DocMagic has been your partner for an electronic closing for years and continues to provide creative solutions for lenders seeking to streamline their closing process. Especially in light of the recent pandemic situation causing the need for social distancing, electronic and even remote closings are becoming more and more necessary and the normal way of closing a mortgage. To continue to support our lender clients in completing fully electronic closings, DocMagic has been making additional updates to our systems and documents.
Electronic Document Library
DocMagic has added GSE-compliant SmartDoc® electronic notes for every one of DocMagic’s standard loan plans. What this means for our clients is that it is easier than ever to close a loan electronically. Users need only indicate a request for an electronic SmartDoc® note in the transaction request and an eNote will automatically be returned in your loan package.
In addition to adding eNotes for all standard plans, DocMagic has also added additional functionality to our standard documents and security instruments. DocMagic multistate documents are being enhanced to add dynamic notary certificates based on the property state and whether the state has additional requirements for certificate language to reflect loans closed with a remote online notary. For example, in July 2021, we removed the state specific versions of our standard Compliance Agreement (COMP.LSR) and the Occupancy Affidavit and Financial Status form (OAAFS.MSC) from plans as the standard multistate documents are now updated to pull the notary certificate dynamically for all property states.
As previously announced, all DocMagic standard documents are being updated to use dynamic signature blocks, dynamic notary certificates and dynamic footers and page references also in support of electronic closings.
Please continue to monitor DocMagic’s release pages for announcements of additional updates by visiting our New/Revised Documents List organized by month and the general Compliance Updates page.
If you have any additional questions about support for eClosings or to be set up for electronic closings, contact DocMagic’s Compliance Department or eClose Team.
