A maker of a mortgage loan underwriting system is adding the ability to electronically produce loan documents to its platform.
LendingQB, based in Costa Mesa, Calif., has upgraded the capabilities of its loan origination system with software from DocMagic. Torrance, Calif.-based DocMagic's software helps mortgage professionals create, execute and deliver accurate loan documents, the companies said Tuesday.
According to the companies, DocMagic will let users complete mortgage forms without leaving LendingQB's browser-based platform or toggling between systems, and to identify errors in mortgage forms automatically.
"Metrics that we track in our system revealed that people were spending entirely too much time keying data and changing loan information in the document provider's system, and then having to go back and reconcile the data in our LOS," Binh Dang, president of LendingQB, said in a news release. "The interface we developed with DocMagic aids in our goal of cutting clients' loan production labor costs in half."