DocMagic, Inc. recently launched its new mobile application – LoanMagic. The app is provided free to all DocMagic customers, leverages a powerful backend platform that provides full interoperability with DocMagic solutions, as well as other third party mortgage software.
“Bringing mobile functionality to borrowers and enabling lenders to connect with their customers is the end goal of most mobile applications in our industry — but at DocMagic, it is just the beginning,” DocMagic President and CEO Dominic Iannitti said in a press release. “LoanMagic isn’t an add-on. It’s a fully interoperable technology that fills a critical gap in the digital mortgage process. It is just as powerful as any of our flagship and award-winning technology.”
LoanMagic is designed to be an intelligent, intuitive mobile application able to provide a quick, easy and transparent method for borrowers to stay fully engaged with their loans — and lenders — throughout the mortgage cycle. Its core functionality includes real-time loan status, document uploads, eSigning, integrated messaging, task management, push notifications and more, according to the release.
LoanMagic leverages DocMagic’s eVault to ensure that every transaction is logged and securely stored, and it uses a “gamified” design that encourages borrower engagement by making the process of fulfilling conditions faster, easier and more entertaining for the borrower.
LoanMagic’s primary differentiator is at its backend, which is intended to allow the mobile app to provide an unprecedented level of interoperability with numerous relevant technologies, ranging from DocMagic’s solutions to point-of-sale systems (POS), loan origination systems (LOS), borrower-facing applications, closing solutions, various settlement services technology, document scanning, cloud storage tools and others, the release explains.
“A truly digital mortgage offers a continuous, fluid experience for everyone. The lender should not be patching holes or bridging gaps,” Iannitti said. “With LoanMagic, there’s no data degradation, no delay, no added steps lenders need to take to make up for the use of a mobile application, like they may have experienced with other mobile applications in the past. LoanMagic feels and acts like an organic part of the technologies it supports. That’s imperative for a truly digital mortgage experience.”
LoanMagic eliminates many of the issues that have traditionally caused delays in the mortgage process. The result is greater transparency and visibility, lower cost to produce loans, assurance of compliance and elimination of surprise issues that create delays at the closing table.
DocMagic provides LoanMagic at no additional cost to its customers as part of its mission to increase digital mortgage adoption, broaden collaboration among the numerous disparate entities involved in a mortgage, and advance interoperability between systems across the supply chain.
DocMagic specializes in compliant loan document preparation, regulatory compliance and comprehensive eMortgage services.