DocMagic, Inc., a provider of fully-compliant loan document preparation, regulatory compliance, and comprehensive eMortgage services, announced that QRL Financial Services (QRL), a nationwide provider of residential mortgage lending services for community banks and credit unions, has leveraged its eVault technology to purchase eNotes.
By implementing this technology QRL will extend its reach to lenders that are ready to implement eClosings and sell eNotes. In addition to providing improved service, they will competitively position themselves for the future. The deal will make QRL one of the first investors outside of the GSEs to begin purchasing eNotes.
“QRL is a farsighted organization, and by implementing eVault technology now, they stand to capitalize on marketplace opportunities as eNotes continue to gain adoption,” stated Dominic Iannitti, President and CEO of DocMagic. “We tend to partner with early adopters like QRL, who will reap the benefits of their industry insight. We look forward to the success they realize by utilizing our eVault and supporting technology.”
DocMagic said that QRL was also using its SmartDocs software, because of which all documents retain a tamper-evident seal to ensure data and document integrity. "Using static documents, that don’t include SmartDoc transactional (XML) metadata, means some organizations have the difficult, costly and time-consuming task of confirming that data and documents are in sync," DocMagic said in a statement.
“Offering a truly paperless solution is the future. Consumers will expect and demand a closing experience that is more timely, convenient and informative,” said Alex Rivera, Managing Director at QRL Financial Services. “QRL’s ability to purchase and service eNotes will allow the credit unions and community banks that we service to stay ahead of the technology curve as they compete with the larger institutions in the race to improve the mortgage experience.”
The solution will also create greater secondary market process efficiencies because of reduced cycle times. QRL will be able to fund faster with fewer post-closing document issues.