Atlantic Bay Mortgage Group, a national independent mortgage banker, reports that it has successfully processed more than 10,000 paperless eClosings. The lender said it was utilizing DocMagic’s Total eClose platform, with eNote generation, integrated eVault technology, and documents.
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.
“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,” said Christina Brown, chief operations officer at Atlantic Bay.
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,” said 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.”