DocMagic, Inc., one of the mortgage industry's leading providers of loan document and automated compliance technologies, is offering its eSign platform to any user at no cost. DocMagic's eSign solution gives users the ability to capture electronic signatures for any document saved in a PDF file format. It digitally seals those documents to prevent fraud, provides access and audit trail capabilities, document versioning, and email notifications. As a result, organizations save paper, time and money using eSign.
The eSign Solution works by leveraging DocMagic's proprietary ClickSign technology, which has traditionally been used by borrowers to electronically execute agreements, disclosures and notices provided in conjunction with a mortgage transaction. DocMagic has taken this technology to a new level by enabling open access to this innovative system - for free.
"We developed eSign to be used for any document purely as goodwill for the industry, and we did it for free to encourage greater adoption of electronic signatures," said Dominic Iannitti, president and CEO of DocMagic. "I strongly believe that our offering will revolutionize the way documents are signed by creating a domino effect among companies using it. We are laying the foundation for other software vendors to follow suit and our aim is to reduce the need to rely on paper and help organizations go green."
Iannitti added: "Using our eSign solution to sign sensitive documents such as contracts, NDAs and proposals is as legally effective, valid and enforceable as documents that are printed and signed in ink. When multiple parties are involved in signing a document, that document is often printed several times, then faxed or emailed, and the process is repeated until all signatures are collected. This manual method will eventually become obsolete and we're jump-starting that movement in the mortgage space."
Setup and use of the platform is quick, easy and completely free to anyone interested in using it. An application programming interface (API) is available that provides a collection of XML-based Web services that enables seamless integration with any platform. As a result, data can easily be passed from eSign to various back-office systems. DocMagic's eSign solution has been officially released and is now available at www.docmagic.com.
I have worked for Don Iannitti in the past (though I don't work for him now) and have found him to be one of the brightest and most innovative executives working in our industry. I do not doubt that he will get a lot of attention with this move.