DocMagic Inc., a provider of loan document preparation, regulatory compliance, and comprehensive eMortgage services, says it has integrated its multiple digital lending solutions with Take Three Technologies’ cloud-based loan origination system (LOS), LoanMAPS.
LoanMAPS is an all-in-one LOS, point-of-sale (POS), consumer relationship management (CRM), and report generator that was introduced via a soft launch in 2019 and is now commercially available for clients.
The integration with LoanMAPS enables clients to eliminate an initial disclosure desk and closing department, reducing the full-time employee count and the cost to produce loans, DocMagic said. With the integration, LoanMAPS users now can generate and eSign documents, while also closing electronically. This improves the initial disclosure process, streamlines closings, and provides users an efficient and simplified mortgage process, DocMagic said.
“The integration that we developed with Take3’s LoanMAPS LOS is seamless and bi-directional, giving users the ability to harness several of our solutions to optimize the borrower experience, reduce lender costs and ensure compliance,” stated Steve Ribultan, director of business development at DocMagic.
LoanMAPS, a cloud-based LOS, runs completely off a standard internet browser accessible from the user’s desktop, laptop computer, or mobile device, Take3 said. Automating the entire lending process for mortgage bankers, LoanMAPS applies AI and sophisticated business logic to implement newfound efficiencies across the system, from production through post-closing, it said.
“A team of mortgage lenders developed LoanMAPS after decades of experience working with other solutions and realizing the value that having one technology provides in terms of one database and one training system,” said Anita Padilla, CEO of Take 3 Technologies. “LoanMAPS was built by mortgage bankers, for mortgage bankers.”
She added: “From its conception, LoanMAPS was developed with the objective to give lenders the flexibility to grow their volume while saving time and money, alleviating compliance and underwriting guideline concerns, and slashing the total cost to manufacture loans. Working with a proven industry leader like DocMagic enables us to optimize the overall value that LoanMAPS offers.”
DocMagic said its Audit Engine fully automates data and document validation at all phases of the lending process to ensure accuracy and compliance. Continuous automated compliance checks validate that the documents are always generated in compliance with federal, state and investor rules and regulations, it said. The integration with LoanMAPS also ensures that the TRID (“know before you owe”) rules are adhered to at all times, eliminating costly errors, DocMagic said.
Gail Maes, vice president of operations at Megastar Financial, said the interface between DocMagic and LoanMAPS has helped her company streamline its initial document disclosure process. “The ease of use it gives our customers helps elevate the borrower experience and complements the intuitive functionality that LoanMAPS gives our back-office staff,” Maes said.
Take 3 is also integrating DocMagic’s Total eClose platform with LoanMAPS. Total eClose automates the entire eClosing process via a single-source solution that guides users through an efficient eClosing experience and allows them to securely eSign and eNotarize a loan from anywhere via an internet browser, Take3 said.
Founded in 1987 and headquartered in Torrance, Calif., DocMagic Inc. develops software, mobile apps, and web-based systems for the production and delivery of compliant loan document packages.
