TheMReport

MReport March 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 7 MTECH via APIs easily. With developers innovating on the Encompass Lending Platform, we are speeding innovation, building a connected ecosystem, and driving efficiencies for all participants." Ellie Mae said that the summit offers best practices, strategies, and techniques to help developers drive innovations across the Encompass Lending Platform that increase automation, operational efficiencies, and pro- ductivity for lenders. This year's Experience conference theme, "Driving Innovation Home," encourages attendees to take the digital mortgage journey while participating in exclusive training, sessions, and network- ing geared toward helping lenders: 1) origi- nate more loans through a better consumer engagement model and greater service differentiation; 2) lower costs of origination by removing friction from the mortgage process and introducing technology to gain efficiencies; 3) close loans faster, whenever and wherever; 4) connect to the community of Encompass customers, partners, and de- velopers and participate in innovation; and 5) make better decisions faster, using data and insights. Streamlining Loan Closing WHAT ARE THE CHALLENGES FACING TODAY'S MORTGAGE CLOSING ENVIRONMENT? A digitally advanced mortgage market has thrown up challenges for lend- ers especially in the loan-closing space. From meeting timeframes to making sure that consumers have an accurate and consistent experience, lenders often come across roadblocks in providing a seamless consumer experience while closing a loan. According to Andy Crisenbery, SVP and Managing Director of Lending Solutions at Black Knight, these challenges could include the closing not being well coordinated. Consumers, Crisenbery said, will get "mul- tiple copies with the same information that they need to review and sign, versus just being able to login to a portal and provide their information one time and end up with a timely response on where they are." From the lender's perspective, he noted, the process was all about making sure that the consumer remains engaged in an auto- mated, consistent manner while providing them a status of where they are with the loan application and transaction. The fact that various lenders use differ- ent eClosing methods can also complicate the process. However, technology is helping lenders to not only expedite the process of closing a loan but also streamlining it in a "way that provides the least disruption for the lending and closing community." "There are good opportunities to change the interactions with end users for both communities in a way that doesn't require anyone to change operational processes or technology platforms that may be in place today," Crisenbery said. "Our approach to introducing technology to improve the closing is to enable the most electronic way to close a loan based on the jurisdiction's requirements, the product, and the partici- pants involved without disrupting technol- ogy and operational considerations for each." Black Knight launched an enhanced version of its Expedite Close solution that uses advanced intelligence to determine the best way to close a loan based on lender preferences and jurisdictional requirements, whether they are wet-ink, digital, or hybrid in nature. The new solution supports eClose, eNotary, and eSign as well as traditional wet-ink mortgage closings while instantly analyzing packages of static loan documents. It creates live, searchable data from their contents and determines which documents can be signed digitally. From the consumer's point of view, this kind of technology helps in significantly enhancing the borrower experience, whereas from the lender's perspective, its post-closing capabilities aggregate and fully audit all documents to deliver a unified, searchable closing package. Crisenbery also stressed on the time and cost savings associated with the way lend- ers implement eClose or eMortgage. These could range from a few hours to several days, along with the financial savings of the technology involved, which ranges from $40–$50 all the way up to $260–$270. "Savings can range all the way from a cost savings of around $35 or $40 just to implement eDelivery or eSignature capabili- ties to help with parts of the loan package, all the way up to $260 through an electronic close," Crisenbery said. "A true eMortgage includes operational savings with either eliminating or minimizing manual tasks associated with the loan, all the way to time and financial savings with getting the loan completed more quickly and the cost of money during that time frame. MetaSource Accepted to S&P List THE COMPANY WILL FOCUS ON SETTING NEW STANDARDS FOR SPEED, QUAL- ITY, AND ACCURACY IN MORTGAGE DUE DILIGENCE. M etaSource, a mortgage quality control services and technology provider, has been accepted to the

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