SimpleNexus has integrated its Nexus Closing eMortgage solution with DocMagic’s eVault and eNote technologies. The move enables SimpleNexus to offer fully digital loan closings and increases accuracy, security, speed, and efficiency for lenders to deliver loans to the secondary market.
The integration allows those using Nexus Closing to automatically generate an eNote with a tamper-evident seal and delivers the eNote to a secure eVault for delivery to the MERS eRegistry, SimpleNexus stated. eNotes, are more secure and accurate than their paper alternatives. They also give borrowers more time to review and understand closing documents while lenders can save time and money with the automated audit trail that accompanies each eNote and can be delivered quickly and efficiently to the secondary market.
“To stay competitive in this market and future markets, lenders need to adopt eClosing solutions that allow them to generate, sign, store and deliver eNotes as part of a complete eMortgage transaction,” DocMagic President and CEO Dominic Iannitti said. “We’re pleased to offer these capabilities to more lenders through our integration with SimpleNexus.”
eVault, DocMagic’s secure repository that allows lender to access, manage, and store eNotes and other electronic mortgage record, offers proactive, real-time control of electronic loan files, reduces cycle times, and improves process efficiencies throughout the mortgage lifecycle.
“A fully digital closing, complete with eNote and eVault, is the last hurdle lenders must clear before offering borrowers and investors the myriad benefits of an eMortgage,” SimpleNexus Chief Product Officer Shane Westra said. “We’re pleased to now offer these capabilities via our integration with DocMagic. In a market cluttered with half-baked solutions, we’ve made it our mission to assemble the most comprehensive and singularly exceptional homebuying experience in the business.”