In The News

CUSO Leaps Over Hybrid eClose To Offer Fully Electronic Loan Closings

Superior Financial Solutions, LLC, a CUSO owned by Superior Financial Credit Union, has chosen DocMagic’s Total eClose solution for completely paperless electronic mortgage loan closings and is now performing eClosing ceremonies using Remote Online Notarization (RON) through its title agency subsidiary.

“When we decided to offer our customers’ members an electronic closing, we looked at the companies with the most experience,” said Kurt Neeper, President of Superior Financial Solutions. “DocMagic has gone further down this road than most, its user interface is one of the best in the industry, and its mobile capabilities are second to none. This is critical because most credit union members will be doing their remote closing on a phone or tablet.”

As a result, Superior won an industry award for being the first credit union in Ohio to provide a true, end-to-end eClosing solution to borrowers.

“Unlike many lenders who settle for a hybrid eClosing, Kurt took a different path,” said Dominic Iannitti, president and CEO of DocMagic. “Superior supports many credit unions with mortgage origination and consistently focuses on creating a great member experience. Kurt knew very early that delivering a fully paperless loan closing on an electronic tablet was the end goal and we were excited to help him achieve it.”

Neeper said DocMagic’s remote online notary functionality was key to its decision to partner because he said consumers are drawn to it for the convenience it offers. Further, he said DocMagic’s experience with eClose and Superior’s experience with DocMagic made them good partners.

“Unless you are actively working with clients in this area every day, you won’t even know what issues can arise,” Neeper said. “DocMagic had the experience and offered an integrated solution that already worked with what we were doing today. Plus, all of the other stakeholders – the GSE’s, MERS – already knew DocMagic and were working with them, so it made the overall approval process much more seamless.”