DocMagic has improved the process for for settlement agents to link up with notary providers to complete an eNotarization—especially a remote online notarization (RON) that allows signers and notaries to meet in virtually. The change is crucial in the current COVID-19 climate.

The recent updates to DocMagic’s Settlement Agent Portal helps settlement service providers streamline the eSigning process for borrowers. These functions are part of DocMagic’s Total eClose™ platform, which provides a wide variety of digital eClosing experiences.

Settlement service providers can already use the Settlement Agent Portal to conduct a variety of transactions as part of the closing event. These transactions include adding additional participants (e.g. sellers and witnesses), adding and e-enabling title documents, and reviewing the closing document package to ensure all acknowledgeable annotations are present prior to eClosing.

Now, agents also can select their preferred eNotary Provider and eNotarization method: “In Person” or “Remote Online.”

To learn more about Remote Online Notarization (RON) in the age of COVID-19, sign up for our webinar on April 29.

Once they make their selection, the chosen notary will contact all of the closing package’s participants (borrowers, loan originators, settlement agencies, etc.) to inform them what technical requirements they need (such as browser support, video camera access, internet speed, etc.) in order to conduct the eNotarization. This pre-evaluation of the end users’ technical capabilities helps ensure a fluid eClosing process, especially if the closing will be conducted via RON, which requires specific audiovisual technology.

Another update expedites the final stages of the closing process. When it’s time to close, the agent simply clicks on the “Ready to Close” button, which triggers a notification to the selected notary provider that the package has been finalized. This notification allows the notary provider to contact all participants and prepare a notary for closing.

Those aren’t the only DocMagic improvements to the workflow. Other changes include:

• The Agent Portal’s Participants section has been re-designed to easily associate a notary for each signer and display each participant’s most recent status.
• The Agent Portal now gives the settlement agent access to inspect the generated package documents and add additional annotations if missing.
• When new documents that require notarization are added to the package, the settlement agent can add notary signatures and seals to those documents and assign them to a particular participant.

Settlement service providers play a crucial role in the closing process; with these changes, DocMagic hopes to make their workflow a little smoother.

Related Content:

• DocMagic Gets Lenders Started With eClosing (9/27/2019)

—Update (2/12/2021): RON update: First new remote online notarization law of 2021 passes
—Update (6/26/2020): RON update: Remote online notarization sees forward momentum—and a setback

With most people currently unable or unwilling to leave their homes, the ability to conduct remote online notarizations (RON) has become more necessary than ever—and state and federal officials are taking note.

Since the start of the COVID-19 outbreak, at least 27 states have taken steps to enable remote online notarizations, bringing the total number of states that presently authorize some form of RON—either through existing law or emergency action—to 42.

Some of the states that now allow RON via emergency action previously hadn’t permitted any form of eNotarization at all. Others had RON laws on the books that would have taken effect later this year, but those states opted to enable RON immediately instead of waiting. Some of the laws are limited in scope.

On top of that, a federal bill was proposed that would allow the practice nationwide.

To learn more about RON, including how to get started, sign up for a DocMagic webinar on April 29.

The flurry of action allows for much-needed notary services to continue at a time when notaries and signers need to maintain social distancing.

Since Virginia became the first state to allow it in 2011, RON has been a game changer in the mortgage industry. Remote online notarizations are simply more convenient, compliant, and secure. Additionally, RON integrates with DocMagic’s Total eClose™ platform to facilitate a 100 percent paperless eClosing.

Before the pandemic, most states already allowed eNotarizations, in which electronic documents are signed with an electronic signature. But in many cases, the signer still needed to physically appear before a notary (known as in-person eNotarization, or IPEN).

Not so with RON, which allows notaries and signers to complete an eNotarization by meeting in a virtual environment using audiovisual technology.

The momentum for RON had been growing even before the COVID-19 outbreak. In Florida, where RON has been in place since Jan. 1, DocMagic’s partner NotaryCam announced it saw a 100 percent month-over-month increase in RON closings.

In the early months of this year, record-low mortgage rates led to an uptick in lending action; according to CNBC, refinance applications were up more than 400 percent annually. Many of these moves would have been in limbo after the “shelter in place” orders came down if not for the increased access to RON.

Additionally, on March 18, U.S. Sens. Kevin Cramer (R-N.D.) and Mark Warner (D-Va.) proposed a bill to allow all licensed notaries in the country to perform RON, though the legislation still has a long road before passage becomes a reality.

Much of the recent action is temporary. Many states including Maine, Mississippi, and New Jersey, for example, are only allowing RON for the duration of the coronavirus emergency.

However, as the country reopens in a piecemeal manner, several of the states that temporarily increased RON access will likely consider making those changes permanent—especially after they see the benefits.

Related Content:

• DocMagic and NotaryCam Integrate to Eliminate Reliance on In-Person Notarizations for Paperless eClosings (9/8/2018)

eClosing just got a lot easier because DocMagic’s new AutoPrep technology can convert ANY document from ANY lender into a compliant e-enabled document that’s ready for electronic signature inside our eClosing platform.

One of the drivers behind the development of AutoPrep was a 2019 independent technology survey of the mortgage industry conducted by STRATMOR. It ranked DocMagic’s Total eClose™ solution as the No. 1 eClosing platform for market share, overall satisfaction, and Lender Loyalty Score®. 

We felt that it was critical for us to be able to work with any lender to ingest any document—and that’s exactly what AutoPrep does, allowing our Total eClose™ platform to accept documents, even non-e-enabled documents, from any source.

How does AutoPrep work?

This technology can transform any standard document or PDF, even partially e-enabled ones, into a fully e-enabled document in seconds. It uses artificial intelligence, OCR, and machine learning technologies to scan and parse documents, locate all signature and notary regions, and then electronically tag them for eClosing. As a result, lenders can use loan documents produced by virtually any document provider with our Total eClose™ platform.

AutoPrep can also:

• Learn the nuances of specific documents and adjust accordingly going forward.
• Identify whether signatures are improperly placed or missing.
• Find e-tags placed by other providers.
• Read documents that have been partially, but not fully, converted into e-enabled documents.

In addition, AutoPrep can identify situations that are outside the norm and flag documents for personnel, saving them the time and trouble of having to comb over every page of a document package.

While eClosings are known to be more efficient and compliant, they aren’t nearly as common in the mortgage industry as they should be. One reason is because some lenders are tied to systems that don’t produce e-enabled documents. With AutoPrep, we’re pleased to say that roadblock is removed.

To our valued clients and partners,

During these unprecedented times, I wanted to personally reach out to you to address DocMagic’s approach to the evolving state of the coronavirus (COVID-19) and the growing challenges that face our nation.

First and foremost, our hearts go out to all those who have been or are being affected by the outbreak of COVID-19.  

DocMagic has always placed the needs of our clients and employees first.  As we learn more about the spread of COVID-19 in our communities, we want to keep you informed of what DocMagic is doing to protect our employees and to provide the highest quality and most reliable service to our national clientele in a smarter and safer way.

We want to assure you that all of our services are fully operational and remain available 24/7. 

Here is what we are doing:

• We have activated our pandemic and business continuity plans which are overseen by our Risk Management Committee to help us continue to meet customer support service levels and we continue to work tirelessly to ensure there are no service interruptions. We regularly evaluate, test, and validate these plans.
  
  
• We have temporarily suspended all customer and partner visits to our offices and suspended business travel for all employees. Our national headquarters and print fulfillment center are effectively on lock-down.
  
  
• We are operating in a "business as usual" mode in order to maintain a consistent service level for our clients, however, we are using proactive and seamless measures to identify and transition staff members who can work remotely to combat potential exposure and spread for clients and employees alike.
  
  
• We are supporting our employees by encouraging them to work remotely if they are symptomatic or suspect they have been exposed - assuring them that they will not lose any wages. Not only do we believe that this is the right thing to do, we believe that such a step encourages our employees to continue to deliver the same outstanding level of service to our clients that DocMagic is known for. 

We’re here for you:

We remain steadfast in our support and will continue to closely monitor the situation and employ any additional measures as needed.  If you have any questions, please feel free to reach out to your account specialists or support representatives.  It is at times like these that consistent, factual communication is critical to success.  From our DocMagic family to yours, we are here for you and will keep you informed of any service or status updates promptly. 

Thank you for being a valued client and partner and please do not hesitate to reach out to us.

Warmest regards,

Dominic Iannitti
President & CEO

Mortgage News Network Interview Live at MBA Annual 2019

Ron Carrillo shares how the new LoanMagic^®  App gamifies the borrower's process for providing critical information while helping lenders reap the benefits of going digital one step at a time.

Source: Mortgage News Network