January 2017 - The World's Local Bank

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 7 process quickly. This, in-turn, can lead to improved lead capture and conversion rates, which result in a greater number of loans closed and increased profits. ConsumerAssist has customizable features that include branding for Web pages for both loan officers and branches. "In today's competitive mort - gage marketplace, customers are seeking new ways to attract bor- rowers and to do more with less, while maintaining high service levels," said Jason Regalbuto, CEO and CTO of OpenClose. "ConsumerAssist is ideal for lend - ers looking to add a high impact web and mobile presence that provides an outstanding consumer experience. The solution allows visitors to start the lending pro - cess themselves without having to first speak to a loan officer. At the end of the day, ConsumerAssist is about increasing leads and decreasing origination costs for lenders." ConsumerAssist is inte - grated with OpenClose's LOS, LenderAssist, and it can be easily added to lenders' existing web- sites. ConsumerAssist can also be integrated with CRM software and other third-party applications, and can be implemented and customized in as little as 30 days in some cases. OpenClose's DecisionAssist product and pricing engine (PPE) provides instant decisioning at the point of sale, thus giving lenders the flexibility to offer on-demand program eligibility and pricing, according to OpenClose. Freddie Mac Releases List of Confirmed eMortgage Dealers THE GSE WILL GRANT THESE COMPANIES ACCESS TO ITS ENOTES TO SIMPLIFY MORTGAGE DOCUMENTS AND FACILITATE ONLINE PROMISSORY NOTES. F reddie Mac has released a list of companies that were granted access to use eNotes, its eMortgage solutions technology. eNotes simplify the mortgage process by allowing companies to create, sign, and store electronic promissory notes. The Joint GSE eMortgage Outreach Survey Findings on the State of Industry Adoption, a joint survey conducted by Freddie Mac and Fannie Mae with supervision from the Federal Housing Finance Agency, found that lenders are more inclined to lead the eMortgage process. The report also found that warehouse banks, servicers, and title/settlement partners would embrace the technology, if requested by their lending partners. Digital Delivery, eSign Systems, Fiserv, and Pavaso were all ap - proved to use eNotes. DocMagic and eOriginal are currently un- dergoing the full review process, but have provisional approval to use the system. Samuel E. Oliver III, VP of Transformation Management at Freddie Mac, mentioned that the eMortgage solution had to adhere with certain conditions before being brought to vendors. "The eNote is a critical document that needs to meet the 'transferable record' requirements of electronic transactions laws. In other words, it has to be a single, unique, unaltered, authori- tative copy and there are special technology requirements that the mortgage industry has designed to comply with these requirements," he said. "Whether sellers build, buy, or license it, the system must facili - tate the creation, signing, trans- fer, and storage of the eNote to comply with these requirements. That's why we took the extraordi- nary step of publishing this list of approved vendors." DocMagic Announces First Start to Finish Paperless Digital eClosing IN AN "INDUSTRY-ALTERING" ACHIEVEMENT, DOCMAGIC DELIVERED APPROVAL OF A CLOSING JUST SECONDS AFTER THE DOCUMENTS WERE SUBMITTED—AND WITHOUT A SINGLE PIECE OF PAPER INVOLVED. D ocMagic, Inc., a national provider of loan document preparation and compre- hensive eMortgage services head- quartered in Torrance, California, announced the completion of the start-to-finish eClosing using its Total eClose solution system in Massachusetts. Total eClose's all-encompassing system incorporates eSignature- enabled SMART Documents, World Wide Notary's (WWN) eNotarization services to electron - ically notarize documents, MERS eRegistery access, a secure eVault, and Investor eDelivery to execute a seamless eClosing. The solution keeps track of progress by logging and storing all activity. Santander Bank played an integral role in the eClosing process by serving as the eWare - house lender. Tim Anderson, Director of eServices at DocMagic, described the prompt- ness of the eClosing process using Santander Bank. "We helped test and implement an eWarehouse process to eDe- liver acceptance of the eNote to Santander Bank within seconds after the eClosing was completed. This is an industry-altering achievement," Anderson said. DocMagic was selected as one of 12 participants in the Consumer Financial Protection Bureau's (CFPB) eClosing pilot project in 2014, which helped ex - plore the benefits of digital mort- gage technology. After the pilot was deemed a success, DocMagic continued to further develop and perfect its eClosing solution. Dominic Iannitti, President and CEO of DocMagic, dis - cussed the process of digital closings and what they mean for the mortgage industry. "There are a few mortgage-technology vendors that have been work - ing to deliver an eClosing for some time now, but they have all fallen short in various ways," he said. "Most of these solutions are merely hybrids that require certain documents to be executed on paper and often force lenders to maintain numerous complex integrations. With Total eClose, however, you work with a single vendor on a single platform, and clients need to only access DocMagic or the company's SmartCLOSE system to seam - lessly and compliantly fulfill paperless closing." MTECH "The eNote . . . has to be a single, unique, unaltered, authoritative copy and there are special technology requirements that the mortgage industry has designed to comply with these requirements." —Samuel E. Oliver III, VP of Transformation Management, Freddie Mac

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