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CALIFORNIA
DocMagic Launches Start-to-Finish Digital eClosing Tech
DocMagic, Inc., a national provider of loan document
preparation and comprehensive eMortgage services technol-
ogy headquartered in Torrance, California, has announced the
completion of the start-to-finish eClosing using its Total eClose
solution system in Massachusetts.
Total eClose's all-encompassing system incorporates eSig-
nature-enabled SMART Documents, World Wide Notary's
(W WN) eNotarization services to electronically notarize docu-
ments, MERS eRegistery access, a secure eVault, and Investor
eDelivery to execute a seamless eClosing. e solution keeps
track of progress by logging and storing all activity.
Santander Bank played an integral role in the eClosing
process by serving as the eWarehouse lender. Tim Anderson,
Director of eServices at DocMagic, described the promptness of
the eClosing process using Santander Bank.
"We helped test and implement an eWarehouse process to
eDeliver acceptance of the eNote to Santander Bank within
seconds after the eClosing was completed," Anderson said. "is
is an industry-altering achievement."
DocMagic was selected as one of 12 participants in the
Consumer Financial Protection Bureau's eClosing pilot project
in 2014, which helped explore the benefits of digital mortgage
technology. After the pilot was deemed a success, DocMagic
continued to further develop and perfect its eClosing solution.
Dominic Iannitti, President and CEO of DocMagic, dis-
cussed the process of digital closings and what they mean for the
mortgage industry.
"ere are a few mortgage technology vendors that have been
working to deliver an eClosing for some time now, but they have
all fallen short in various ways," he said. "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 to only access
DocMagic or the company's SmartCLOSE system to seamlessly
and compliantly fulfill paperless closing."
