LoanCare, a Virginia Beach, Va.-based subservicer, can now service mortgages registered with MERS as e-notes by using DocMagic's e-vaulting technology.
DocMagic has an existing integration with the MERS eRegistry system that registers originated or purchased loans as e-notes. Following registration, the e-note is transferred to DocMagic's e-vault, and that will allow the underlying mortgage to be serviced by LoanCare.
Loan details that are stored in the eVault can be referenced and reported on, so that in the event of an audit, LoanCare can provide proof of compliance for its clients for the TILA/RESPA integrated disclosures and other rules and regulations.
LoanCare subservices approximately 1 million mortgages with a total unpaid principal balance of $200 billion.
"As states continue to adopt more convenient notarization for consumers to enable digital signing of mortgage documents, we anticipate greater market acceptance that will drive the ease in which loans are originated," LoanCare President Dave Worrall said in a press release.
"One example was North Carolina's recent achievement of its first ever e-closing — our servicing of that electronic mortgage loan utilized DocMagic's technology."
Separately LoanCare entered open-end home equity lines of credit subservicing business, using the Consumer Loan Workstation module of Black Knight's LoanSphere MSP.
"The commitment to servicing such loans is a key strategic initiative of LoanCare, enabling us to service both closed-end mortgage loans and HELOCs," said Worrall in the press release.
"Our new fulfillment offers expanded servicing products to our clients and provides us with market differentiation. Additionally, our investment in technology and training, coupled with our experience in default services, allow us to service both performing and nonperforming HELOCs."
LoanCare is a subsidiary of ServiceLink, which until recently was under the Black Knight brand. However, ServiceLink remained part of Fidelity National Financial following the completion of the title insurance underwriter's divestiture of its remaining stake in Black Knight.