SimpleNexus Taps DocMagic To Help Enable Fully Digital Closings

The integration between SimpleNexus and DocMagic enables the automated generation of an eNote with a tamper-evident seal and delivers the eNote to a secure eVault for delivery to the MERS eRegistry.

Electronic promissory notes (eNotes) are more secure and accurate than their paper counterparts and give borrowers more time to review and understand closing documents, according to SimeplNexus. The company also believes that eNotes save lenders time and money because they come with an automated audit trail and can be delivered quickly and efficiently to the secondary market.

DocMagic’s eVault is a secure repository that provides lenders with the ability to access, manage and store eNotes and other electronic mortgage records on a short- or long-term basis.

“Capital markets funding is the lifeblood of retail mortgage lending. Digitizing loan documents and lending processes will lower costs to the retail customer and increase returns for mortgage lenders and investors,” said Craig Focardi, senior analyst, banking at Celent, a research firm that advises financial companies on technology. Celent estimates the market for eNote transactions will grow by nearly 20% in 2021.

In addition to integrating DocMagic’s eVault technology, Nexus Closing comes with integrated remote online notarization (RON) and eSigning. It has been certified to meet both Fannie Mae and Freddie Mac’s technical requirements for eClosing, eNote, and eVault functionality and is compatible with the GSEs’ respective eNote delivery systems.