QRL Financial Services (QRL) will use DocMagic, Inc.’s eVault technology to purchase eNotes, both companies announced.
The companies said the deal makes QRL, a provider of residential services for community banks and credit unions, one of the first investors outside of Fannie Mae and Freddie Mac to begin purchasing eNotes.
“QRL is a farsighted organization, and by implementing eVault technology now, they stand to capitalize on marketplace opportunities as eNotes continue to gain adoption,” DocMagic President and CEO Dominic Iannitti said in a release. “We tend to partner with early adopters like QRL, who will reap the benefits of their industry insight. We look forward to the success they realize by utilizing our eVault and supporting technology.”
QRL said implementing an eVault will increase its business by extending its reach to lenders that are ready to perform eClosings and sell eNotes.
“Consumers will expect and demand a closing experience that is more timely, convenient and informative,” QRL Managing Director Alex Rivera said. “QRL’s ability to purchase and service eNotes will allow the credit unions and community banks that we service to stay ahead of the technology curve as they compete with the larger institutions in the race to improve the mortgage experience.”