The New (and not just improved) eMagic

This blog is dedicated to providing news and insights to mortgage originators that they might not be getting elsewhere. I try hard to cover many topics and events that have little or nothing to do with my company (eMagic) and it's parent company (MGIC), and if you look back at the archive of this blog, you'll see that to be the case. But once in a while I'll have something about my company to share that is legitimate news, and that is the case today.

eMagic released an upgrade over the past weekend, and it goes far beyond the realm of 'New and Improved'. Most people know eMagic as a popular option for getting DU and LP approvals, and while that will always be a part of what we do, it'll soon be only one part of a much bigger picture. As a comparison think about cellphones. At first (and not that many years ago) merely having a phone you could actually keep with you and use from any location seemed revolutionary. But now we have Blackberrys and iPhones and Treos that have so many features that the phone feature is almost an afterthought. And so it shall soon be with eMagic. Loan officers will be logging on to eMagic from any number of different computers to originate files, complete loan apps, generate disclosures, calculate loan scenarios, collaborate on paperless loan files, and . . . . oh yeah- run files through DU and LP! So forget what you know about eMagic today, and keep an open mind about a whole new way of doing things.

Although we've been piloting new functionality in eMagic for months, we've just recently made some of those features available to anyone who wants to use them. In fact, you can sign your company up for a free 180-day trial of a couple of these new features- eMagic Trio (paperless file storage and collaboration) and our new web-based contact and lead management system. To go directly to the free trial signup page, click here. Here's a quick overall summary of our recent release:

• Loan Folder screen- This new screen is designed to be your electronic web-based loan file, giving you access to your loan data, imaged documents, calculators, data entry forms (1003, GFE, TIL, disclosures) and DU/LP ordering through your eMagic lenders, all from one location. When you import FNM files from your LOS like Calyx Point you now land on this screen, but most of our other new features give you even more reason to key your loan in from scratch at eMagic anyway, rather than starting the process in your old LOS.
• More credit providers- We're adding credit vendors as quickly as we can, and have just added 50 more through a partnership with MeridianLink. To see the complete list, click here.
• Loan Comparison Calculator- This new calculator in eMagic gives you a convenient way to run loan scenarios for prospects anywhere you can get online, and leave your borrower with a very professional and easy-to-understand printout
• Contact and Lead Manager- Use eMagic to manage your contacts and leads, and you'll have access to your lead and loan pipeline in one location on the web, anywhere you can get online. Owners and managers have the ability to run lead pipeline reports and track progress. Click here to sign up for your free trial of this premium feature.
• Pipeline Segregation- If, like most companies I talk to these days, your office is encouraging the LO's as well as the processors to use eMagic, you should definitely take advantage of this simple but important feature. It basically lets you give certain employees access to only their own files in the eMagic pipeline, and others access to all files. To learn more, click here.

These new features are indeed exciting, and they're a great start on our goal to provide low-cost, web-based technology to originators of all types and sizes. But this release is only the beginning. Keep watching for more, and let us know what you think, what you need, and how we can help!