MReport December 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 5 MTECH Brandt, President, First American Docutech. "For smaller lenders though, it's been challenging to compete with the larger financial institutions on a level technology playing field. Now, through a new integration with Encompass, lend - ers can easily implement our suite of solutions with very limited effort, enabling them to digitize their process from point-of-sale origination through closing, and on to secondary market delivery." Ellie Mae, a part of Intercontinental Exchange, Inc., is a cloud-based loan origination platform provider for the mort - gage industry. The combination of Encompass with First American Docutech provides lenders with higher efficiencies towards enabling an end-to-end digital mortgage experience. "We are thrilled to expand our digital solution suite integration within Encompass," Brandt said. "As a long-time Ellie Mae partner and market leader in dynamic document generation and eClos - ing, we recognized the need to provide lenders with more options and the ability to choose the right solution at the right time based on their unique strategy. This new integration model was designed with small- to medium- sized lenders in mind to give them the ability to close more loans, faster and deliver a superior customer experience." Setting New Bars in Digital Closings COLLABORATION BETWEEN ROCKET MORTGAGE AND AMROCK DRIVES SIGNIFICANT GAINS IN THE DIGITIZATION OF MORTGAGE CLOSINGS. R ocket Mortgage, America's largest mortgage lender, and Amrock, one of the nation's largest providers of title insurance, property valuations, and settlement services, deliv- ered 90% of all digital closings with eNotes through the first three quarters of 2020, accord- ing to data provided by the Mortgage Electronic Registration System (MERS) eRegistry. In just the first nine months of 2020, Rocket Mortgage and Amrock, both subsidiaries of Rocket Companies, have more than doubled the number of digital closings they completed in all of 2019. The growth of eClosings was accelerated by the COVID-19 pandemic—a change which is sure to stay now that there is widespread adoption and demand from clients. Digitizing the mortgage experience and removing manual steps in the closing process increases efficien - cy, ensures that every transaction is consistent and reduces oppor- tunities for human error—such as missing signatures on the closing documents, which is one of the most common closing errors. "Rocket Companies is dedicated to using technology to simplify our clients' financial experiences. Just as Rocket Mortgage digitized and revolutionized the applica - tion, processing, and underwriting of the home loan, our mission is to end the mortgage experi- ence in the same way," said Brian Woodring, Chief Information Officer of Rocket Mortgage. "A digital closing is more secure, streamlined—and faster—but in a pandemic it also means there can be more social distancing and cli - ents can stay safe while achieving their financial goals." Consumers seeking a virtual closing experience can participate in a remote online notarization (RON). With RON, all docu - ments are signed and notarized electronically while speaking with a notary using online audio video technology. Rocket Mortgage and Amrock complete RON closings using the proprietary Clear Sign platform from Rocket Companies subsidiary Nexsys Technologies, among others—which allows notaries and clients to perform digital closings from virtually any location at any time. Twenty-nine states have passed RON legisla - tion, with 25 of them already con- ducting RON transactions today. Rocket Mortgage clients nationwide can participate in a hybrid digital closing, where the client and notary meet in person and most documents are signed electronically—but some are still signed with pen and paper. Lastly, clients in 34 states can close their mortgage with an in-person electronic notarization (IPEN). This technology allows clients to electronically sign all documents while the notary is present. IPEN closings can reduce delays caused by missed signa - tures because the closing docu- ments can't be submitted until all signatures are completed. In 2019, Rocket Mortgage be- came the first mortgage lender to offer digital closings nationwide. Continuing to build on their heritage of innovation, Rocket Mortgage and Amrock part- nered in July to complete North Carolina's first-ever RON closing. "Amrock is focused on pro- viding our signing agent and mortgage lender partners the best process for the clients they serve. That means using technology to make the mortgage closing safer, more secure, more accurate, and easier for everyone involved," said Brian Hughes, CEO of Amrock. "We have gone all-in on digi - tal closings, and we are glad to see clients benefitting from our technology for a better closing experience. We will continue to promote the expansion of digital closings nationwide, and we look forward to digitizing more and more of the home loan process." In addition to digital closings, Amrock is also leading the indus - try in the execution of electronic promissory notes, or eNotes, which are created, signed, and managed digitally. By digitizing the note, the legal contract portion of the mortgage, lenders can fully leverage all the aspects of the digital closing process. Rocket Mortgage created the first end-to-end digital mortgage experience that allows clients to apply, customize their loan, get approved and lock their rate online. It was also the first lender to create a mobile app that offered a simple, easy-to-use interface for clients. Today, 98% of all home loans originated by Rocket Mortgage utilize its digital technology. Both Rocket Mortgage and Amrock continue to ap - ply digital solutions to simplify the home loan process for all Americans. Cloud-Based Solutions for Mortgage Lending CALYX ANNOUNCES INTEGRATION WITH THE MORTECH PRODUCT AND PRICING ENGINE. C alyx, a provider of com- pliant mortgage software solutions used by banks, credit unions, mortgage lend- "Lenders of all sizes are focusing on digitizing as much of their loan process as possible to optimize the borrower experience, maximize loan production, and reduce costs." —Amy Brandt, President, First American Docutech

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