SimpleNexus Integrates With DocMagic
September 28, 2021
SimpleNexus integrated its Nexus Closing e-mortgage solution with DocMagic's e-vault and e-note technologies. The integration enables automated generation of an e-note with a tamper-evident seal. It delivers the e-note to a secure e-vault for delivery to the MERS eRegistry.
By offering real-time control of electronic loan files, e-vault technology reduces cycle times and improves process efficiencies throughout the mortgage lifecycle.
“Capital markets funding is the lifeblood of retail mortgage lending. Digitizing loan documents and lending processes will lower costs to the retail customer and increase returns for mortgage lenders and investors,” said Craig Focardi, a senior analyst of banking at Celent, a research firm that advises financial companies on technology. Celent estimates the market for e-note transactions will grow by nearly 20% in 2021.
“To stay competitive in this market and future markets, lenders need to adopt e-closing solutions that allow them to generate, sign, store and deliver e-notes as part of a complete e-mortgage transaction,” said Dominic Iannitti, president and CEO of DocMagic. “We're pleased to offer these capabilities to more lenders through our integration with SimpleNexus.”
Nexus Closing comes with integrated remote online notarization (RON) and e-signing. It has been certified to meet both Fannie Mae and Freddie Mac's technical requirements for e-closing, e-note and e-vault functionality. It is compatible with the GSEs' respective eNote delivery systems.
“A fully digital closing, complete with e-note and e-vault, is the last hurdle lenders must clear before offering borrowers and investors the myriad benefits of an e-mortgage. We're pleased to now offer these capabilities via our integration with DocMagic,” said Shane Westra, chief product officer for SimpleNexus. “In a market cluttered with half-baked solutions, we've made it our mission to assemble the most comprehensive and singularly exceptional homebuying experience in the business.”
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