Digital lending solutions provider DocMagic announced this week that it has added ADA-compliant mortgage loan documents to its document library. The new digital documents are accessible to visually impaired users and others with disabilities, unlocking opportunities for these consumers into the broader mortgage market.
“Much of modern lending technology is designed to give consumers the convenience to access loan documents in the ways that work best for them. It is imperative that our industry remains inclusive of all borrowers, and that we design solutions that are accessible to all. By creating ADA-compliant documents, we can continue to ensure that more borrowers are able to easily access, and participate in, the loan process,” Dominic Iannitti, the president and CEO of DocMagic, said.
To comply with the Americans with Disabilities Act (ADA), digital content must be free of barriers that may prevent those with disabilities from accessing information.
Mortgage lenders that implement ADA-compliant documents help promote equality and accessibility for disabled borrowers nationwide. Additionally, these documents help lenders mitigate legal complaints and resulting fines based on ADA standards.
The ADA-compliant loan documents added by DocMagic are dynamic, data-driven and designed to automatically identify and index critical document components during the document generation process, according to the company. ADA metadata tags are applied to each of these components within the documents.
The metadata tags function like HTML code, logically displaying a document’s organizational structure and content hierarchy, and include content-level details as well as descriptive text for images, logos, and other components. The tags also include specific semantic instructions designed to make all text understandable via an advanced Text-To-Speech (TTS) engine that accurately translates on-screen information into clear speech through earphones or speakers.
The new ADA-compliant documents have been implemented at scale by some of the nation’s largest financial institutions, the company said, enabling them to serve more clients and lead the way in providing a heightened level of customer support and user experience.
DocMagic provides end-to-end digital mortgage technology with an intuitive interface that can be used by staff, settlement providers, borrowers, and their agents without a steep learning curve. The company’s lending platform is designed to sustain and scale critical business processes, assisting lenders with paperless eClosings and third-party systems that leverage DocMagic’s data for compliant digital transactions.
This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.