DocMagic, Inc. revealed that MortgageCountry, a newly formed mortgage banker, has implemented its Total eClose platform and dynamic document preparation service, the company announced in a release.
Since its launch, the lender has closed loans in an average of 13 calendar days during the first two months of lending, aided by DocMagic’s 100 percent digital e-enabled documents working seamlessly with its eClosing interface, dramatically enhancing the client experience.
MortgageCountry identified a gap in the industry, dominated by large independent mortgage bankers and financial institutions after the financial crisis, which has significantly increased the consumer cost of a mortgage, the release said. The primary reason for rising consumer cost is the industry’s reliance on a large outside sales infrastructure, absorption of mortgage brokers, and corporate expense allocations throughout the banking industry.
“MortgageCountry is committed to reversing this negative trend while providing best-in-class products and services,” the company stated. “Consequently, MortgageCountry partnered with the best of the best technology partners to provide an intuitive and simple platform that meets clients everywhere and anywhere.”
MortgageCountry invested a substantial amount of time arriving at a long-term technology strategy that would completely set it apart from competitors. Their vendor due diligence and planning process was extensive, according to MortgageCountry, which entailed close collaboration with DocMagic’s eClosing team to fine-tune the process from start to finish.
“To be successful in today’s fast-moving, rapidly changing lending landscape, implementing the right technology is business-critical to disrupt an industry plagued with good ideas but poor execution,” MortgageCountry Communications/Social Media Director Sheila Salvitti said in the release. “MortgageCountry has successfully delivered on our promise to make the client experience as simple, quick and easy as possible. After DocMagic tailored Total eClose to our business needs and swiftly implemented the platform, we were flawless from the outset.
“DocMagic completely exceeded our expectations, helping us make our origination and closing process next-level efficient and creating a second-to-none closing experience for our clients,” Salvitti added. “After seeing the level of perfection achieved, we knew we chose the right technology partner to realize our belief that the sky is the limit.”
MortgageCountry reported that its clients consistently found the process intuitive, speedy and transparent by providing the complete closing documents well ahead of closing. Clients also stated that the process was much more comfortable than their prior experiences because they were able to review and sign the closing documents without the pressure of someone looking over their shoulder, and they valued the ability to sign on their own time without a rigid schedule.
“It was a pleasure collaborating with the tech-savvy, forward-thinking team at MortgageCountry in a combined effort to master the eClosing process before they ever funded a single loan,” DocMagic President and CEO Dominic Iannitti said. “The unprecedented success we had with the solution configuration, troubleshooting and implementation of the platform helped setup MortgageCountry to be one of the most efficient independent mortgage bankers in the country. Using our combined docs and eClosing solutions, they have established a clear competitive advantage while also future-proofing their organization with the most contemporary, innovative technology in the industry.”
DocMagic, Inc. is the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services.