DocMagic, a provider of fully-compliant loan document preparation, regulatory compliance and e-mortgage services, has launched AutoPrep, a new technology that enables the company’s Total eClose platform to accept documents from any source – including non-e-enabled documents.
AutoPrep leverages sophisticated artificial intelligence, OCR and machine learning technologies to scan and parse documents, locate all signature and notary regions, then electronically tag them for e-closing, thus changing any document into a fully e-enabled document in seconds.
As a result, lenders can use loan documents produced by virtually any document provider, from standard documents to partially e-enabled documents, with Total eClose and benefit from the technology’s end-to-end, 100 percent paperless eClosing process.
AutoPrep can learn the nuances of specific documents and adjust accordingly going forward, identify whether signatures are improperly placed or missing, find e-tags placed by other providers, and even read documents that have been partially but not fully converted into e-enabled documents.
In addition, because AutoPrep flags documents when it identifies situations that are outside the norm, closing personnel can be more productive by managing exceptions, rather than combing over every page of a document package.
AutoPrep is a feature of DocMagic’s Total eClose platform.