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DocMagic Inc, provider of loan documentation preparation, automated regulatory compliance, and comprehensive eMortgage services, offers its Total eClose Platform to the tech-savvy lenders at Atlantic Bay Mortgage Group for a completely digitized closing process.
Atlantic Bay had executed only seven eNotes in January of 2020, but concluded the year with more than 7,000 eNotes registered with MERS. In May 2021, the lender surpassed 10,000 eClosings, representing more than 20% of all loans originated as paperless closings.
The Total eClose Platform features eNote generation, integrated eVault technology, and compliant document production. As a result of offering a completely electronic closing to borrowers, Atlantic Bay reports that it has experienced a number of benefits, including: increased accuracy; quicker turn times; strict compliance adherence; better secondary marketing sell-side efficiencies; more warehouse line liquidity; and a straightforward closing experience for borrowers.
Christina Brown, chief operations officer at Atlantic Bay, stated, “From origination through closing, warehouse lending and onto secondary marketing, we’ve seen a tremendous upside to producing eNotes that has benefited us as a company, our staff, and our customers.”