Centier Bank uses DocMagic’s eVault technology to accept and manage eNotes | national news

Indiana’s Largest Community Bank Becomes an eWarehouse Lender

TORRANCE, Calif., May 6, 2022 (SEND2PRESS NEWSWIRE) — DocMagic, Inc., the leading provider of compliant loan document generation, automated regulatory compliance and comprehensive electronic mortgage services, announced that Indiana-based Centier Bank , is now equipped to receive eNotes from their warehouse customers using DocMagic’s eVault solution. The move positions Centier to get more business as mortgage bankers increasingly adopt eClosing technology.

Founded in 1895, Centier Bank is Indiana’s largest private, family-owned community bank with more than 60 branches statewide. The bank is focused on excellence in customer service and providing a unique personal touch. Centier’s mortgage warehouse division serves as the trusted warehouse lender to mortgage bankers nationwide.

Centier implemented DocMagic’s eVault specifically for its warehouse mortgage business. DocMagic’s solution allows the bank to accept and fund eNotes from customers closing loans electronically. Company spokespersons at Centier say the business driver for implementing DocMagic’s technology was to facilitate ease of doing business with eNotes coupled with establishing future competitive advantage.

“We are confident that over the next 12 to 18 months, electronic note acceptance will gain significant industry adoption, both with mortgage bankers and end investors,” said Jim Taschler, vice president of the mortgage warehouse at Centier Bank. “As such, we want to have the technology in place to effectively manage this method of doing business. Centier is committed to investing in technology that facilitates doing business with us, which DocMagic’s eVault makes possible. The ease of use of the system and the simplicity of doing business will determine who leads the pack as the digital mortgage ecosystem grows. DocMagic plays a central role in transforming our bank’s business model. »

Centier’s eWarehouse lending process is now faster, easier, and quickly clears warehouse lines. Using DocMagic’s SmartREGISTRY™ system to register their eNote to the MERS® eRegistry, it is securely stored in DocMagic’s eVault platform. The new eWarehouse lending process cuts cycle times to minutes instead of days. The overall process of closing, financing and selling the ticket is effectively accelerated.

“Centier enjoys an excellent reputation in the state of Indiana for its exemplary service levels and community involvement,” said Dominic Iannitti, president and CEO of DocMagic. “Their decision to adopt an eWarehouse lending strategy is truly impressive and will ultimately reduce their origination costs and allow them to provide even better service to their customers. We are delighted to work with such a forward-thinking and technologically advanced bank. »

Taschler de Centier added: “While previously only GSEs accepted eNotes, we are now seeing more and more aggregators getting into eNotes as well. Everything is clearly going digital. When we see a trend in the secondary market, it supports our assertion. We are excited to accelerate and digitize our mortgage business with DocMagic. »

Adoption of eNotes has increased dramatically over the past two years, with more and more organizations in the mortgage supply chain realizing the benefits. As of April 1, 2022, the MERS® eRegister has reported over 1.6 million unique registered eNotes to date. The industry now has 23 different investors who can create, fund and buy eNotes. Additionally, the MERS® eRegistry currently has 30 warehouse lenders successfully funding eNotes. The list of companies now on the MERS® electronic registry continues to grow and includes originators, warehouse lenders, service agents, contractors, investors, federal mortgage lenders and custodians.

DocMagic’s eVault is used by GSEs, investors, services, warehouse lenders, banks, and other relevant mortgage entities. The eVault is integrated with DocMagic’s complete electronic closing process, giving lenders options ranging from hybrid variants to fully digital electronic notes and RON electronic closings.

About DocMagic:

DocMagic, Inc. is the leading provider of fully compliant document generation, automated compliance, e-signature and comprehensive e-mortgage solutions for the mortgage industry. Founded in 1987 and based in Torrance, CA, DocMagic, Inc. develops award-winning software, mobile apps, and web-based systems for producing and delivering compliant loan document packages. The Company’s solutions connect industry participants, foster collaboration and ensure data integrity to execute precision digital lending transactions. Company compliance experts and in-house legal staff continuously monitor federal and state legal and regulatory changes to ensure accuracy. For more information about DocMagic, visit https://www.docmagic.com/.

About Centier Bank:

Centier Bank is Indiana’s largest private, family-owned bank, with 62 branches statewide and more than 900 employees. The bank has retail banking branches in Allen, Boone, Elkhart, Hamilton, Lake, La Porte, Marion, Marshall, Porter, St. Joseph and Tippecanoe counties in Indiana. The bank was recently named Indiana’s #1 bank by Forbes magazine. Centier was named “Best Bank to Work For” in Indiana by American Banker and earned Hall of Fame status as “Best Places to Work For” by the Indiana Chamber of Commerce. Visit the company’s website to learn more: https://www.centier.com/.

Media Contact: Joe Bowerbank Profundity Communications, Inc. 949-378-9685 [email protected]


This press release has been issued on behalf of the source of the information (DocMagic, Inc.) which is solely responsible for its accuracy, by Send2Press® Newswire. The information is believed to be accurate but not guaranteed. Story ID: 81497 APDF-R8.5

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