Today, we're excited to post that Dark Matter Technologies (Dark Matter), an innovative new leader in mortgage technology backed by time-tested loan origination software and leadership, announced significant enhancements to the integration between the comprehensive Empower® loan origination system (LOS) and DocMagic’s document generation solution.

DocMagic, a leader in fully compliant loan document generation and comprehensive eMortgage services, debuted its native integration with the Empower system last year, making it seamless for retail mortgage lenders who use the Empower system to order initial and closing disclosures from DocMagic without having to build a custom connection. As a result of the latest enhancements to the integration, DocMagic services are now also available for wholesale and home equity originations in the Empower system.

“It’s really significant when two best-in-class vendors like Dark Matter and DocMagic integrate their products so customers no longer have to build out custom integrations — now it’s a true union,” said Rich Gagliano, Dark Matter Technologies’ chief executive officer. “We’re taking that value and convenience even further by bringing it to multiple origination channels.”

“We are thrilled to strengthen our collaboration with Dark Matter, offering top-tier documentation, compliance and eServices while also providing customers of the Empower system exceptional support backed by our award-winning customer service,” said DocMagic President and CEO Dominic Iannitti. "We look forward to continuing to integrate our two services further, supplying our proprietary ClickSign®, eNotary and Total eClose™ capabilities.”

Related Content:

• DocMagic and Vesta join forces to enhance digital workflow efficiency (11/14/2023)

• DocMagic Appoints Chris Lewis Director of Sales (11/07/2023)
  
• Brian D. Pannell of DocMagic Wins HousingWire's Vanguard Award (10/11/2023)

We're proud to announce that we've partnered with Vesta, a new and innovative mortgage loan origination system (LOS) and software-as-a-service (SaaS) company, to provide shared clients with automated document generation and automated regulatory compliance during the mortgage origination and closing process.

Dominic Iannitti, president and CEO of DocMagic, stated, "DocMagic is thrilled to announce its integration with Vesta's LOS, which will empower our lender clients with the potent benefits of digital lending automation throughout the entire loan lifecycle. Both of our solutions are thoughtfully designed as SaaS models and were purposefully crafted for exceptional flexibility, customizability, and cost-efficiency. This aligns perfectly with our common objective of minimizing origination and closing costs."

The companies’ newly integrated systems streamline the mortgage document generation and closing processes, ensuring compliance, and delivering an enhanced customer experience while reducing costs. The flexible APIs DocMagic and Vesta offer allow lenders to integrate tightly with many data points, thus minimizing manual tasks. This results in faster document processing, a paperless process, improved data integrity, and the elimination of errors that could lead to non-compliance. As both companies continue to release next-generation solutions, the partnership will only deepen.

Mike Yu, CEO of Vesta, added, "We are thrilled to be partnering with DocMagic to seamlessly deliver a comprehensive and compliant document generation and eclosing experience. We firmly believe that this integration will not only create a more streamlined origination process but also enhance the overall experience for lenders and borrowers alike."

Through DocMagic, lender clients using the Vesta LOS will benefit from increased workflow automation and compliance with dynamic state and county-level regulations. Additionally, through Vesta's LOS, users can seamlessly initiate document generation and automate compliance-intensive tasks. This interface focuses on total workflow automation, creating a smoother and more efficient lending experience for borrowers.

Vesta's next-generation LOS is designed to support digital automation for the entire origination process, catering to lenders of all sizes and enhancing the mortgage financing experience for borrowers. The platform's no-code workflow creation model and flexible decision-making engine empower lenders to configure their own business logic directly within a user-friendly web application, reducing the need for costly developer resources.

Related Content:

• DocMagic Appoints Chris Lewis Director of Sales (11/07/2023)

• Brian D. Pannell of DocMagic Wins HousingWire's Vanguard Award (10/11/2023)
  
• California Passes Remote Online Notarization Bill (10/02/2023)

In the rapidly evolving landscape of modern lending, the integration of cutting-edge technology with exceptional customer service has emerged as a paramount strategy for success.

This was the core theme of our recent webinar—“100% Digital, 100% Delight: Prioritizing Customers in the Digital Age.” Hosted by industry experts, the event shed light on the transformative power of eClosing and its impact on the lending experience.

Missed our eClosing webinar? Here's the full recording.

In case you didn’t catch this conversation between Leah Sommerville (Enterprise Solutions Manager at DocMagic), Kurt Neeper (President of Superior Financial Solutions), and Megan Schroeder (Director of Mortgage Loan Operations at Superior), read on for a recap of the takeaways.

Delight In Digital: A Paradigm Shift For eClosing Support

Sommerville, the host of the webinar, opened by emphasizing the significance of blending technology and customer-centric approaches. The objective: providing customers with a seamless and efficient mortgage experience.

With customers expecting nothing less than streamlined processes, digital tools like eClosings have come to the forefront—with the added need for providing considerate eClosing support to all, especially new buyers.

The Pioneering Superior Credit Union

Neeper delved into Superior Credit Union’s history, highlighting their legacy of “firsts.” From starting community charters to owning a title company and real estate brokerage, Superior has consistently been an innovator. Their focus on being the first choice for various financial needs propelled them to set the bar high: they would achieve 100% paperless eClosings, and they would do it from the start.

Although hybrid eClosings and full eClosings are two choices among many lenders can make to fit their needs, Superior Credit Union fully embraced the concept of digital, said Neeper. This decision proved immensely effective in not only speeding up the closing process but also optimizing operational efficiency.

Paving The Way For Better Customer Service

Schroeder also described how Superior approached internal challenges to introducing eClosings. Resistance to change was expected, but as the process became normalized, loan officers and title agents with the organization quickly embraced the experience of using DocMagic’s end-to-end eClosing platform—Total eClose™. The convenience of eClosings was particularly evident in remote online notarization (RON) closings, which enable all parties to attend closings virtually.

Faster, Smoother, And More Convenient eClosings

Electronic closings provided Superior customers and partners with newfound convenience, said Schroeder. Both experts noted that eClosings contributed to several ongoing benefits at Superior:

• Customers can choose to close remotely from their preferred location or opt for an in-person experience, using iPads provided by Superior for a digital workflow either way. The process, regardless of the customer's choice, is significantly streamlined, often reducing the closing time by up to 66%.
• eClosings empower customers by giving them the option to review documents in advance. The customers receive a link to the documents, allowing them to familiarize themselves with the details before the closing day.
• eClosings have often prevented closing delays, with customers being able to participate remotely in unexpected situations, ensuring smoother transactions.
• eClosings have boosted operational efficiency, enabling loan officers to attend more closings from their desks and enhancing their availability.
• Real estate agents and referral partners have responded enthusiastically since they can now attend multiple closings simultaneously without logistical constraints. This real-time engagement with clients has strengthened relationships and solidified partnerships.

Championing eClosing For Faster, More Efficient Mortgage Lending

The webinar concluded with both experts emphasizing the significance of champions within organizations—individuals who spearhead the eClosing adoption process.

The mortgage industry’s transformation through eClosings is a testament to the power of embracing technology. The journey to fully digitized mortgage closings pays off in increased efficiency, cost savings and enhanced customer relationships.

As the mortgage landscape continues to evolve, eClosings will remain a cornerstone of innovation and progress. For more information, watch the full webinar recording here. 

Related Content:

• Compliant IRS transcript requests: Adapting to changes in form 4506-C (8/17/2023)
• DocMagic’s print fulfillment services continue to advance (8/07/2023)

• MPA honors Leah Sommerville of DocMagic with 2023 Elite Women Award (7/20/2023)

The Mortgage Industry Standards Maintenance Organization (MISMO)—the forerunning body deciding on operational standards for the real estate industry—is in the midst of a public comment stage for a new standard to be released involving a U.S. Department of Veterans Affairs (VA) loan form. This stage is an essential part of MISMO’s goal to increase consensus within the mortgage industry.

Although following MISMO standards is voluntary, it has the potential to help lenders cut processing costs, increase transparency and pass savings to their borrowers. 

We’re familiar with MISMO’s deep involvement in the mortgage industry because of our working relationship with MISMO’s groups dedicated to standard development, also called “communities of practice” (CoP). In fact, DocMagic’s own Integration Services Manager, David Garrett, is currently a vice chair of the MISMO Origination CoP and regularly meets with other mortgage experts to develop clear standards for mortgage origination.

Overall, MISMO standards are essential to a functioning real estate economy, and their current call for public comment is a testament to the organization’s dedication to efficiency in homebuying.

How MISMO Mortgage Standards Are Developed And Used

To offer some background on MISMO standards and why they’re created, we spoke to David about the importance of these efforts and his role in a MISMO CoP.

1. What are MISMO mortgage standards?

First, a definition: MISMO mortgage standards are specifications that can be followed voluntarily by technology providers, lenders, and other mortgage organizations as they build technology and create their own data-sharing policies.

These specifications are essential for transferring accurate mortgage-related data between various trading partners, such as lenders, GSEs, document providers and servicers.

2. Why are MISMO standards created?

MISMO mortgage standards are created so that different vendors’ platforms work together and speak the same operational language. MISMO’s ultimate goal is interoperability: cohesion within the mortgage space; cohesion while transferring data between borrowers, lenders and GSEs; and cohesion between the vendors that support the industry.

David describes perfect MISMO standard adherence as a point at which everyone shares the same basic structures and data naming conventions. If one lender sends a "loan amount," another sends a "base loan amount," and yet another sends an "original loan amount," but they're really all the same thing, it would be less confusing for all parties to agree on calling the same data point a “loan amount.”

3. What are CoPs, and what do they do?

MISMO CoPs and committee members play a significant role in shaping new standards and offering recommended approaches for important initiatives. These initiatives could include origination technologies, remote online notarizations, digital mortgages, closing instructions, blockchain technology, and various other areas.

For example: the Origination CoP, of which David is a member, focuses specifically on the entire origination process and the main subcategories within it of underwriting, application, and closing.

4. How are standards used?

Adherence to these standards is, for the most part, voluntary. But lenders can take note of which vendors and partners are MISMO-compliant to ensure that the data from (or inside) one platform will always work with another (DocMagic’s Total eClose platform, for example, generates a MISMO Category 1 SMART Doc eNote that is 100% MISMO-compliant).

Most importantly, this type of standard is essential for technology vendors, lenders and mortgage professionals to follow so they can provide the most accurate and efficient homebuying process to borrowers across the nation.

The Ongoing MISMO Request For Public Comment

The current public comment phase is a perfect time to see MISMO standardization in action. As of today, MISMO is in the midst of a call for public comment on a new dataset created for the information that goes in the VA Verification of Benefits form (Form 26-8937).

MISMO members worked with the VA to develop this valuable standard for relaying the information on this form so that borrowers involved with the VA can enjoy a convenient homebuying process.

Organizations that could have intellectual property tied to this form or this dataset are encouraged to contact MISMO. Interested parties have a 30-day period, ending on July 6, 2023, to provide comments and disclose any relevant patent rights using info@mismo.org.

About MISMO As An Organization

Many regulators, housing agencies and GSEs require organizations to abide by MISMO standards. This creates standardization and efficiency throughout the national mortgage industry.

MISMO fosters extensive collaboration within the industry to establish standards that effectively address the most challenging business problems in housing finance, leading to cost reductions, enhanced transparency and improved overall efficiency.

And best of all, MISMO welcomes all participants to become members, including lenders, banks, credit unions, servicers, third-party vendors, software companies and individuals. In the end, MISMO takes an open approach to sharing knowledge and standards so that the mortgage industry as a whole can benefit and grow.

Related Content:

• CEO Dominic Iannitti’s Best of Finance win spotlights the best mortgage and finance solutions (6/08/23)
• The competitive advantage of eNote technology (5/25/2023)
• Ask the eClosing Team: How do I get started with eClosing? (5/11/2023)