DocMagic, Inc., [1] a provider of fully-compliant loan document preparation, compliance, eSign, and eDelivery solutions, announced today that it formed an exclusive strategic alliance with World Wide Notary, Inc. [2] (WWN), a pioneering developer of electronic notarization services. The partnership integrates WWN’s patent pending DigaSign eNotary technology into DocMagic’s eServices platform to deliver a fully paperless eClosing solution.
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The solution allows borrowers, lenders, settlement agents and mobile notaries to eSign documents, and eNotarize, both online and offline. As a result, the entire closing process is streamlined, paper is eliminated, costs are reduced and compliance is ensured.
“The addition of WWN’s advanced eNotary capability adds significant value to our platform by keeping mortgage closing documents 100 percent paperless from eDisclosure to eClosing,” said Dominic Iannitti, president and CEO of DocMagic. “DocMagic has systematically been putting the necessary pieces in place to transform the company into a true end-to-end eServices solutions provider. Our exclusive arrangement with WWN incorporates a critical component: compliant eNotarizations. Without compliant eNotary capability, a fully paperless eClosing would be impossible to achieve.”
WWN is one of the leading eNotarization companies and has been at the forefront of educating and lobbying the state to accept eNotaries in a variety of different industries. The company’s technology has been certified by multiple secretaries of state under the National Association of Secretaries of State (NASS) eNotary standards; and, in all states that have approved the Uniform Electronic Transactions Act (UETA).
“DocMagic has systematically been putting the necessary pieces in place to transform the company into a true end-to-end eServices solutions provider," Iannitti said. "Our exclusive arrangement with WWN incorporates a critical component: compliant eNotarizations. Without compliant eNotary capability, a fully paperless eClosing would be impossible to achieve.”
A number of efficiencies accompany WWN’s DigaSign eNotary technology that includes dramatically speeding up the notary process on mortgage documents, with Internet connection or without, ensuring strict compliance adherence is met, establishing detailed audit trails, reducing errors, slashing processing costs, reducing risk, and enhancing the overall borrower closing experience. The solution centralizes and streamlines the entire eNotarization process.
“DocMagic is the leading loan document preparation software company in the mortgage industry and an ideal partner to marry our technologies,” CEO of WWN, Bob Rice said. “To date, most eClosings have just been hybrids, meaning: a majority of the lender documents could be eSigned, but those that require a notaries’ signature and seal had to be printed to paper and ink signed. Together, our technologies eliminate that hard stop in the process and allow borrowers to effortlessly eSign mortgage documents, now including those that require the presence of a notary.”
Under the agreement, DocMagic has exclusive rights to utilize WWN’s eNotary platform within the mortgage industry for an extended period of time. The two companies have already begun introducing the service to clients.