According to the companies, the integration allows users to access DocMagic's services, including its full compliance suite for qualified mortgage (QM) and high-cost loans, without ever having to leave OpenClose's LOS.
The interface with DocMagic allows OpenClose's users to handle the entire document preparation process directly from within their LOS, with eSigning capability, automatic eDelivery to borrowers and tracking. OpenClose's LOS serves as the database of record, which prevents data inconsistencies between the two systems that can potentially produce inaccurate documents or information, the companies report.
The interface is bi-directional and allows the two systems to communicate time-sensitive, actionable information and tasks in real time, thus speeding up the process. There is no re-keying of data, and all relevant information returns to OpenClose's system in full compliance with state and federal-based regulations, as well as the Consumer Financial Protection Bureau's (CFPB) new QM rule, according to the companies.