Collaboration Between Forward-Thinking Lender and DocMagic’s Dedicated eClosing Team Bring Host of Unprecedented Industry Efficiencies
TORRANCE, Calif. May 25, 2021—DocMagic, Inc., the premier provider of fully-compliant loan document preparation, automated regulatory compliance, and comprehensive eMortgage services, announced that Atlantic Bay Mortgage Group®, a national independent mortgage banker, has successfully processed more than 10,000 paperless eClosings. The tech-savvy lender is utilizing DocMagic’s Total eClose™ platform, with eNote generation, integrated eVault technology, and compliant document production. Together, the solution set has helped catapult Atlantic Bay into an industry-leader position in eMortgage lending and complete digitization of the closing process.
In January of 2020, Atlantic Bay had executed only seven eNotes but concluded the year with more than 7,000 eNotes registered with MERS. As of May 2021, the lender surpassed 10,000 eClosings, representing more than 20 percent of all loans originated as paperless closings.
“We are very excited about the immense success we’ve had and continue to experience with DocMagic’s Total eClose solution,” stated Christina Brown, Chief Operations Officer at Atlantic Bay. “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.”
As a result of offering a completely electronic closing to borrowers that includes remote online notarizations (RON), Atlantic Bay reports that it has experienced increased accuracy; quicker turn times; strict compliance adherence; better secondary marketing sell-side efficiencies; more warehouse line liquidity; and a straightforward, speedy, and pleasant closing experience for borrowers. Together, these benefits have produced greater profitability and reduced costs for Atlantic Bay.
“Atlantic Bay exemplifies an incredibly efficient lender that has made all the right moves to fully embrace digital lending and completely remove paper from the closing process with our Total eClose platform,” stated Dominic Iannitti, president and CEO of DocMagic. “When you put the necessary pillars in place like Atlantic Bay has, it paves the way to more scalable operations with paper-free eClosings at the heart of the workflow. The benefits Atlantic Bay is enjoying are tremendous and we’re excited to showcase them as a client that’s perfected the eClosing process.”
Brown added: “More than anything, our success has been predicated on being early adopters of RON and eNotes, helping settlement agents become comfortable with DocMagic’s software, working closely with our warehouse lenders and investors to accept eNotes, and having a ‘just do it’ attitude toward eClosings with eNotes. All of the legwork that we performed before, and in the early days of the pandemic, helped us gain a lot of experience and were able to execute thousands of eClosings. It’s now become a competitive advantage for us.”
Atlantic Bay is a long-time DocMagic client and has been an early adopter of hybrid eClosings since processing its first hybrid eClose in 2018. The lender’s subsequent implementation of RON technology and eNotes has taken its closing, post-closing, funding, and loan sales to the next level. Moving forward, Atlantic Bay will widen the use of RON technology and continue to work closely with settlement providers to expand its footprint in digital originations and closings.
DocMagic’s Total eClose solution gives Atlantic Bay users the ability to easily access the platform directly from a seamless integration with its loan origination system (LOS). Total eClose provides an end-to-end paperless workflow that seamlessly connects every component of the closing process. It includes use of DocMagic’s eDocument library with integrated eSign technology, automatic generation of a MISMO Category 1 SMART Doc® eNote, eNotary technology for all 50 states, direct MERS® eRegistry of the eNote, and secure storage in its certified eVault.
Total eClose leverages the precision-based accuracy of DocMagic’s intelligent, dynamic document generation capabilities. It also integrates tightly with DocMagic’s AutoPrep™ solution that e-enables any 3rd-party documents to execute eClosings.
About DocMagic:
DocMagic, Inc. is the leading provider of fully compliant document generation, automated compliance, eSignature and comprehensive eMortgage solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops award-winning software, mobile apps, processes, and web-based systems for the production and delivery of compliant loan document packages. The company’s solutions connect industry participants, promote collaboration, and ensure data integrity to execute precision-based digital lending transactions. The company’s compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit https://www.docmagic.com/.
About Atlantic Bay Mortgage Group:
Founded in 1996, Atlantic Bay Mortgage Group® is a privately owned national mortgage lender headquartered in Virginia Beach, Va. The company offers conventional and other home loans and reverse mortgage services. Atlantic Bay has been recognized as a Top 100 Mortgage Company in America, Best Mortgage Company, Most Enjoyable Place to Work, and an Inc. 500 Fastest Growing Company. Through its AB Cares program, the company has donated more than $2 million to charities and participated in events that promote the passions of our customers, employees and neighbors. For more information, visit the company’s website https://www.atlanticbay.com/ NMLS #72043 (https://www.nmlsconsumeraccess.org/) is an Equal Opportunity Employer. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.
Media Contact:
Joe Bowerbank
Profundity Communications, Inc. for DocMagic
949-378-9685
jbowerbank@profunditymarketing.com
