DocMagic, Inc., a provider of fully compliant loan document preparation, compliance, eSign and eDelivery solutions, announced Corporate Settlement Solutions (CSS), a title and settlement services company, has successfully implemented DocMagic’s Total eClose solution. As a result, CSS can offer a new customer experience, gain a competitive advantage and remain 100 percent TRID compliant at all times, according to the announcement.
“We recognized early on that in order to differentiate ourselves from a crowded marketplace, it was paramount to offer elevated service to our clients,” CSS CEO and general counsel Jerome Jelinek said in the announcement. “With the addition of DocMagic’s Total eClose, we offer lenders the opportunity to transform their mortgage origination process through the elimination of paper, thereby significantly reducing costs and increasing efficiencies.”
CSS combined DocMagic’s functionality, services and integrations into a single offering to create an easy-to-use, out-of-the-box eClosing solution. DocMagic’s Total eClose functionality unites eNote, eSignature, eNotary, MERS eRegistration, eDelivery and eVault services to provide a highly efficient, paperless end-to-end eClosing. In addition, documents that need to be notarized can be eSigned and eNotarized conveniently without leaving the comfort of their home.
“We are excited that CSS is successfully leveraging our Total eClose solution to provide a completely electronic closing process for their customers,” DocMagic CEO and President Dominic Iannitti said. “As a settlement service provider, it is impressive that CSS has taken a leading role in promoting the benefits of eClosings and as an early adopter, they will enjoy a significant advantage over their competitors.”
After the introduction of TRID and its increased liability for lenders and their assignees, those who originate, sell, buy or service loans, must be able to demonstrate TRID compliance years after a loan closes. DocMagic’s system provides electronic proof and evidence of compliant transactions for future audits with a date and time stamp audit trail of everyone who has touched the transaction at any level. From the original loan application and Loan Estimate (LE) to receipt of delivery of the final Closing Disclosure (CD), data, calcs and documents are stored in an eVault to provide the ability to replicate proof of compliance.