DocMagic, Inc. has opened a 12,000 square foot print fulfillment center near its Torrance, Calif. headquarters.
DocMagic said the high tech “supercenter” will support lenders’ growing need for secure, compliant paper documents as the mortgage industry transitions to a 100 percent digital mortgage process.
“Ironically, DocMagic’s increasing need to produce paper documents results from the growing number of lenders using our technologies to transact paperless mortgages,” DocMagic President and CEO Dominic Iannitti said in a release.
Iannitti said even lenders with 100 percent digital processes need to produce paper documents due to paper fallout, which is when borrowers do not respond to email requests for eSigning within required timeframes or they specifically ask lenders to revert to paper documents.
“Simply creating a print fulfillment center wouldn’t have been an adequate solution because high risk is inherent in handling paper fallout,” Iannitti said. “We needed a fulfillment center based on technology that eclipses any process — manual or automated — currently being used to process paper documents. Fortunately, this is where DocMagic excels. We created a fulfillment supercenter that operates at the height of automation in the mortgage equivalent of a sterile environment. We’re very proud of what we’ve built.”
The fulfillment center uses biometric authentication and video monitoring to provide auditable assurance that only authorized individuals access the building and specific areas within the structure, and advanced technology automates nearly every step of the paper process, the company said.
“UETA [Uniform Electronic Transactions Act] requires that consumers be allowed to opt out of electronic processes at any time, but that’s just one compliance issue lenders need to address,” Iannitti said. “The key difference between DocMagic and a basic software provider is DocMagic’s core focus on providing a legal and compliant process. Unlike other providers, we’ve automated and integrated that opt out option within our workflow so lenders can avert risks that arise when transitioning to another system or vendor.”
DocMagic said it plans to open additional regional print centers across the U.S. over the next several years to support its expansion into other types of consumer loan programs.