Mortgage Tech Rundown: DocMagic, Loan Vision, and ZestFinance
Mortgage Tech Rundown looks
at the latest news in mortgage technology, featuring new product updates,
integrations and announcements.
DocMagic, a provider of eMortgage services, launched a new mobile application that aims to provide borrowers with a transparent way to stay fully engaged with their loans — and lenders — throughout the mortgage cycle.
The application, LoanMagic,
includes real-time loan status, document uploads, eSigning, integrated
messaging and more. Notably, it is provided free to all DocMagic customers and leverages
a backend platform that delivers full interoperability with DocMagic solutions,
as well as other third-party mortgage software, according to the company.
“Bringing mobile functionality to borrowers and enabling lenders to connect with their customers is the end goal of most mobile applications in our industry — but at DocMagic, it is just the beginning,” says Dominic Iannitti, president and CEO of DocMagic. “LoanMagic isn’t an add-on. It’s a fully interoperable technology that fills a critical gap in the digital mortgage process. It is just as powerful as any of our flagship and award-winning technology.”
Loan Vision, a provider of financial management
and accounting solutions to mortgage banks, debuted two new functionalities for
their Quick Close tool.
The Quick Close Tool was designed to give customers more control, thus helping them reduce time spent in the month-end accounting closing process. The new updates, which are a system enhancement and the addition of Loan Vision’s new Budget & Forecasting Module, have just finished Beta testing and are ready to be deployed.
In a press release, the company explained that the Budget & Forecasting tool aims to provide lenders with a more streamlined process, especially for those who are forecasting manually but aren’t ready to make a substantial investment in dedicated software.
ZestFinance, an artificial intelligence software company
for the finance industry, announced an integration with MeridianLink,
a multichannel loan and new account origination platform.
the company, MeridianLink will integrate Zest Automated Machine Learning credit
scoring directly into its LoansPQ platform, therefore providing MeridianLink
clients with access to advanced machine learning for lending.
integration with MeridianLink removes the resource and risk constraints that
have made machine learning technologically challenging for lenders,” said Jay
Budzik, CTO of ZestFinance. “The partnership will increase the adoption of
machine learning and give more consumers access to fair credit.”