LoanCare Leveraging DocMagic's eVault Technology for Servicing

VIRGINIA BEACH, Va., Oct. 20, 2017 /PRNewswire/ -- LoanCare, a ServiceLink company, announced today that it has begun utilizing DocMagic, a provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, in order to add eVaulting capabilities to its process. This allows LoanCare to begin servicing loans registered with MERS® as eNotes.

LoanCare is a subservicer operating in all 50 states, servicing more than 1 million loans. Clients of LoanCare can now begin servicing loans stored electronically as eNotes, using an eVault that is secure, compliant and scalable while providing process transparency.

"By utilizing DocMagic, we have established a competitive advantage and created the opportunity to store and subservice loans housed in an eVault, making us the premier subservicer for electronically closed loans," said Gene Ross, executive vice president of strategy and business development at LoanCare. "After performing a careful evaluation of vault providers in the marketplace, it became clear that DocMagic was the software company that could enable us to broaden our services for our clients."

DocMagic has an existing integration with the MERS® eRegistry system that registers originated or purchased loans as eNotes. After MERS® registration, the eNote is securely transferred to DocMagic's eVault, and then can easily and efficiently be serviced by LoanCare. Loan details that are stored in DocMagic's eVault can be referenced and reported on, so that in the event of an audit, LoanCare can provide proof of compliance for its clients such as TRID and other rules and regulations.

For all eNotes that LoanCare services, DocMagic retains a complete electronic audit trail, tracking every event and securely storing both data and documents for the life of the loan.

"As states continue to adopt more convenient notarization for consumers to enable digital signing of mortgage documents, we anticipate greater market acceptance that will drive the ease in which loans are originated," said Dave Worrall, president of LoanCare. "One example was North Carolina's recent achievement of its first ever eClosing – our servicing of that electronic mortgage loan utilized DocMagic's technology. By providing eVault services to our clients and the marketplace, we plan to continue to be a leader of technology and process innovation."

"With eClosings starting to gain adoption among lenders, LoanCare's use of our eVault opens up a substantial opportunity for them to capture market share while operating efficiently, cost effectively and compliantly," said Dominic Iannitti, president and CEO of DocMagic. "Our Total eClose™ single platform solution enables lenders to close loans without any paper involved whatsoever. The industry adoption of eClosings that we are seeing is significant. LoanCare is a visionary organization that has prepared itself to start servicing eNotes by harnessing the right technology ahead of the curve."

DocMagic's eMortgage solutions have been thoroughly vetted and approved by Fannie Mae, Freddie Mac and MERS® to compliantly support all three eMortgage categories for eVault, eNote and eClosing. In addition to its SaaS-based eVault, DocMagic also offers an on-premise eVault solution that is available through eSignSystems, a DocMagic owned and operated company.

About LoanCare, a ServiceLink company

LoanCare, a ServiceLink company, is a leading national provider of full service subservicing and interim subservicing to the mortgage industry and has offered its expertise and best practices in providing servicing solutions for others since 1991. At the present time, LoanCare subservices approximately 1,000,000 loans with over $200 billion in loan balances. LoanCare has a seasoned loan servicing team with senior managers averaging over 28 years of experience in the mortgage and financial services industry.

About DocMagic

DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. 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 www.docmagic.com.

SOURCE LoanCare