Celebrating a Quarter Century of Progress on National ESIGN Day

June 30, 2000, marked a turning point for mortgages. President Clinton signed the ESIGN Act into law that day. This legislation gave electronic records and signatures the same legal weight as handwritten ones.

More than just eSignatures

The ESIGN Act did more than just legalize eSignatures—it paved the way for true digital commerce. The ESIGN Act transformed how we handle agreements. Mortgage closings, car sales, tax filings, and job contracts could be executed in seconds rather than days. The Act also introduced essential consumer protections. These included requirements for consent, record retention, and technology disclosures. These protections helped build the trust that eSigning technologies rely on today.

Our eSign Story

At DocMagic we understood the power of eSignatures and introduced our ClickSign® eSignature solution the same year the ESIGN Act went into effect. Early adoption of eSignature technology influenced how we developed our comprehensive suite of digital mortgage solutions. These solutions enable lenders to carry out fully paperless closings—from initial disclosures to eNotes, eVaulting, and even remote online notarization (RON). eSigning is integrated at every stage of the process. We also developed our proprietary AutoPrep™ solution. This patented technology instantly identifies signature blocks and enables any PDF document for eSignature.

Now, twenty-five years later, digital transactions have become second nature. In fact, since the inception of eSigning, DocMagic’s ClickSign solution has facilitated nearly one billion mortgage-related eSignature transactions. Each transaction has provided a better, faster, and more compliant experience for lenders, settlement service providers, and borrowers.

What’s Next?

As a long-time member of the Electronic Signature & Records Association (ESRA), DocMagic remains deeply engaged in the conversation around the future of digital signatures. From participating in advocacy initiatives to advancing digital mortgage adoption, we’re helping to shape the policies and technologies that will define the next generation of digital transactions.

We’re celebrating National ESIGN Day by recognizing just how far the industry has come—and how far it can still go. If you’re a DocMagic user, you’re already part of the story. If you’re not, now is the perfect time to explore how eSignatures and digital closings can transform your business.

 

 

When a lender comes to us requesting a digital mortgage closing transformation, we often recommend a “crawl, walk, run” strategy: in other words, we encourage them to transition through various stages of hybrid electronic closings (eClosings) before going 100% digital.

This phased approach is often helpful for newly digital lenders, but we still have clients who approach us with a desire to go full eClosing from the start.

Our eClosing Team expert, Leah Sommerville, firmly advocates for a phased approach to implementing eClosing for all lenders—particularly the adoption of hybrid eClosings with an experienced vendor. In this interview, Sommerville shares the reasons why lenders should consider the phased approach, and we delve into various forms of hybrid eClosings and provide insights into measuring your ROI as you implement hybrids.

Q: First things first. Would you still recommend a phased eClosing approach for lenders, and why?

A: I wholeheartedly endorse the phased approach for all lenders. Waiting indefinitely for the perfect moment when every aspect of lending can be electronic is, unfortunately, a flawed strategy. The reality is that not every loan can be purely electronic due to some lingering investor restrictions, geographical limitations, and other constraints.

However, a hybrid eClosing allows lenders to enjoy digital benefits now. They can see the increased efficiency, the quicker closings, and the increased cost savings. Borrowers today also expect a digital experience, from online applications to e-signing initial disclosures, and lenders should strive to align with these expectations.

Q: Why should lenders consider hybrid eClosing before going to 100% eClosing?

A: There are several compelling reasons why the phased approach, starting with hybrid eClosings, is a good choice.

1. Empowering borrower document review: Hybrid eClosings allow borrowers to review documents ahead of the closing day, aligning with their digital journey and giving them more confidence in the process.
2. Facilitating internal team familiarity: Implementing eClosings all at once can overwhelm internal teams within lending institutions. A phased approach eases the transition and allows teams to adapt gradually.
3. Navigating compliance and MERS® membership: Setting up MERS® membership, a prerequisite for eNotes, can take 3-6 months. During this period, lenders can become accustomed to the digital workflow if they’re already using the first category of hybrid eClosing (see below).
4. DocMagic's eDecision tool for compliance: If they’re using DocMagic to generate digital documents, lenders can start using our eDecision audit, described in our Loan Detail Report, to assess where notarization can be applied in advance of actually deploying an eNotarization solution. This ensures compliance and streamlines the evolution toward a complete eClosing workflow once they scale up.
5. Meeting borrower expectations: Modern borrowers conduct most of their mortgage-related activities online. Providing a digital experience up to the closing stage is essential.

Q: What types of hybrid eClosings does DocMagic provide, and what do those categories involve?

A: DocMagic offers a spectrum of hybrid eClosing options tailored to diverse lender needs:

With the first category of hybrid eClosing, eSigning (with DocMagic, that’s covered by our ClickSign® tool) is the focus. Borrowers can preview the closing package as soon as it’s generated, with about 90% of the package available for electronic signing. Notarization and wet signatures are still required for the promissory note and select documents, but they usually only amount to 3-4 pages as opposed to dozens.

Building on the first level, the second category of hybrid incorporates electronic notes (eNotes) stored in an eVault, facilitating quicker funding and seamless transfer to investors or warehouse lenders through integration with MERS®.

In the last category of hybrid, ancillary documents can be eSigned but eNotarization is also possible, reducing the need for wet signatures. Typically, only the promissory note requires wet signing in this type of hybrid. Also—and this is not always done, but it’s still possible—since the note doesn’t require notarization, the borrower could even print out the note at home, sign it, and re-upload it into the lender’s eClosing portal, facilitating an even faster certification process.

Each of these hybrid eClosing options offers varying degrees of efficiency and digitization, helping lenders transition gradually to a more advanced eClosing workflow.

Q: What are some key indicators that lenders can use to measure the ROI they want from hybrid eClosings?

A: Lenders can gauge the ROI of their hybrid e-closings by considering several metrics.

First, if eNotes are part of the hybrid workflow, measuring how quickly they are funded can show lenders just how significantly an eNote impacts efficiency and cost savings.

Evaluating the time borrowers spend at the closing table is also crucial. Hybrid eClosings often lead to much shorter sessions at the closing table, indicating a smoother process even without a 100% digital workflow.

Another strong ROI indicator is a decrease in undersigning errors, oversigning errors, and missed documents when lenders receive documents from the settlement agent. Less human error translates to cost savings and quicker closings overall.

Lastly, assessing borrower satisfaction with the hybrid eClosing experience is vital. Satisfied borrowers are more likely to recommend the lender's services and spread the word about quick, convenient closings.

Q: What recommendations do you have for lenders who still want to implement 100% digital eClosing from the start?

A: Definitely appoint a strong project stakeholder. A dedicated and experienced project stakeholder will lead the transition to full eClosing from planning to implementation. This individual should be the driving force behind the project, ensuring it reaches successful completion.

Also, be mindful and recognize that some benefits of eClosings may not be fully realized until reaching the 100% eClosing stage—therefore, know that lenders starting with hybrid may gain these benefits right away, while lenders going 100% digital may have to wait for MERS® approval or other independent organizations.

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In the end, Sommerville emphasized that staying on track and avoiding delays is essential. It’s better to progress and adapt than to wait indefinitely and potentially fall off track—so whether you choose a phased approach with hybrid eClosings, or whether you pursue 100% digital from the start, getting started is the most important action to take.

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Related Content:

• 100% Digital, 100% Delight: eClosing means great customer experiences (9/07/2023)

• Compliant IRS transcript requests: Adapting to changes in form 4506-C (8/17/2023)
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DocMagic has launched eSign 3.0, an upgrade to our eSignature platform, with new features designed to help lenders easily facilitate remote online notarization (RON) eClosings.

One of the new features is a secure eClose portal that enables notary and settlement service providers to access and update closing document packages. When the notary or closing agent adds documents, our AutoPrep tool automatically applies the essential e-tag information for electronic execution, eliminating the labor intensive and error-prone process of manually preparing documents.

In addition to new RON and eClosing capabilities, eSign 3.0 dramatically improves signer functionality. With a growing percentage of borrowers using their mobile devices to participate in the mortgage process, eSign 3.0 offers a much more intuitive mobile experience for borrowers.

“We developed eSign 3.0 by making the borrower experience our primary focus,” said Dominic Iannitti, president and CEO of DocMagic. “The workflow takes both the user's physical and emotional experiences into account. We paid close attention to the way users physically handle their phones as well as their emotional responses to technology. The result is a far more satisfying borrower experience.”

Additional eSign 3.0 upgrades include built-in knowledge-based authentication (KBA) and identity validation; a redesigned workflow to give borrowers additional time to read and review documents in a single, centralized view; an accelerated signing phase where intuitive tools track progress at every stage; and full oversight until all documents are executed. The platform’s integrated progress-tracking tools can be used on a computer or mobile device to keep borrowers aware of their progress every step of the way.

“It all starts with a robust API,” Iannitti said. “eSign 3.0 is powered by a comprehensive suite of web services designed specifically for seamless integrations. The end result is that eSign 3.0 makes borrowers feel more connected and informed, so they’re confident about working with their lender and walk away having enjoyed a more positive and memorable engagement.”

eSign 3.0 leverages DocMagic’s suite of eMortgage solutions, including its end-to-end Total eClose™ platform, dynamic document and MISMO Category 1 SMART Doc® eNote generation, automatic eNote registration with MERS®, and secure storage within its certified eVault.

Related Content:

• DocMagic named to 2021 Inc. 5000 list of fastest-growing companies (8/26/2021)
• 38 states allow remote notarization as RON, RIN and IPEN gain momentum (7/28/2021)
• Number of title agents who conducted eClosings rose in 2020 — but some still resist (4/22/2021)

For many lenders used to a paper-based mortgage process, an electronic closing may feel out of reach. Why? “The county recorder won’t accept it.” “My investors won’t purchase it.” “I can’t change my processes.”

And of course, “It’s too difficult to implement.”

Except it isn’t.

While eNotes and eNotarization do require more time and effort, a basic eSign hybrid — in which borrowers can electronically sign all of the closing documents, with the exception of the note and recordable documents — is very simple to set up. Lenders who are already using DocMagic’s doc gen solution, in fact, can be enabled for eSign hybrids (also known as Hybrid #1) in as little as 24 hours. 

“As soon as you say ‘eClose,’ a lot of clients say, ‘We can't do that. We can't do an eNote. We can't do eNotary,’” said Aimee Eyre, a sales executive at DocMagic. “But eSign hybrids don’t require a big implementation.”

This type of hybrid closing allows borrowers to preview all of their documents ahead of the closing; switches the majority of documents from paper to digital; and reduces a prolonged, drawn-out ceremony to a matter of minutes. Crucially, it’s also accepted by every investor and county recorder in the country. The more complicated pieces of the closing, the note and deed, are still wet-ink signed and can undergo traditional in-person notarization.

During the pandemic, eSign hybrids shot up in popularity as many lenders set up a drive-thru closing system to allow for shorter and mostly socially distanced closings from the safety of a car.

For DocMagic’s doc gen customers, adding on eSign hybrid capability is easy; it can be set up within 24 hours and clients can begin testing it out with their teams and settlement agents. “It’s just a matter of a couple of clicks,” said Darlyn Buthsombat, a DocMagic account executive. “We’ve already done the work on the backend; we already know which forms are e-enabled and what type of eClosing it is.”

Additionally, lenders have plenty of flexibility with such hybrids, which can be implemented for specific investors, states or loan programs.

For a new customer, the onboarding time frame is closer to 30 to 90 days, depending on the size of the company and if they have special requests, as new lenders first need to be set up for processing documents.

For most lenders, there’s one main roadblock to implementing an eSign hybrid: “It’s an operational change. When I speak with a customer, that's their only resistance — it's just a big change to how they do things,” Buthsombat said.

“But there shouldn't be anything that's stopping lenders from doing this type of hybrid because it's really easy,” she continued. “It's a win-win situation for all parties: the lender, the selling agent and the borrower.”

DocMagic’s Sales Team can be reached at sales@docmagic.com.

Related Content:

• Did You Know: You can cut out the middleman and draw your own docs? (6/30/2021)
• Did You Know: You can get all your eClosing needs met by one vendor? (6/16/2021)
• Ask the eClosing Team: What steps should lenders take to get set up for eClosing? (6/2/2021)

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.

“As we’ve seen throughout 2020, this crisis is accelerating adoption and acceptance of e-transactions, and when things return to normal, eSigning and eClosings will be the new normal,” said Bob Jennings, CEO of ClosingCorp, a residential real estate closing cost data and technology firm, which sponsored the survey.

The survey comprised phone interviews with 691 borrowers nationwide who had conducted a mortgage transaction between March 15 and Aug. 31. Among the respondents, 15% were homebuyers, 79% were refinance customers, and 6% were both. About 35% were first-time homebuyers.

The findings included:

• 95% of borrowers said their closings were efficient and 90% said they were satisfied with their closings. Most of the transactions involved eSigning and remote closings.
• 89% of homebuyers and 84% of refinance customers eSigned either their disclosure, closing documents, or both.
• 55% of the surveyed borrowers said their closings were conducted remotely and not in traditional locations, such as a title company or lender’s office.

The borrowers who were less comfortable with remote closings were older (age 55 and up).

The results bode well for the mortgage industry’s trend toward digitization. More than two-thirds of survey participants say that for future transactions they’d prefer remote closings to in-person closings, and 82% reported that they prefer eSigning documents prior to closing.

DocMagic's Director of Enterprise Solutions Chris Lewis said the survey results are a positive sign for the industry: “It’s unfortunate that it took a pandemic to move the adoption curve in the right direction, but ultimately, it’s going to serve the mortgage industry well by further automating the paper-based processes of yesteryear that were hampering business-to-business as well as business-to-consumer efficiency."

DocMagic provides a full suite of digital mortgage solutions, including eSignatures and Total eClose, a comprehensive solution that enables a 100% paperless eClosing process from start to finish.

The study was jointly designed by STRATMOR Group.

“Despite the disruption caused by the pandemic and the workarounds that the lending and title companies have had to quickly put in place, borrowers continue to be satisfied with the mortgage closing process,” said Jim Cameron, Senior Partner at STRATMOR Group. “It suggests that the more electronic—or ‘e’—each step in the process becomes, the higher the satisfaction.”

Related Content:

• Benefits of remote online notarization (RON) can't be overstated (10/22/2020) 
• CFPB's 5-year TRID assessment produces mixed results (10/15/2020) 
• Ginnie Mae, 3 FHLBanks start accepting eNotes (8/5/2020) 

DocMagic has integrated with VirPack to facilitate the seamless exchange of loan files and docs for compliant eSigning through DocMagic’s eSign platform.

Using VirPack’s API, electronically signed documents can automatically be accessed and retrieved from DocMagic’s eSign platform and delivered to the appropriate party, establishing a secure and seamless exchange of sensitive borrower information and documents. Customers will be alerted to all DocMagic eSign platform events via user notifications.

RON: The last mile in the eClosing marathon

The integration centralizes a paperless environment to maximize operational efficiency, eliminate errors, and reduce costs. Furthermore, the seamless connectivity speeds up funding and quickly delivers loan files to investors, GSEs, the FHA, servicers, QC firms, MI firms, and other relevant parties.

“This integration helps our mutual clients to efficiently automate document workflows and consolidate the retrieval and packaging of documents according to their specific preferences,” said Steve Ribultan, director of business development at DocMagic. “Ultimately, we’re bringing a greater level of organization and centralization to bundling executed documents for borrowers, lenders, and investors.”

VirPack simplifies virtual document management for the lending industry by providing user-centric solutions for loan file management, e-delivery, and file indexing with full text OCR to significantly increase productivity and modernize business operations.

“VirPack is pleased to strengthen our partnership with DocMagic,” said Wayland Pond, VirPack’s COO. “The integration results in more secure document exchange and alleviates manual processes by leveraging e-signature and e-closing technology. This partnership further underscores our commitment to modernizing mortgage lending workflows. Our technology focuses on improving operations by limiting manual intervention, reducing operational overhead and oversight, and increasing loan transparency.”

Related Content:

• DocMagic teams up with Simplifile to facilitate eClosing adoption (7/27/2020)
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Twenty years ago today, President Clinton signed into law the Electronic Signatures in Global and National Commerce (ESIGN) Act, which declared that electronic signatures are as legally binding as wet signatures. And ten years ago today, Congress honored that achievement by designating June 30 National ESIGN Day.

eSigning has shot up in popularity since then. According to Statista, between 2012 and 2017 the annual number of eSignature transactions rose from 89 million to 754 million, while DocMagic has processed more than 300 million mortgage-related eSignature transactions.

So on the 20^th anniversary of the day electronic signatures became indisputably legal nationwide, we're sharing five fun eSigning facts you (probably) didn’t know:

1. President Clinton eSigned the ESIGN Act—sort of.

To sign the bill, the president inserted a smart card encrypted with his digital signature through a scanner, typed in his password—“Buddy,” his dog—and a replica of his signature appeared on the screen. But before he did that, he signed the bill the traditional way, with a felt-tip pen. The reason? White House lawyers believed the Constitution requires presidents to actually put pen to paper to approve legislation.

2. eSignatures are tons better for the environment. Literally.

The global production of paper and cardboard is about 400 million tons annually. That translates to over 220 million pounds of toxic pollution released every year, while pulp and paper production is the third largest industrial polluter in the U.S. and Canada. One of the primary reasons we need so much paper: American companies typically print 1.5 trillion pages per year while the average office worker uses 10,000 sheets of paper a year.

We’re not exactly saying that e-signing could save the world, but it sure is a lot better for the environment.

3. You probably eSign something every day.

If you’re online, you’re eSigning. Any kind of consent—from clicking the “Buy Now” button to ticking the Terms & Conditions checkbox to accepting a website’s cookies—is defined as an eSignature. Typing your name in an email also counts.

4. Electronic signatures and digital signatures aren't interchangeable.

They may sound like synonyms, but there are significant differences. An electronic signature is more inclusive, encompassing any electronic consent process (like the checkbox we mentioned) attached to a contract or record. A digital signature is a type of electronic signature that has more security features; it uses algorithms and encryption to prevent tampering, impersonation of a signer, and to verify a document’s authenticity (i.e., confirm that it hasn’t been forged). Both types of signatures are legal.

5. Some transactions still require paper and ink.

Certain transactions still require paper documents and handwritten signatures, such as wills, adoptions, divorces, utility cancellations, insurance cancellations, court orders and official court documents, and, as President Clinton learned, possibly federal bills.

Absent from this list: notarized documents. As much of the mortgage industry knows, you can e-sign notarized documents (in some states, at least).

Now that you know five new facts, celebrate by eSigning something today!

Related Content:

• DocMagic offers free verson of its eSign technology for non-mortgage uses (6/1/2020)
• New AutoPrep tech accepts docs from ANY provider for paperless eClosings (4/3/2020)
• DocMagic Reaches 300 Million Mortgage eSignings as More Borrowers Opt for eSigning and More Lenders Require Proof of TRID Compliance  (1/24/2018)
  

DocMagic is making an agnostic version of its eSign technology free to help organizations increase productivity and efficiency among work-from-home employees during the coronavirus pandemic—both during the stay-at-home orders and after they are lifted.

Our eSign technology is traditionally used by mortgage lenders to compliantly eSign initial loan document disclosures and closing documents. However, we modified the platform to make it document agnostic, thus allowing important non-mortgage documents such as contracts, NDAs, LOIs, and virtually any other agreement to be electronically signed and legally binding. (Note: Only the agnostic eSign solution is free, not the mortgage-specific eSignings involving our loan document generation service.)

Nearly every company needs to sign documents to conduct business, and signatures are often required from multiple parties. Documents have to printed several times, then faxed or emailed, resulting in a cumbersome process. As the COVID-19 pandemic led to a series of stay-at-home orders nationwide, companies have found signing and securely delivering these documents in a timely manner a challenge.

“As stay-at-home orders began to open up in more states, large numbers of home-based workers in all industries will continue with the telecommute model and thus continue facing challenges with signing and executing documents,” said Dominic Iannitti, DocMagic’s president and CEO.

“Many employees are using makeshift home offices that lack the hardware, devices, and software to facilitate compliant e-signings. Fortunately, DocMagic is in a great position to help with a proven platform used in one of the strictest, most highly regulated industries. Our eSign technology allows companies to circumvent wet signings, back-and-forth emails, and scanning or faxing documents for a proven, highly secure, compliant electronic platform.”

The eSign platform makes it easy to electronically sign documents. It’s 100% web based, requires no installation or maintenance, and can be securely accessed via any device with an internet connection. eSign also captures electronic signatures for all documents stored in the PDF file format. Documents are digitally sealed and access is provided to all parties, with audit trail capabilities, document versioning, tracking, and email notifications.

According to a recent Zillow survey, 56% of employed Americans have had the opportunity to work from home, and a vast majority want to continue. Among those working from home because of the pandemic, 75% said they want to continue doing so at least half the time after the pandemic ends. 

“We believe that even after stay-at-home orders are gradually lifted, there will still be a significant number of businesses that find the telecommute model to be pragmatic, efficient, and cost effective,” Iannitti said. “After the COVID-19 pandemic slowly winds down, we still want to make our eSign technology available for free. It’s our ongoing way of giving back in order to help companies remain as successful as possible.”

DocMagic is the leader in eSign technology within the mortgage industry, having executed more than 300 million eSign transactions and counting.

Interested organizations can learn more by emailing sales@docmagic.com or calling (800) 649-1362.

Related Content:

• Pandemic leads to growing acceptance of eClosings: News source (5/21/2020)
• New support for power of attorney (POA) transactions amid COVID-19 (5/7/2020)
• New AutoPrep technology can accept docs from ANY provider for paperless eClosings (4/3/2020)

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.

The changes to the eSign Solution, including the eSign Console and the Settlement Agent Portal, allow borrowers to grant POA to an “attorney-in-fact” who can then eSign documents on the borrower’s behalf—a first on DocMagic’s eSign platform. The attorney-in-fact will also be displayed in the eSign Console as well as the Settlement Agent Portal as an additional participant associated with the borrower.

The updates come at a time when more borrowers are choosing to grant POA to an attorney, a closing agent, or a representative of the title company in order to allow the borrower to close a loan remotely.

Such moves are supported by the GSEs. Both Freddie Mac and Fannie Mae issued updated guidance in response to the COVID-19 pandemic that expands powers of attorney and the transaction types that allow for it.

Fannie Mae, for example, confirmed that an employee of the title agency or title insurer can serve as the borrower’s attorney-in-fact. It also introduced new requirements for such transactions: Borrowers must verbally acknowledge they understand the loan terms, and the conversation has to be documented in writing or captured on a recording and saved by the lender.

DocMagic’s recent updates also improve the POA and closing process in a few other key ways:

• The attorney-in-fact gets their own DocMagic login credentials, giving them access to the platform.
• The settlement agent or the closer can upload an executed and notarized POA document to the DocMagic closing platform as proof that a POA has been granted on the borrower’s behalf.
• DocMagic can now generate forms that can be executed by the attorney-in-fact.
• After selecting a POA, the borrower will then have view-only capability in the platform, though they will still receive email notifications to view all documents.
• If the closing continues via a remote online notarization (RON), the attorney-in-fact will also conduct an eNotarization on the borrower’s behalf.

These changes should make the closing process easier at a time when coronavirus-related physical distancing is still needed.

Related Content:

• DocMagic expedites eNotary workflow for settlement service providers (4/27/2020)
• Amid pandemic, states boost access to remote online notarization (RON) (4/17/2020)

 

TORRANCE, Calif., October 16, 2019—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced the launch of its new LoanMagic mobile application. LoanMagic, which is provided free to all DocMagic customers, leverages a powerful backend platform that provides full interoperability with DocMagic solutions, as well as other third party mortgage software.

LoanMagic™ is provided free to customers as part of DocMagic’s strategy to increase adoption of digital lending.

“Bringing mobile functionality to borrowers and enabling lenders to connect with their customers is the end goal of most mobile applications in our industry—but at DocMagic, it is just the beginning,” says Dominic Iannitti, president and CEO of DocMagic. “LoanMagic isn’t an add-on. It’s a fully interoperable technology that fills a critical gap in the digital mortgage process. It is just as powerful as any of our flagship and award-winning technology.”

LoanMagic is an intelligent, intuitive mobile application that provides a quick, easy and transparent way for borrowers to stay fully engaged with their loans—and lenders—throughout the mortgage cycle. Its core functionality includes real-time loan status, document uploads, eSigning, integrated messaging, task management, push notifications and more. LoanMagic leverages DocMagic’s eVault to ensure that every transaction is logged and securely stored, and it uses a “gamified” design that encourages borrower engagement by making the process of fulfilling conditions faster, easier and more entertaining for the borrower.

LoanMagic’s primary differentiator is at its back end, which allows the mobile app to provide an unprecedented level of interoperability with numerous relevant technologies, ranging from DocMagic’s solutions to point-of-sale systems (POS), loan origination systems (LOS), borrower-facing applications, closing solutions, various settlement services technology, document scanning, cloud storage tools and others.

“A truly digital mortgage offers a continuous, fluid experience for everyone. The lender should not be patching holes or bridging gaps,” says Iannitti. “With LoanMagic, there’s no data degradation, no delay, no added steps lenders need to take to make up for the use of a mobile application, like they may have experienced with other mobile applications in the past. LoanMagic feels and acts like an organic part of the technologies it supports. That’s imperative for a truly digital mortgage experience.”

LoanMagic eliminates many of the issues that have traditionally caused delays in the mortgage process. The result is greater transparency and visibility, lower cost to produce loans, assurance of compliance and elimination of surprise issues that create delays at the closing table. DocMagic provides LoanMagic at no additional cost to its customers as part of its mission to increase digital mortgage adoption, broaden collaboration among the numerous disparate entities involved in a mortgage, and advance interoperability between systems across the supply chain.

Learn more about LoanMagic or see a demo by contacting sales@docmagic.com or visiting www.docmagic.com/loanmagic. In addition, DocMagic will offer demonstrations of LoanMagic in booth #407 at the MBA Annual Convention & Expo in Austin, Texas from Oct. 27 - 29.