DocMagic, Inc. reported a 42 percent increase in revenue for 2016. The company credits its growth to the mortgage industry’s demand for products that enable TILA-RESPA Integrated Disclosure (TRID) compliance, eSignatures and eClosings.
This is the second consecutive year that DocMagic’s revenue has increased by roughly 40 percent, according to the company release.
“Lenders have been looking for ways to assure TRID compliance since 2015, and DocMagic’s SmartCLOSE technology has become the industry’s go-to solution,” DocMagic President and CEO Dominic Iannitti said in the release. “Our user base has grown quickly. A lot of existing DocMagic clients saw the value of SmartCLOSE immediately. It has also been an entry point for many of our new lender clients.”
Increased sales were fueled by need for TRID compliance and benefits of eSignatures and eClosings, the release said.
In the past two years, DocMagic has completed numerous key integrations between lenders using SmartCLOSE, their loan origination systems, and new settlement service provider systems. More integrations are being developed for 2017.
“The number of eSignatures completed has increased significantly since launching SmartCLOSE and Total eClose,” Iannitti said, referencing activity for eSignSystems, a division of DocMagic that provides digital transaction management and electronic storage systems. “Lenders appreciate that they can stay compliant while gaining the speed and convenience of a digital process.”
DocMagic, Inc., is a premier provider of fully compliant loan document preparation, regulatory compliance and comprehensive eMortgage services.