calif., March 30, 2016 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today the formal launch of its fully integrated eClosing solution that electronically transforms the entire mortgage process from initial eDisclosure to final eClosing through investor eDelivery.
DocMagic's total eClosing process seamlessly integrates its eDocument library, SMARTDoc™ eNote with eSignature, eNotary, MERS eRegistration, eDelivery and eVault services in a comprehensive end-to-end eClosing solution that delivers substantially faster closings, total data transparency, superior regulatory compliance and maximum process efficiency.
Press Release:
Unrivaled industry eSigning adoption among mortgage clients fuels transaction spike
TORRANCE, Calif., May 11, 2015 -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, announced today that its eSign platforms have now processed more than 100 million mortgage-related eSignature transactions.
"We are very pleased with the sheer number of eSignatures that we are seeing executed among our client base," said Dominic Iannitti, president and CEO of DocMagic. "This is positive news for the mortgage industry as a whole. In previous years, eSign adoption was much lower among lenders working with borrowers. We have always encouraged clients to take advantage of our eSigning technology; this impressive number of transactions certainly reflects that."