DocMagic Inc., a provider of loan document preparation, regulatory compliance and e-mortgage services, recently hit a significant milestone: more than 300 million mortgage-related electronic signatures processed.
The software firm says it hit this milestone thanks to increased adoption of its e-signing platform by mortgage lenders seeking a TRID-compliant, 100% paperless mortgage process.
“Borrower demand is driving the increase in e-signings, and lenders are choosing DocMagic to get a consistent, compliant e-signing solution that spans the original Loan Estimate to the final Closing Disclosure,” says Dominic Iannitti, president and CEO of DocMagic, in a release.
“Lenders know DocMagic is the go-to choice for compliance. We reached 300 million e-signatures because we have solved lenders’ number one burden for the past two years -electronic evidence of TRID compliance – while enabling them to stay competitive and enhance the overall borrower experience.”
In addition to strong adoption of its e-sign technology, DocMagic has also seen increased adoption of its SmartCLOSE and Total eClose solutions, which enable lenders to comply with TRID and UCD (Uniform Closing Dataset) guidelines.
SmartCLOSE is a collaborative closing portal offering one system of record that assures accuracy, completeness, consistency and compliance of the data before final documents are drawn and the borrower electronically executes the documents using DocMagic’s integrated e-sign technology.
Total eClose, meanwhile, is a complete paperless, digital closing solution with integrated e-signature and e-notarization capability. It provides continuous compliance checks to ensure all documents are complete, current, consistent and compliant.