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California-headquartered mortgage technology firm DocMagic on Wednesday announced the launch of DocMagic One, an artificial intelligence (AI)-powered platform that aims to make the loan manufacturing process more efficient.
DocMagic One is designed to improve coordination between various parties in the mortgage process by allowing document preparation, compliance checks and other tasks to occur in a single location. The company explained in a press release that “role-based permissions and organizational hierarchies keep tasks moving without bottlenecks.”
“Lenders have been forced to piece together loan production from too many disconnected systems,” Pat Theodora, co-founder and CEO of DocMagic, said in a statement. “DocMagic One changes that, giving every role — from loan officer to closer — a single, efficient platform that saves time, reduces risk, lowers costs and delivers a better experience for third-party collaborators and, ultimately, borrowers.”
The platform includes business intelligence and lead pipeline analytics to give managers “instant visibility into performance,” the company explained. It also features a “loan health scoring” system to identify loan files that needed immediate attention, as well as automated compliance functions and AI-powered search and chat.
“As we expand our Intelligent Agentic Network, we are excited by how we can leverage AI and our patented machine learning capabilities to create an interconnected environment where multi-agent orchestration happens behind the scenes,” Michael Morford, DocMagic’s chief technology officer, said in a statement. “This will make complex mortgage processes feel effortless and save lenders time and money.”
Mortgage lenders can use the platform to scale over time without additional expenses or complexities. Features such as predictive analytics and advanced eSignature tracking aim to move loans from the application to closing stage with “minimal human intervention.”
The platform is available at no additional cost for current DocMagic customers. The company said DocMagic One is built for an array of business models and comes in both DocMagic-branded and white-label options.
In June, DocMagic announced a successful integration with Truliant Federal Credit Union on the first electronic home equity line of credit (eHELOC) registration with the Mortgage Electronic Registration Systems (MERS). The note was registered using DocMagic’s digital lending technology and offered proof that “HELOCs can be digitized, stored, and transferred as fully compliant electronic assets,” according to Truliant.
