DocMagic announced on Monday the rollout of eDecision, a fully automated platform that it said will significantly expand the level of analysis applied to e-eligibility determination for eClosings.
The automated loan document preparation and eMortgage services provider claims the new platform delivers a clear-cut, highly accurate decision telling users exactly how far they can take their closing digitally based on the unique attributes of the loan transaction and the county-level eRecording acceptance.
eDecision starts looking at a transaction’s eligibility for eClosing as soon as the first set of disclosures are generated, and it continues to check for e-eligibility throughout the entire loan process.
“Our goal in developing eDecision was straightforward: to help clients execute flawless eClosings and bring a new level of automation to the overall process by providing lenders with an immediate determination of how ‘e’ they can be,” Dominic Iannitti, president and CEO of DocMagic said in a statement.
Users do not have to leave DocMagic’s platform, use a third-party application or access an ancillary database. DocMagic’s core processes include eClosing selection, eNote certification, eRecording readiness, knowledge-based authentication, eNotary acceptance and investor acceptance. Those processes improve eClosing workflows and to ensure a seamless eClosing process, the company said.
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Each of eDecision’s core capabilities provides a check on whether or not each part of the closing process can be completed digitally in a given jurisdiction. The process starts with a check on whether a lender is certified to originate eNotes and is registered with MERS, and continues all the way up to check if an investor will purchase an electronically closed loan, making it easier to see if a loan is eligible for the secondary market.
With many closing and title companies citing the various local regulations as one of the biggest hurdles to streamline the closing experience, DocMagic hopes eDecision will be a major game changer for the industry.
“At DocMagic, with each innovation we engineer, we strive to eliminate manual processes and improve the overall user experience,” Iannitti said in a statement. “We don’t want our clients having to go elsewhere to research or rely on disparate third-party systems for what we believe should be a fully-integrated analysis that begins the moment our services are accessed for a particular loan transaction.
