MReport December 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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28 | M R EP O RT FEATURE Federal Home Loan Banks, and a number of large aggregators. The good news is that they all allow for RON when their guidelines are followed. Compliant-First Digital Adoption Made Simple A fully digital, end-to-end mortgage transaction how- ever, goes beyond RON. Moving to digital processes for loans requires digital asset certainty— the knowledge that your loan is the authoritative copy, compliant, and legally enforceable. The right technology, specifically purpose- built platforms that ensure all aspects of lending are compliant, and streamlined and simplified processes. Whether you are creat - ing and holding your loans, or choose to pledge, transfer, sell, or securitize them, they need to be trusted throughout their lifecycle for the digital process to work. Under industry regulations, it is not sufficient to simply create and store a loan digitally. Lenders need to ensure their digital loans are sup- ported by an auditable and tamper- proof digital chain of custody and legal standing under UETA, ESIGN, and UCC. In addition, the loans should meet the six criteria of Safe Harbor industry standards to guarantee the secured party main- tains their security interest in each loan. eOriginal has been deliver- ing this capability to the financial services market for 20 years. Next Steps for Lenders T he growth of the digital mort- gage industry brings great op- portunity. With this opportunity comes an important responsibility to enable the smart digital growth of the mortgage industry through robust technology and the rigor of digital asset certainty standards that will protect the health of our financial markets My advice to lenders is to push the "go" button on digital closings that are as digital as possible, including options that are both hybrid and fully digital—because no matter what happens, when the COVID-19 pandemic is over, our new normal will look a lot different. Oftentimes, it takes a crisis to spark transformational change. This current pandemic has shown that we need to be prepared for any type of emer- gency, of any scale. It also shows that RON and digital mortgages have benefits for everyone—pro- viding speed, capital and opera- tional efficiencies, convenience, and business continuity. We also have the technology to meet legal and industry requirements, ensure compliance, and instill trust throughout the loan's lifecycle. . SIMON MOIR is Chief Product Officer at eOriginal, the leading platform for creating, managing, and monetizing trusted digital loans. Moir is responsible for eOriginal's product vision, strategy, design, and delivery across all industries, including mortgage, auto finance, marketplace lending, equipment leasing, and banking. Previously, Moir served as SVP and General Manager of Digital Mortgage at eOriginal. In this role, Moir was responsible for the successful execution of eOriginal's mortgage growth strategy, including the product roadmap, business development, sales, and solution delivery. 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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