A home is often the most important asset a borrower will ever purchase, and lenders want to be known for providing a secure, compliant closing experience. Toward that end, a secure and efficient eVault platform is essential for managing eNotes and other electronic assets. Our SmartSAFE^® technology is a comprehensive digital eVault platform designed to streamline workflows and enhance the control, storage, and management of eAssets.

This article showcases the key features and benefits of eVault technology as it facilitates eClosings, ensures compliance and improves operational efficiency for lenders.

The Core of an Effective eMortgage Strategy

The most efficient eMortgage strategy must include a secure, digital repository—or eVault—to retain all electronic artifacts. The system must be capable of receiving input from all aspects of a lender’s workflow and must be integrated into the process to ensure all assets are managed in a consistent, verifiable manner.

Seamless Integration and Streamlined Workflows

A lender’s eVault solution should also integrate with their entire suite of digital mortgage solutions. This integration ensures a cohesive and verifiable management process for lenders. By leveraging eVault technology, lenders gain access to a powerful eMortgage toolbox that enables the design and execution of digital transaction workflows, including hybrid eClosings or fully digital eClosings.

Empowering Digital Mortgage Processes with SmartSAFE

DocMagic’s SmartSAFE offers a robust solution for the control, storage, and management of eNotes and other eAssets. It provides features such as:

• Validation of electronic records: Ensuring the integrity of transferable electronic records
• Tamper-evident seals: Protecting eNotes with tamper-evident seals proving the authoritative copy
• MISMO document classification: Categorizing documents according to MISMO standards
• Direct integration with MERS^® eRegistry: Enabling seamless eDelivery of Category One SMART Doc^® eNotes, documents, and data

In addition to managing eNotes, our SmartSAFE technology offers flexibility in storing and managing other eAssets. Versatile eVault technology accepts various digital assets, including eChattel (such as electronic promissory notes and commercial leases), different electronic file formats (TIFF, Word, Excel, PDF, Cat. 1 SMART Doc, audio files, etc.), and authoritative copies of documents. The eVault maintains an audit trail of electronic events and allows lenders to store data and documentation electronically based on their preferences.

eVault technology also offers flexible solutions that allow lenders to customize their approach according to their business objectives. Lenders can choose the services and technology they need and can easily integrate an eVault into their existing or planned eClosing workflows.

Implementing an eVault for Enhanced Efficiency and Compliance

There are several key benefits to using an eVault that make it an essential portion of any digital closing workflow. Benefits to lenders include:

1. Increased process efficiencies, leading to faster closing times.
2. Ensuring compliance for electronically signed documents throughout the mortgage process, insuring every lender for future audits.
3. Eliminating expenses related to physical document storage, printing, and shipping.
4. Facilitating secure and real-time sharing of digital documents among stakeholders.

DocMagic’s SmartSAFE offers both on-premise and enterprise-level SaaS-based options for secure, customizable, and scalable eVault technology. These options provide lenders with the flexibility to choose the deployment model that best suits their requirements, ensuring the utmost security and efficient management of electronic documents and transferable records.

By utilizing our advanced SmartSAFE eVault technology, lenders can gain a competitive advantage in the digital mortgage landscape with cost reduction, faster processing, and improved collaboration capabilities. Schedule a free demo at any time—our eClosing team is ready to support you through every step of your implementation!

Related Content:

• Gaining seamless eClosings through notaries at the Agent’s Lounge (3/01/2024)

• DocMagic named 2024 Tech100 Mortgage winner (2/13/2024)
  
• DocMagic’s 2023 in review: Pioneering the future of digital mortgages (1/18/2024)

Welcome to Ask the eClosing Team, an ongoing series where DocMagic’s eClosing pros tackle real questions that we’re hearing from lenders. These responses are from the second half of a recent interview with eClosing Team member Leah Sommerville.

Recently, we reported that Leah Sommerville, DocMagic’s Sr. eServices Account Exec, sat down with American Business Media at the 2023 New England Mortgage Expo. You can still watch the full interview here.

Get Started With eClosing

Leah shared some crucial tips about how to get started with eClosing, for those lenders who are ready to adopt digital mortgage strategies but need additional guidance. Read more below.

What do lenders and Originators need to know to get started with eClosing?

eClosing isn’t one size fits all, it’s also not an “all or nothing” effort. With DocMagic, you have the flexibility to decide which version of eClosing will be provided on every loan. Lenders often choose to implement eClosing in phases. We can help you to go live with eClosings that include eSignatures and eNotarization within a couple of days.

When you’ve made the decision and are ready to implement eNotes (expediting funding by an average of 70%), we will help you set up our certified eVault and guide you through the MERS® eRegistry process (as required for eNotes). But our job doesn’t stop there—DocMagic’s dedicated team of eClose experts help to tailor your workflows specifically for successful adoption, agility, efficiency, cost savings and, ultimately, to close loans faster, offering an intuitive and modern experience for everyone involved.

Are all loans good candidates for eClosing?

It’s important to select the best version of eClosing for every loan and borrower. We’re making it as easy as possible by giving users a clear-cut and accurate determination of how “e” they can be on a specific loan. This e-Eligibility audit, provided by DocMagic’s eDecision™ tool, confirms if the loan can include an eNotarization (based on legislation in the property’s state and eRecording availability in the property’s recording jurisdiction) and an eNote.

Then our end-to-end eClose platform allows you to streamline entire closing workflows for completely digital eMortgages (eSign, eNote, eNotary), while also providing the flexibility to select on-demand digital solutions as required for Hybrid eClosings, which involve various combinations of eSigned and wet-signed closing documents.

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In the interview, Leah was also asked what she sees as the next step in automating the process for originators. She says that currently, more lenders likely embrace hybrid eClosings, where they paper out the note or the mortgage along with any other documents that require notarization. So what’s next? 100% electronic eClosing, she replied.

Once lenders understand what’s possible, they will begin to transition more and more of their closings to a digital format. After all, Leah noted, eSigning is legal in all U.S. states and eNotarization is legal in most states. The vast majority of lenders—and the vast majority of borrowers—have nothing standing between them and fully digital eClosings.

Leah also mentioned that loan officers (LOs) have something to look forward to once their lenders transition fully. They’re still going to be processing loans, but the borrower gets to review documents right away and contact the LO with any questions. This is a key element of eClosings: the personal touch. LOs still get to develop a relationship with their borrowers, which is something that skeptical LOs had been worried about losing in the past.

As Leah’s expertise proves, when a lender chooses the type of eClosing that’s right for them, eClosings are not only faster and cheaper—they’re also more convenient for the buyer and can offer a better relationship-building experience for LOs.

To talk to Leah or any of our other experts about eClosing adoption, send them an email at eClosingTeam@docmagic.com.

Related Content:

• DocMagic introduces critical ADA-compliant loan documents (4/25/2023)
• Ask the eClosing Team: What are current trends in eClosing adoption? (4/11/2023)
• A key to eClosing: the developing case of the SECURE Act (3/23/2023)

By implementing DocMagic’s eVault solution, Centier Bank is prepared and ready to receive eNotes from their warehouse clients. The move strategically positions Centier Bank to secure more business as mortgage bankers increasingly adopt eClosing technology.

Founded in 1895, Centier Bank is Indiana’s largest private family-owned community bank with more than 60 branches statewide. The bank focuses on providing excellent service to customers and offering a one-of-a-kind personal touch. Centier’s mortgage warehouse division serves as a trusted warehouse lender to mortgage bankers nationwide.

Centier implemented DocMagic’s eVault specifically for its mortgage warehouse lending business. The technology enables the bank to accept and fund eNotes from customers closing loans electronically. The key drivers behind this decision were to facilitate the ease of doing business with eNotes and to establish a competitive advantage going forward.

Centier’s leadership believes that in the next 12-18 months, eNote acceptance will gain significant industry adoption among both mortgage bankers and end investors and, as a result, committed to investing in eVault technology. DocMagic is playing a pivotal role in helping transform the bank’s business model.

Utilizing DocMagic’s SmartREGISTRY™ system to register their eNotes with the MERS® eRegistry, they are then securely stored within DocMagic’s eVault platform. Centier’s eWarehouse lending process is now quicker, and easier, clearing warehouse lines expeditiously. With cycle times down reduced to minutes versus days, the overall process to close, fund, and sell the note is effectively fast-tracked.

With increasing acceptance of eNotes, the industry can see more and more aggregators also getting on board with eNotes. When lenders see the trend in the secondary market, it supports their decision to go digital.

Adoption of eNotes has grown significantly over the last couple of years with an increasing number of organizations across the mortgage supply chain realizing benefits. As of April 1, 2022, the MERS® eRegistry reported over 1.6M unique registered eNotes to-date. The industry now boasts 23 different investors that can originate, fund and purchase eNotes. Further, the MERS® eRegistry currently has 30 warehouse lenders successfully funding eNotes. The list of companies now integrated with the MERS® eRegistry continues to grow and includes originators, warehouse lenders, servicing agents, subservicers, investors, Federal Home Loan Banks, and custodians.

DocMagic’s eVault is widely utilized by GSEs, investors, servicers, warehouse lenders, banks and other relevant mortgage entities. The eVault is integrated into DocMagic’s comprehensive eClosing process, offering lenders options from hybrid variations to fully digital eNote and RON eClosings.

DocMagic’s Total eClose™ solution facilitates eNotes, hybrids, and full eClosings. To get started with eNotes or eVault technology, request a demo with our eClosing Team!

Related Content:

• SimpleNexus enables fully digital loan closings with DocMagic’s eVault, eNote tech (9/29/2021)

• Ask the eClosing Team: Why are eNotes better than paper notes? (and other burning questions) (8/18/2021)
• 3 reasons why your post-closing department loves eClosings and eNotes (6/24/2021)

 

SimpleNexus is integrating DocMagic’s eVault and eNote technologies with its Nexus Closing eMortgage solution, a move that will allow the company — which offers a homeownership platform that connects loan officers, borrowers, real estate agents and settlement agents — to generate eNotes, deliver them to a secure eVault, and register the eNotes with the MERS eRegistry.

“A fully digital closing, complete with eNote and eVault, is the last hurdle lenders must clear before offering borrowers and investors the myriad benefits of an eMortgage. We’re pleased to now offer these capabilities via our integration with DocMagic,” said SimpleNexus Chief Product Officer Shane Westra. “In a market cluttered with half-baked solutions, we’ve made it our mission to assemble the most comprehensive and singularly exceptional homebuying experience in the business.”

Case Study: Why one lender skipped eSign hybrids and went straight to eNotes 

In addition to DocMagic’s eVault technology, Nexus Closing comes with integrated remote online notarization (RON) and eSigning. It is certified to meet both Fannie Mae and Freddie Mac’s technical requirements for eClosing, eNote and eVault functionality and is compatible with their eNote delivery systems.

eNote registrations have grown dramatically over the past few years, rising from 17,000 in 2018 to more than 460,000 in 2020. eNotes are more secure and accurate than their paper counterparts and can be delivered instantaneously to the secondary market.

DocMagic’s certified eVault gives lenders the ability to access, manage and store eNotes and other electronic mortgage records on a short- or long-term basis. By offering proactive, real-time control of electronic loan files, eVault technology reduces cycle times and improves process efficiencies throughout the mortgage life cycle.

“To stay competitive in this market and future markets, lenders need to adopt eClosing solutions that allow them to generate, sign, store and deliver eNotes as part of a complete eMortgage transaction,” said Dominic Iannitti, DocMagic’s president and CEO. “We’re pleased to offer these capabilities to more lenders through our integration with SimpleNexus.”

Related Content:

• Ask the eClosing Team: Why are eNotes better than paper notes? (and other burning questions) (8/18/2021)
• 3 reasons why your post-closing department loves eClosings and eNotes (6/24/2021)
• Ask the eClosing Team: What do lenders need to get set up for eNotes? (3/4/2021)

ICE Mortgage Technology, a leading global provider of data, technology and market infrastructure, is deploying an eVault solution for secure storage of digital mortgages and notes, based upon technology acquired from DocMagic.

The eVault technology will be integrated into ICE’s mortgage closing platform, Encompass eClose, a leading-edge solution that helps to transform the way loans are electronically closed in the United States. Encompass eClose enables lenders to electronically facilitate every aspect of the eClosing workflow, from ordering documents to delivering loans to investors — and all steps in between — without ever having to leave Encompass, the industry’s most recognized loan origination system (LOS).

“ICE Mortgage Technology and DocMagic have been helping lenders implement digital mortgage processes for years,” said Dominic Iannitti, president and CEO of DocMagic. “The migration towards digital mortgages is progressing quickly, and we’re happy to have provided ICE with capabilities to enable fully-paperless lending workflows along with better supply chain connectivity.”

Both ICE and DocMagic are committed to delivering technology to increase eClosing adoption in the mortgage industry.

“By creating an end-to-end solution and further automating the mortgage closing process, we’re helping the industry transition to paperless closings and enabling more efficient processes for our customers,” said Joe Tyrrell, President, ICE Mortgage Technology. “We acquired technology from DocMagic, who has deep experience in the mortgage space, and when this technology is integrated with our other services, Encompass eClose will enable customers to eliminate time and cost in the closing process and create better experiences for borrowers.”

ICE Mortgage Technology combines technology, data and expertise to automate the entire mortgage process from consumer engagement through loan registration. Today, more than 3,000 mortgage lenders, 45,000 agents, as well as technology partners and mortgage investors can use the powerful capabilities of ICE Mortgage Technologies solutions to drive efficiencies and profitability for their businesses.

Related Content:

• AmeriSave leverages DocMagic's Total eClose, doc gen solutions to maximize productivity (6/10/2021)
• Atlantic Bay surpasses 10,000 eClosings using DocMagic's Total eClose (5/25/2021)
• DocMagic client Truliant transfers FHLBank Atlanta's first eNote (4/15/2021)

 

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.

Technology to validate data, assure quality and compliance for all pre-funded home loans

TORRANCE, Calif., Sept. 18, 2018—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced today that Freddie Mac has implemented its SaaS-based eVault technology and SmartREGISTRY™ platform.

DocMagic’s eVault provides a secure electronic repository for storing documents and performing automated eNote certification to Freddie Mac eMortgage lenders via Loan Selling Advisor®. By automating the eNote certification process, Freddie Mac will speed the funding process, thereby improving liquidity in the mortgage markets and reducing lender’s warehouse line costs.

“Freddie Mac is committed to streamlining the mortgage process for lenders and borrowers, and has been a leader in purchasing eMortgages since 2006,” said Andy Higgenbotham, Freddie Mac’s Single Family Chief Operating Office. “We rolled out our automated certification process in 2015 to speed up the funding process, thereby improving liquidity in the mortgage markets and reducing lender’s warehouse line costs. We are now expanding this process to include the DocMagic platform.”

DocMagic’s eVault provides safe and secure storage for sensitive loan documents. It also automatically parses and validates data in a SmartDoc eNote against data in the user’s core system of record. Additionally, DocMagic’s SmartREGISTRY platform enables holders of eNotes to securely transfer these electronic documents to other eVault systems, such as those used by investors, conduit aggregators and servicers. Ultimately, it facilitates real-time access, delivery, storage and much needed control of electronic loan files.

“Freddie Mac has been a long-time visionary and champion of eMortgages over the years and has made great strides with their unwavering commitment to automation across the supply chain,” stated Dominic Iannitti, president and CEO at DocMagic. “Now, with the successful rollout of SmartDoc eNote data validation prior to funding, this demonstrates the advantages and a clear-cut ROI of going completely ‘e.’ We look forward to ongoing collaboration with Freddie Mac and to further adoption of the digital mortgage process.”

Notable is that that Freddie Mac encourages the use of ‘SMART’ (securable, manageable, archivable, retrievable, transferable) eNotes because static documents do not contain source data, and thus make it difficult, costly and time consuming to confirm the data on documents match.

DocMagic established a process that guides lenders on how to begin using SmartDoc eNotes. The company’s eVault technology is integrated with its Total eClose™ platform, which is a comprehensive eClosing solution that creates a 100 percent paperless digital mortgage process — from origination through eClosing, eWarehouse lending, investor eDelivery and eServicing.

 

About DocMagic: DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. The company’s compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.

Heading to Las Vegas for the Digital Mortgage Conference?

Whatever your unique business model, we can help you prepare for your next generation of buyers! Our suite of technology solutions advances the mortgage process at every stage, improving the experience for lenders and settlement service providers with:

• An extensive eDocument Library plus eSignature technology
• MISMO category one compliant SMARTDoc® eNotes
• eNotary Technology for all 50 states
• Direct connectivity with MERS® eRegistry
• An irrefutable Audit Trail for proof of compliance
• A secure, certified eVault
• An Investor eDelivery channel

We'll be at kiosk #318, ready to support your eMortgage process. Book some time directly to your calendar!

Book a Meeting!

 

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.  

Many of these newbies don’t have the much-needed mortgage industry domain experience needed to succeed, as some vendors stumble once they become immersed in the overwhelming minutia, nuances, and complexities of the mortgage manufacturing process. On top of that, even some well-established mortgage technology vendors have jumped on the “me too” digital mortgage bandwagon.

Who can blame them? It’s a shiny new object that lenders are naturally drawn to. How can we forget TRID readiness? Remember when so many tech vendors became TRID compliant virtually overnight, offering some sort of solution—of varying degrees? However, that was far from reality; it was mostly just vendor marketing speak.

The mortgage industry has slowly but surely been working to achieve a true end-to-end digital mortgage process that is fully integrated and 100 percent paperless. But the reality is that, while progress has been made over the past few years, the industry as a whole still isn’t fully grasping everything that is needed to create a total, seamless, comprehensive and scalable digital mortgage solution. Many vendors are still falling short.

Of note, however, is that some of the new entrants that automate the point-of-sale have, in fact, done an outstanding job. Being able to instantly pull and validate things like VOE, VOI, VOA/banking information, IRS/tax returns, etc. while at the point-of-sale has definitely been a huge help to supporting the digital mortgage cause to elevate the borrower experience.  But there is a lot more that needs to happen thereafter, such as a full eClosing.

Is digital mortgage about the borrower experience?  In part, yes. But it also encompasses so much more. Value is gained for nearly all the participants in the digital mortgage process, but only if it’s done right.  What do I mean by right? The technologies cannot be siloed, poorly integrated, or offer just enough automation to address bits and pieces of the process in order to get by for now. Digital mortgage for the consumer is starting ‘e’ and staying ‘e’ with the same common and consistent end-user experience.

The Digital Mortgage Challenge
There is no way to say this tactfully. It’s the tech vendors that created the problem and continue to create confusion in the marketplace. I can’t be more pointed when I say that the mortgage industry, for the majority of vendors, is a big, fat fail. It isn’t the lender’s fault.

Many digital mortgage technology providers (both newbies and established vendors) are offering one-off pieces of the overall process. These solutions are merely workarounds that most often create inefficient stopgaps in the workflow, communication challenges, integration breaks, compliance risk, solution deficiencies, and other problems.

Use of an eVault Isn’t a Digital Mortgage
Some applications create initial excitement and address components of the overall problem. For instance, lenders can jump into the digital mortgage arena and store their loans in an eVault, but that doesn’t mean the promissory note includes all of the necessary documents to ensure a legally compliant closing.  

Some solutions just OCR docs and store them in an eVault, which isn’t always 100 percent accurate; anytime you are manipulating a source document, there is always the risk of errors and omissions that could easily get lenders into trouble at a later date. And what if something changes? How are they adjusted and properly tracked to ensure a full audit trail and electronic evidence of compliance within an eVault?

A Complete Digital Mortgage Solution
Put simply, make sure that you are dealing with a vendor that has a proven, single-source solution that supports all documents and functions that you need to deliver a complete digital/paperless process to the consumer and across multiple lending entities.

This all starts at the time of application with MISMO SMART Doc creation and management (TRID compliant initial disclosures to the borrower and the LE/Loan Estimate). You, of course, need eSign technology to securely and compliantly allow the borrower to sign all documents throughout the mortgage process.

Lenders must also implement a comprehensive eClosing technology platform, where the LE/Loan Estimate and CD/Closing Disclosures are automatically compared and matched for any change of circumstance and TRID compliance. eNotarization capability needs to be integrated into the documents and the process as well. MERS eRegistry of the note is a requirement. All documents, signatures, and proof of compliance must be stored in a certified eVault.  

Also, seamless integrations must exist with the lender’s LOS platform to auto-generate smart documents (embedded signatures and notary tags) from the start, as well as integrations with the title company software platforms to do the same with their documents. Delivery of not only the eNote but all critical closing documents to investors/GSEs is made to be quick and easy. A fully integrated platform and process includes everything from the warehouse lenders to eMods and refis within the servicing system as well as what I consider a cradle-to-grave, lights out digital mortgage technology solution.

It’s a total, fully paperless digital mortgage—one that doesn’t involve lots of different vendors doing their best to work together—whether it’s de novo software providers, aggressive fintechs, on down to the long-time mortgage technology incumbents.

We need to deliver actual, comprehensive solutions to the industry that are fully integrated and scalable, not bits and pieces/hybrid offerings. Put simply, they just fall short of achieving a total solution. It’s a menagerie of vendor hodgepodges, which are mostly light applications that only address parts of the overall digital mortgage process.

Digital Mortgage Hype versus Reality 
Beyond a shadow of a doubt, I feel that the mortgage industry was steered in the wrong direction from the beginning by tech vendors that were all too eager and rushed to launch and market some sort of digital component offering. By and large, many tech vendors did so in order to effectively compete. Marketing puffery can easily trick unsuspecting ultra-busy lenders.

Going completely paperless really boils down to two factors:  

1. Implementation of a comprehensive digital mortgage technology solution; and
2. lender adoption of e-automate everything, not just pieces of the process. The mortgage industry still faces an uphill adoption curve.  

There are, however, some complete end-to-end solutions available on the market today from single-source vendors. Those lenders that implement the right end-to-end digital mortgage technology now will have a significant competitive advantage over those who remain in a wait and see mode or those that merely dip a toe in the water, adding a multitude of different hybrid vendors. It just doesn’t work well and by no means is it a long-term digital mortgage loan production, workflow, and back-office business strategy.

Before buying any type of digital mortgage technology, be sure to fully educate yourself and conduct deep-dive due diligence on everything you will need to implement a successful total digital mortgage solution from soup to nuts. Think of where you want to be 18-24 months out. Implementing a short-term solution will likely later need to be replaced by a complete solution. Your long-term viability and success depend on making the right choice the first time.

As featured by MReport, April, 2018

About Tim Anderson

Tim Anderson is the Director of eServices for DocMagic, Inc. He has held executive management positions with LPS, Stewart, Fidelity, FreddieMac and HomeSide Lending where he ran the eCommerce Division and worked at technology companies like Dexma, Microsoft and Tuttle Information Services. He was also the original founder of the eMortgage Alliance which promoted MISMO standards for delivering legal paperless processes.

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TORRANCE, Calif., March 29, 2018  — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that Deutsche Bank has successfully implemented and is actively utilizing its proprietary eVault technology.

“Deutsche Bank has an international footprint in multiple forms of lending and servicing, and having a company of their size select our eVault to safely and securely store sensitive loan documents speaks volumes about the bank’s confidence in our technology,” said Dominic Iannitti, president and CEO of DocMagic, Inc. “We are very pleased to partner with Deutsche Bank on a long-term basis to help achieve its servicing goals with our eVault.”

Using the DocMagic eVault, Deutsche Bank’s document custody group is now empowered to take full possession of electronically originated assets for clients as the loan market continues to transition to a paperless process. DocMagic establishes a legally compliant method to securely move original electronic files from one custodian to another, while preserving unique authoritative digital ownership.

Further, the eVault ensures authentication of original documents passing between owners, irrespective of how many duplicate electronic files there may be of the same record. The repository system within DocMagic’s eVault relies upon digital tamper-proof seals and a detailed, well-documented audit trail that ensures compliance and provides detailed reporting.

DocMagic also made available to Deutsche Bank the ability to leverage a unique dual-option solution that accesses its on-premise eVault installation to provide a gateway to seamlessly and securely connect to MERS via any browser, as well as by way of a direct VPN connection.

As a result of partnering with DocMagic, Deutsche Bank is now well-positioned to easily, compliantly and securely service loans housed in the eVault, creating newfound efficiencies and a competitive advantage for the bank. By providing eVault services to Deutsche Bank’s clients, they further cement themselves as a leader, innovator and provider of excellence in loan servicing.

Of note is that DocMagic has been at the forefront of developing award-winning technology that facilitates a complete eMortgage solution for the entire supply chain that fully supports an end-to-end, completely paperless digital mortgage process. This includes from the point-of-sale through eClosing, eWarehouse lending, secondary marketing and even servicing.

DocMagic’s eVault has been thoroughly vetted and officially approved by Fannie Mae, Freddie Mac, and MERS® to compliantly support eVaulting services.

About DocMagic:

DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. The company’s compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy.

For more information on DocMagic, visit https://www.docmagic.com/.