Based in Torrance, California, DocMagic offers document production and eMortgage services, while Huntington Beach, California-based BeSmartee is a loan origination software provider.
Together the two companies are allowing borrowers to complete loan applications and receive disclosures online within minutes instead of the days or weeks it previously took with a paper process.
“Together, we’re delivering the type of speed and service that Millennials have come to expect, which is key to securing new business from this coveted group of borrowers,” Nguyen said.
According to Nguyen, the integration offers “a level of speed that the industry hasn’t experienced before but that, as more lenders discover its impact on sales and operations, more borrowers will come to expect.”
Dominic Iannitti, CEO of DocMagic, said the integration allows the two technologies “to operate at their peak collaborative performance.”
Borrowers complete their online application, and then receive disclosures automatically, which they can sign electronically—all without any action by the lender.
BeSmartee offers an auto-population feature that helps shorten the time it takes to complete a loan application, and then it connects lenders with providers that validate borrower information instantly.
DocMagic then offers compliant electronic disclosures based on the application within minutes.
“A true eMortgage uses no paper at all. It’s a start-to-finish electronic process that requires collaboration among certain technology providers,” Iannitti said.
He also explained that eMortgages offer several benefits, including “better speeds, security, quality and accuracy, which translate to a better borrower experience and more efficient economical operations for the lender.”
He continued: “DocMagic is proud to be the solution that connects not only those technologies, but also all of the entities that use them, to enable a truly electronic process. It’s great to partner with progressive companies like BeSmartee who are helping to make eMortgages possible.”