DocMagic, a provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced the launch of AutoPrep, a new technology that enables the company’s Total eClose™ platform to accept documents from any source, including non-e-enabled documents.
AutoPrep leverages sophisticated artificial intelligence, OCR and machine learning technologies to scan and parse documents, locate all signature and notary regions, then electronically tag them for eClosing, thus changing any document into a fully e-enabled document in seconds. As a result, lenders can use loan documents produced by virtually any document provider, from standard documents to partially e-enabled documents, with Total eClose and benefit from the technology’s end-to-end, 100% paperless eClosing process.
- Learn the nuances of specific documents and adjust accordingly going forward
- Identify whether signatures are improperly placed or missing
- Find e-tags placed by other providers
- Read documents that have been partially, but not fully, converted into e-enabled documents
In addition, because AutoPrep flags documents when it identifies situations that are outside the norm, closing personnel can be more productive by managing exceptions, rather than combing over every page of a document package.
“With AutoPrep, there isn’t a single document that cannot be converted into a compliant e-enabled document and brought into Total eClose for electronic signature,” said Dominic Iannitti, CEO of DocMagic. “While eClosings are more efficient, compliant, and enable the level of service consumers expect, they aren’t as common as they should be. One reason is that some lenders are tied to systems that don’t produce e-enabled documents. With AutoPrep, lenders can transition more quickly to an eClosing workflow bringing efficiency, consistency and significant improvement to the user experience.”