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Lenders One Partners with DocMagic for eClosing

Lenders One Cooperative, a national alliance of independent mortgage bankers, has announced the launch of the Lenders One eClosing by DocMagic, a complete eClosing solution for borrowers, lenders, and investors. The eClosing solution provides an entirely paperless workflow that integrates every component of the closing process and guides users through each step.

The solution was launched during the Lenders One Summer Conference in Salt Lake City, Utah. According to a Lenders One statement, "When using the solution, the average loan closing “at the table” can be reduced from 60 minutes to 15 minutes, helping to dramatically improve the borrower experience."

“Our eClosing technology puts Lenders One members at the forefront of the eMortgage evolution, a sought-after capability made possible through our collaboration with DocMagic,” said Michael Kuentz, CEO of Lenders One. “Importantly, the eClosing solution incorporates feedback received from our members and service providers, helping ensure we address their needs. Our comprehensive eClosing solution provides our members with options to choose full eClose or hybrid eSign/ink-sign workflows. The technology adapts to the lender’s production environment and compresses the overall timeline to loan sale, generating material savings for lenders facing historically high loan production costs.”

The solution includes features such as integration with major LOS platforms to generate e-enabled documents,  an embedded compliance engine that automatically audits documents and data against applicable industry laws and regulations to help ensure compliance throughout the loan lifecycle.

  • eNotary technology for in-person electronic notarization or remote online notarization where permissible.
  • The ability to deliver a MISMO SMARTDoc eNote with direct connectivity to the MERS eRegistry.
  • A secure, certified eVault which provides long-term storage and eDelivery to warehouse banks and investors and features a date-stamped and time-stamped audit trail to help show proof of compliance at all times.

 “Effective implementation of eClosing begins with a well-defined eMortgage strategy, and by working in concert with Lenders One, we are helping originators set up their eClosing production lines at a pace, and in a manner, that is consistent with their overall business goals,” said Dominic Iannitti, President, and CEO of DocMagic. “The deep working relationships that Lenders One has established with its members are critical, and through our combined strength we are accelerating the eMortgage journey for progressive lenders nationwide.”

About Author: Radhika Ojha

Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her master’s degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Dallas, Texas. You can contact her at Radhika.Ojha@theMReport.com.
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