Brian D. Pannell of DocMagic Wins HousingWire's Vanguard Award
Today, we're proud to reveal that Brian D. Pannell, our Chief eServices Executive, has been honored with a prestigious Vanguard Award by HousingWire. This recognition, now in its ninth year, celebrates visionary leaders in the housing and mortgage finance industry, acknowledging their exceptional contributions and forward-thinking initiatives. Pannell's remarkable achievements in advancing eNote adoption among lenders have not only earned him this distinguished award but also propelled DocMagic to new heights.
A Trailblazing Technologist
Upon receiving the Vanguard Award, Pannell expressed his honor and commitment to DocMagic's role as a leader in innovative eMortgage technologies. He emphasized the company's dedication to advancing fully automated originations alongside paperless eClosings, thereby propelling the mortgage industry into the digital age.
“I am truly honored to receive HousingWire’s Vanguard award,” said Pannell. “The entire team at DocMagic is focused on maintaining our role as a leader in innovative eMortgage technologies. I am excited to be a part of this major movement and help DocMagic lead the charge for years to come.”
Pannell has long been a driving force behind eClosing adoption within the mortgage industry. His unwavering dedication and hands-on approach have led to increased efficiency for DocMagic's lender clients—one notable project spearheaded by Pannell resulted in a significant surge in eNote adoption among federal banks, investors, and lenders.
In fact, thanks to Pannell's tireless efforts, DocMagic has achieved a nearly 40% increase in eNote adoption among its banking clients in the last year alone.
This achievement aligns seamlessly with our overarching mission: to eliminate paper from the mortgage process and digitize workflows, from origination to closing. Considering Pannell's focus on the efficiencies of eNotes for eClosing, below, we'll focus on eNotes themselves and just why they've been such a focus for clients in the past year.
The Power of eNotes
Traditional paper notes are slow, costly, and vulnerable. Typically stored in fortified vaults to withstand disasters, paper notes require costly retrofits, such as fireproof walls and waterless sprinkler systems. One critical weakness of paper notes is that there's only one original copy, with no backup concept. Losing the original note renders any copies worthless, akin to a lost endorsed check.
Also, each time a paper note is shipped, the risk of loss or damage multiplies significantly. It passes through several physical handovers, from the warehouse lender to the investor and finally to the custodian. With each shipment, the expense and risk increase substantially.
In contrast, eNotes eliminate these risks. They cannot be lost because there's no single original record to misplace. Additionally, eNotes can be securely backed up, virtually eliminating the risk of loss.
Instead of worrying about holding the original note, in an eMortgage workflow, the concept of an authoritative copy is introduced. While multiple copies of an eNote can exist simultaneously, only one is designated as the authoritative copy, akin to the original paper promissory note. The MERS® eRegistry system, in conjunction with eVault technologies, determines the authoritative copy of the eNote. Specifically, the copy of the eNote stored within the MERS®-designated "Location" Rights Holder's eVault is considered the authoritative copy, ensuring the security and integrity of the digital document.
These security and efficiency reasons—alongside many more—are why Pannell has guided his clients to further eNote adoption, leading to this prestigious award and recognition from HousingWire.
Celebrating Innovative eMortgage Solutions
Pannell's impressive credentials and extensive experience underscore his ability to forge critical technology and business relationships within the industry, leading clients to the perfect eMortgage solutions. DocMagic's industry-leading solutions include a variety of digital lending products, from ClickSign®, eNotary services, and eClosing to eNote generation and secure eVaults, such as SmartSAFE®.
HousingWire's annual Vanguard awards recognize leaders across various sectors of the housing economy, including residential mortgage lending, servicing, real estate, and fintech. The 2023 Vanguard winners, including Pannell, will be honored at a ceremony during this year's HW Annual Conference in Dallas, Texas in mid-October. Their achievements will also be featured in the October/November issue of HousingWire and will continue to receive recognition on HousingWire.com.
Pannell's recognition with the Vanguard Award serves as a testament to his outstanding leadership and contribution to the mortgage industry's digital transformation. Under his guidance, DocMagic continues to lead the charge in innovative eMortgage technologies, shaping the future of mortgage origination and closing processes.
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