LoanCare, a ServiceLink company, has announced that it has begun utilizing DocMagic
in order to add eVaulting capabilities to its process. This allows LoanCare to begin servicing loans registered with MERS as eNotes.
LoanCare is a subservicer operating in all 50 states, servicing more than one million loans. Clients of LoanCare can now begin servicing loans stored electronically as eNotes, using an eVault that is secure, compliant and scalable while providing process transparency.
“By utilizing DocMagic, we have established a competitive advantage and created the opportunity to store and subservice loans housed in an eVault, making us the premier subservicer for electronically closed loans,” said Gene Ross, Executive Vice President of Strategy and Business Development at LoanCare. “After performing a careful evaluation of vault providers in the marketplace, it became clear that DocMagic was the software company that could enable us to broaden our services for our clients.”
DocMagic has an existing integration with the MERS eRegistry system that registers originated or purchased loans as eNotes. After MERS registration, the eNote is securely transferred to DocMagic’s eVault, and then can be serviced by LoanCare. Loan details that are stored in DocMagic’s eVault can be referenced and reported on, so that in the event of an audit, LoanCare can provide proof of compliance for its clients such as TRID and other rules and regulations.
For all eNotes that LoanCare services, DocMagic retains a complete electronic audit trail, tracking every event and securely storing both data and documents for the life of the loan.
“As states continue to adopt more convenient notarization for consumers to enable digital signing of mortgage documents, we anticipate greater market acceptance that will drive the ease in which loans are originated,” said Dave Worrall, President of LoanCare. “One example was North Carolina’s recent achievement of its first ever eClosing–our servicing of that electronic mortgage loan utilized DocMagic’s technology. By providing eVault services to our clients and the marketplace, we plan to continue to be a leader of technology and process innovation.”
Dominic Iannitti, President and CEO of DocMagic, said, “With eClosings starting to gain adoption among lenders, LoanCare’s use of our eVault opens up a substantial opportunity for them to capture market share while operating efficiently, cost effectively and compliantly. Our Total eClose single platform solution enables lenders to close loans without any paper involved whatsoever. The industry adoption of eClosings that we are seeing is significant. LoanCare is a visionary organization that has prepared itself to start servicing eNotes by harnessing the right technology ahead of the curve.”