MReport March 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 7 MTECH as 83% of millennials and 94% of Gen Zs would use agents utiliz- ing more immersive techniques. Just 63% of Gen Xers would switch to those featuring 3D tours. "It's clear that property listings with only static photos will no longer be viable options," said Jay Remley, Chief Revenue Officer of Matterport. "An immersive 3D experience is what buyers and sellers want—and it pays off. Properties sell 20% faster and close up to 9% higher price with a Matterport 3D tour." Respondents from both groups agreed that offering 3D tours would improve the competitive edge of a listing. Also, 92% of prospective buyers would be more likely to buy a home if the property listed had an immersive 3D tour available. Approximately 90% of pro- spective buyers reported that an immersive 3D tour allows them to take "digital measurements" of rooms, walls, doors, windows, and more. More than half (55%) of pro- spective buyers said they would buy a property sight-unseen if a 3D tour was unavailable. Quicken Loans Leverages Docutech's ConformX Platform THE PRODUCT IS DESIGNED TO BE "THE INDUSTRY'S FIRST TRULY DYNAMIC DOCUMENT GENERATION ENGINE." D ocutech has announced that Detroit-based Quicken Loans has gone live with Docutech's ConformX dynamic document engine. "Docutech's flagship solution, ConformX, was specifically devel- oped to deliver the industry's first truly dynamic document genera- tion engine, providing a balance of productivity and compliance," said Ducutech in a statement. "Rather than static documents, ConformX integrates with a lender's loan origination system (LOS) to produce data-driven documents that are dynamically generated and placed into the ap- propriate package. Every relevant data field is imported, defaulted or automatically populated through rules-based intelligence and calculations to ensure the most streamlined document experience possible. ConformX supports first mortgage, second mortgage and home equity loans—as well as the industry's growing consumer lending needs." In late 2015, Quicken Loans introduced Rocket Mortgage, the first fully digital mortgage ex- perience. Now, 98% of all home loans originated by Quicken Loans utilize some aspect of Rocket Mortgage technology. The integration with ConformX will allow Quicken Loans to more simply generate mortgage documents, helping enhance the lending process. "As a company driven by providing the best, most client- centric solutions, we are excited to be working with Docutech to implement ConformX," said Tim Birkmeier, Chief Revenue Officer for Quicken Loans. "Their prod- uct allows us to automatically generate documents, eliminating any potential for human error, which helps our clients get to the closing table faster." "Docutech's ConformX engine is the industry's leading solution for creating document packages and now supports more than 30% of the nation's total mortgage volume representing over $500B in loan value as measured by the 2019 HMDA report reflecting 2018 volumes," said Amy Brandt, presi- dent and CEO of Docutech. "We are thrilled to support Quicken Loans in providing smart, compli- ant, and streamlined mortgage origination documents to enable borrowers to benefit from a more efficient and straightforward mort- gage experience." SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport

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