Forward-thinking lender and DocMagic’s dedicated electronic closing team work together to bring unprecedented efficiency to the industry
TORRANCE, Calif., May 25, 2021 (SEND2PRESS NEWSWIRE) – DocMagic, Inc., the leading provider of fully compliant loan document preparation, automated regulatory compliance and comprehensive services to eMortgage, has announced that Atlantic Bay Mortgage GroupÂ® , a national independent mortgage banker, has successfully processed over 10,000 paperless eClosings. State-of-the-art lender uses DocMagic’s Total eClose â¢ platform, with eNote generation, integrated eVault technology and compliant document production. Together, the solution set has helped catapult Atlantic Bay to a leading position in the electronic mortgage industry and the complete digitalization of the closing process.
As of January 2020, Atlantic Bay had only run seven eNotes, but ended the year with over 7,000 eNotes registered with MERS. By May 2021, the lender had exceeded 10,000 eClosings, which is more than 20% of all loans from paperless closings.
âWe are very pleased with the tremendous success we have had and continue to experience with DocMagic’s Total eClose solution,â said Christina Brown, COO at Atlantic Bay. âFrom inception to closure, warehouse lending and secondary marketing, we have seen a huge advantage in the production of eNotes that has benefited us as a company, our people and our customers.â
Due to offering a fully electronic closure to borrowers that includes Remote Online Notarizations (RONs), Atlantic Bay reports that it has experienced increased accuracy; faster turnaround times; strict compliance; better efficiency on the sales side of secondary marketing; more liquidity of the warehouse line; and a simple, fast and enjoyable closing experience for borrowers. Together, these benefits have improved profitability and reduced costs for Atlantic Bay.
âAtlantic Bay is an example of an incredibly successful lender that has taken all the steps necessary to fully embrace digital lending and completely remove paper from the closing process with our Total eClose platform,â said Dominic Iannitti, President and CEO. the management of DocMagic. âWhen you put in place the necessary pillars like Atlantic Bay, it paves the way for more scalable operations with paperless eClosings at the heart of the workflow. The benefits Atlantic Bay enjoys are enormous and we are delighted to present them as a customer who has perfected the electronic closing process.
Brown added, âMore than anything, our success is based on being the first to adopt RON and eNotes, helping settlement agents familiarize themselves with DocMagic software, working closely with our lenders. warehouse and our investors for accepting eNotes, and having to do so. attitude towards eClosings with eNotes. All the legwork we took before and at the start of the pandemic helped us gain a lot of experience and run thousands of eClosings. It has now become a competitive advantage for us. “
Atlantic Bay has been a long-time client of DocMagic and has been an early adopter of hybrid eClosings since processing its first hybrid eClose in 2018. The lender’s subsequent implementation of RON technology and eNotes took its closing, after closing, financing and loan sales to the next level. Going forward, Atlantic Bay will expand the use of RON technology and continue to work closely with facility providers to expand its footprint in digital creations and closures.
DocMagic’s Total eClose solution gives Atlantic Bay users the ability to easily access the platform directly from a seamless integration with its Loan Origination System (LOS). Total eClose provides an end-to-end paperless workflow that seamlessly connects every component of the closing process. It includes the use of DocMagic’s electronic document library with integrated eSign technology, automatic generation of a category 1 MISMO SMART DocÂ® eNote, eNotary technology for all 50 states, MERSÂ® direct electronic register from the ‘eNote and secure storage in its certified safe.
Total eClose leverages the precision-based precision of DocMagic’s intelligent and dynamic document generation capabilities. It also integrates tightly with DocMagic’s AutoPrep â¢ solution which allows all third-party documents to perform eClosings.
DocMagic, Inc. is the leading provider of fully compliant document generation, automated compliance, electronic signature and complete electronic mortgage solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops award-winning software, mobile applications, processes, and web-based systems for the production and delivery of compliant loan document packages. The company’s solutions connect industry players, drive collaboration and data integrity to execute precision-driven digital lending transactions. Company compliance experts and in-house legal staff constantly monitor legal and regulatory changes at the federal and state levels to ensure accuracy. For more information on DocMagic, visit https://www.docmagic.com/.
About Atlantic Bay Mortgage Group:
Founded in 1996, Atlantic Bay Mortgage GroupÂ® is a private national mortgage lender headquartered in Virginia Beach, Virginia. The company offers conventional and other home loans and reverse mortgage services. Atlantic Bay has been recognized as one of America’s Top 100 Mortgage Companies, Best Mortgage Company, Best Place to Work, and one of the 500 Fastest Growing Companies. As part of its AB Cares program, the company has donated over $ 2 million to charities and participated in events that promote the passions of our customers, employees and neighbors. For more information, visit the company’s website https://www.atlanticbay.com/ NMLS # 72043 (https://www.nmlsconsumeraccess.org/) is an Equal Opportunity Employer. It is located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.
Social media: @DocMagic @AtlanticBay #eClosingLeader #TotaleClose #eClosingLender #PaperlesseClosings
NEWS SOURCE: DocMagic, Inc.
This press release has been published on behalf of the information source (DocMagic, Inc.) who is solely responsible for its accuracy, by Send2PressÂ® Newswire. The information is believed to be accurate but not guaranteed. Story ID: 72100 APDF-R8.2
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