Mortgage document processing technology firm DocMagic reports it has been granted two patents from the U.S. Patent and Trademark Office for its system and method of “Determining Similar Loan Documents” and for its system and method of “Enabling Electronic Loan Documents.”
Individually and collectively, the patents give DocMagic competitive exclusivity to technology that strengthens the company’s ability to automate document preparation and digital closing workflows.
Both patented inventions are already integrated into DocMagic’s AutoPrep solution, which instantly converts third-party documents into e-ready files for e-signature, e-notarization and e-closing. This technology enables DocMagic to deliver more efficient, compliant and secure closing workflows.
“These patents represent a critical milestone toward universal adoption of digital closings,” says Pat Theodora co-founder and CEO of DocMagic, in a release. “They reflect our decades-long commitment to innovation and our vision to continually push technological boundaries. This achievement honors the pioneering spirit that has defined DocMagic since its founding nearly 40 years ago.”
“Our focus has always been on removing friction from the mortgage process through technology,” adds Michael Morford, chief technology officer for DocMagic. “By combining AI, optical character recognition and patented technologies, DocMagic delivers an intuitive solution that instantly prepares documents for fully digital closings. These innovations transform how documents are prepared, executed and secured, creating a truly digital experience for lenders, borrowers and settlement agents.”