DocMagic, World Wide Notary, Radius Financial Group and Santander Bank have worked together to complete what is reportedly the first fully electronic mortgage closing in Massachusetts.
Although many lenders and vendors report that they have successfully completed e-closings in the past, this one was unique because it included e-notarization submissions and e-warehouse acceptance of an e-note.
This is an important distinction because most e-closings are a hybrid of some sort, in which the parties involved only have certain pieces of an e-closing (they usually do not include e-notarization or acceptance of an e-note).
At the center of this transaction was DocMagic’s Total eClose technology, which seamlessly incorporates e-signature-enabled SMART documents, a nationwide e-notary network, MERS e-registry access, a secure e-vault, and investor e-delivery in a single platform.
“There are a few mortgage technology vendors that have been working to deliver an e-closing for some time now, but they have all fallen short in various ways,” says Dominic Iannitti, president and CEO of DocMagic, in a release. “Most of these solutions are merely hybrids that require certain documents to be executed on paper and often force lenders to maintain numerous complex integrations. With Total eClose, however, you work with a single vendor, on a single platform, and clients need only access DocMagic or the company’s SmartCLOSE system to seamlessly and compliantly fulfill a paperless closing.”
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