Lenders One Cooperative, a national alliance of independent mortgage bankers, has launched Lenders One eClosing by DocMagic, a complete e-closing solution for borrowers, lenders and investors.
The solution, available to Lenders One members, provides an entirely paperless workflow that integrates every component of the closing process and guides users through each step.
When using the solution, the average loan closing “at the table” can be reduced from 60 minutes to 15 minutes, Lenders One says in a release.
The solution can be integrated with all of the major LOS platforms to generate e-enabled documents.
An embedded compliance engine automatically audits documents and data against applicable industry laws and regulations to help ensure compliance throughout the loan lifecycle.
The solution also delivers e-notary technology for in-person electronic notarization or remote online notarization where permissible.
It also has the ability to deliver a MISMO SMARTDoc eNote with direct connectivity to the MERS e-registry.
The solution also provides a secure, certified e-vault which provides long-term storage and e-delivery to warehouse banks and investors and features a date-stamped and time-stamped audit trail to help show proof of compliance at all times.
“Our e-closing technology puts Lenders One members at the forefront of the e-mortgage evolution, a sought after capability made possible through our collaboration with DocMagic,” says Michael Kuentz, CEO of Lenders One. “Importantly, the e-closing solution incorporates feedback received from our members and service providers, helping ensure we address their needs.”
Source : https://mortgageorb.com/lenders-one-partners-with-docmagic-to-deliver-e-closing-solution