DocMagic Inc. has successfully integrated its loan origination and package compliance solutions for the benefit of the more than 200 correspondent bank customers of Merchants Bank NA of Winona, Minn. DocMagic gave Merchants Bank the ability to control both loan programs and loan packages in a customizable pull-down menu, allowing their correspondent banks to select both the right program and product. Prior to this, Merchants Bank needed to review loan packages for discrepancies and then order missing reports and documents during a lengthy review process. Now, Merchants Bank can be assured that the documents delivered are the right ones, regardless of where the loan originated.
Previously, Merchants Bank was forced to review a complex list of required documents from a long list of correspondent banks using a variety of loan origination software. The result was a process of checking and double-checking each and every loan package for required documents.
DocMagic created a solution with a customized loan program that meets Merchants Bank’s specific requirements. Correspondent banks can now simply select the correct program and quickly produce initial disclosures and closing documents. With this new functionality in place, documents from Merchants Bank’s correspondent banks are complete and in the correct order, increasing efficiency and reliability.
“Merchants Bank stepped outside the usual relationship between a document vendor and a correspondent lender during this project,” said Alan Brisbane, Enterprise Relations and Organizational Development Manager of DocMagic. “Instead of delivering loan program parameters and custom documents to its lenders, and requiring those lenders to update the vendor of their choice, Merchants selected DocMagic as the exclusive document vendor for their correspondent division. DocMagic created loan programs for Merchants and produced all custom required documents. The result was that lenders selling to Merchants had a turnkey document solution—and Merchants now has document packages delivered that are consistent and compliant to their specifications.”
Merchants Bank now strongly recommends that its correspondent banks utilize DocMagic for the initial disclosures and loan document packages. In addition to the increased functionality, Merchants Bank is able to utilize DocMagic’s built in compliance checks, allowing loan packages to be audited for compliance at any point in the loan process.
“Our correspondent banks can now precisely deliver the documents we need,” said Bob Dougherty, mortgage operations manager at Merchants Bank. “Plus the material is easily audited by compliance. For us, this eliminates guesswork and hours to review incomplete loan packages.”