Atlantic Bay Mortgage Group Surpasses 10,000 Paperless eClosings

Atlantic Bay Mortgage Group, a national independent mortgage banker, has successfully processed more than 10,000 paperless eClosings. The tech-savvy lender is utilizing DocMagic’s Total eClose platform, with eNote generation, integrated eVault technology, and compliant document production. Together, the solution set has helped catapult Atlantic Bay into an industry-leader position in eMortgage lending and complete digitization of the closing process.

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.

“We are very excited about the immense success we’ve had and continue to experience with DocMagic’s Total eClose solution,” stated Christina Brown, Chief Operations Officer at Atlantic Bay. “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.”

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,” stated 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.”

Brown added: “More than anything, our success has been predicated on being early adopters of RON and eNotes, helping settlement agents become comfortable with DocMagic’s software, working closely with our warehouse lenders and investors to accept eNotes, and having a ‘just do it’ attitude toward eClosings with eNotes. All of the legwork that we performed before, and in the early days of the pandemic, helped us gain a lot of experience and were able to execute thousands of eClosings. It’s now become a competitive advantage for us.”

Atlantic Bay is a long-time DocMagic client and has been an early adopter of hybrid eClosings since processing its first hybrid eClose in 2018. The lender’s subsequent implementation of RON technology and eNotes has taken its closing, post-closing, funding, and loan sales to the next level. Moving forward, Atlantic Bay will widen the use of RON technology and continue to work closely with settlement providers to expand its footprint in digital originations and closings.

DocMagic’s Total eClose solution gives Atlantic Bay users the ability to easily access the platform directly from a seamless integration with its loan origination system (LOS).  Total eClose provides an end-to-end paperless workflow that seamlessly connects every component of the closing process.  It includes use of DocMagic’s eDocument library with integrated eSign technology, automatic generation of a MISMO Category 1 SMART Doc eNote, eNotary technology for all 50 states, direct MERS® eRegistry of the eNote, and secure storage in its certified eVault.

Total eClose leverages the precision-based accuracy of DocMagic’s intelligent, dynamic document generation capabilities. It also integrates tightly with DocMagic’s AutoPrep solution that e-enables any 3rd-party documents to execute eClosings.