CUSO leaps over hybrid eClose to offer fully electronic loan closings

02/06/2023

Superior Financial Solutions, LLC, a CUSO owned by Superior Financial Credit Union, chose DocMagic’s Total eClose solution for completely paperless electronic mortgage loan closings and is now performing eClosing ceremonies using Remote Online Notarization (RON) through its title agency subsidiary.

Kurt Neeper, President of Superior Financial, said the company decided to offer their customers’ members an electronic closing, and so looked at companies with the most experience. After researching the industry, they came to a conclusion; DocMagic has gone further down this road than most, its user interface was one of the best in the industry, and its mobile capabilities are second to none. This is critical because most credit union members will be doing their remote closing on a phone or tablet.

As a result, Superior won an industry award for being the first credit union in Ohio to provide a true, end-to-end eClosing solution to borrowers.

Unlike many lenders who settle for a hybrid eClosing, Superior took a different path. Superior supports many credit unions with mortgage origination and consistently focuses on creating a great member experience. The company knew very early that delivering a fully paperless loan closing on an electronic tablet was their end goal and DocMagic helped them to achieve it.

Mr. Neeper said DocMagic’s remote online notary functionality was key to the decision to partner with us because consumers are drawn to it for the convenience it offers. He also pointed to DocMagic’s experience

actively working with eClosing and RON clients in this area every day, for having an awareness of the issues that can arise.

DocMagic’s experience, integrated solution with Superior, and working relationships with key stakeholders - the GSEs, MERS - made the overall approval process much more seamless.

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