Freddie Mac has implemented DocMagic’s SaaS-based e-vault technology and SmartREGISTRY platform.
DocMagic’s e-vault provides safe and secure storage for sensitive loan documents. It also automatically parses and validates data in a SmartDoc e-note against data in the user’s core system of record.
Additionally, the SmartREGISTRY platform enables holders of e-notes to securely transfer these electronic documents to other e-vault systems, such as those used by investors, conduit aggregators and servicers.
Ultimately, it facilitates real-time access, delivery, storage and much needed control of electronic loan file.
“Freddie Mac is committed to streamlining the mortgage process for lenders and borrowers, and has been a leader in purchasing e-mortgages since 2006,” says Andy Higgenbotham, chief operating officer for Freddie Mac’s single family business, in a release. “We rolled out our automated certification process in 2015 to speed up the funding process, thereby improving liquidity in the mortgage markets and reducing lender’s warehouse line costs. We are now expanding this process to include the DocMagic platform.”
“Freddie Mac has been a long-time visionary and champion of eMortgages over the years and has made great strides with their unwavering commitment to automation across the supply chain,” adds Dominic Iannitti, president and CEO at DocMagic. “Now, with the successful rollout of SmartDoc e-note data validation prior to funding, this demonstrates the advantages and a clear-cut ROI of going completely ‘e.’ We look forward to ongoing collaboration with Freddie Mac and to further adoption of the digital mortgage process.”
