Docutech Insights

How to Ensure a Solid eSignature Experience

Posted by Harry Gardner on Aug 30, 2016 9:00:00 AM

How to Ensure a Solid eSignature Experience

For most industries in which signing on the dotted line concludes the transaction, putting a solid eSignature experience in place is pretty straightforward. Many companies simply push a signature pad across the desk instead of a paper document. Things aren’t quite that simple in the mortgage business. Here, we ask borrowers to sign many documents throughout the entire mortgage process. Some of the docs must be executed early in the process, others at least three days prior to close and then even more at the closing table. Establishing a consistent, easy-to-use, seamless eSigning experience for the borrower across the entire mortgage origination timeline has been problematic in the past. Not anymore.

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Topics: Customer Service

2016 ESRA Summer Meeting Recap

Posted by Harry Gardner on Aug 23, 2016 9:00:00 AM

2016 ESRA Summer Meeting Recap

With most conferences we attend, there are multiple speakers and comprehensive sessions spread out across several days; however, in the case of this year’s Electronic Signature & Records Association (ESRA) Summer Member Meeting, immersive sessions and speakers were jam packed into one in-depth day.

 

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Topics: Technology

Three Often Overlooked Things Every CIO Should Ask About Loan Document Software

Posted by Docutech on Aug 16, 2016 9:00:00 AM

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CIOs have a unique perspective on a financial institution’s technology investments. Operations and sales managers evaluate the impact a new tool might have on efficiency, cost savings or ease of use. The CIO and CTO, on the other hand, also need to ensure that the software works, is secure and can grow with the bank or lending institution.

When it comes to loan document preparation software, there are some specific areas every CIO is concerned with. Regardless of a specific institution’s needs, any loan document software should be able to answer four key questions:

1. Is it secure? Cybercrime is one of the biggest threats facing financial institutions today, and loan documents handle sensitive personal consumer data. One of the most important questions CIOs will ask is how the software ensures data security.

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Topics: Technology

3 Things Consumers Demand for an Optimal Signing Experience

Posted by Docutech on Aug 9, 2016 10:58:42 AM

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In every person’s life there are significant moments that will stick with them forever--graduating high school, moving out of Mom and Dad’s house, purchasing their first car and of course buying their first house. While the process of buying a home can be one of the most exciting times in a person’s life, today’s complicated home buying process can quickly put a damper on the situation.

 

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Topics: Customer Service

4 Things Borrowers Hate About Getting a Mortgage

Posted by Docutech on Aug 2, 2016 10:08:28 AM

rsz_istock_81143815_xxxlarge.jpg Buying a new home is a major milestone in a person’s life. It’s also one of the most stressful and difficult financial transactions most people will ever undertake.

 

Good lenders have always focused on making the home buying process as smooth and stress-free as possible. However, regulations passed over the past five years have overwhelmed lenders to the point where they have to pay more attention to highly complex laws, leaving the customer experience as an afterthought. With a minefield of investor and regulator rules to traverse, making sure that the consumer is enjoying the process is difficult to master.

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Topics: Customer Service

Courts Laying the Foundation for Paperless Mortgages

Posted by David Aach on Jul 26, 2016 9:00:00 AM

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When it comes to paperless mortgages, lenders know what the advantages are – lower costs, more flexibility and a faster closing process. But despite the advantages ditching paper provides, widespread adoption of paperless mortgages has been extremely slow.

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Topics: Technology

Time to Change Your LOS? Maybe, it’s Time to Change Your Mortgage Doc Technology Too

Posted by Harry Gardner on Jul 21, 2016 9:00:00 AM

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Experienced mortgage origination executives will tell you that lenders tend to change their loan origination systems (LOSs) about every five years. There are many reasons for this, but the most common is that the firm’s top lending executives switch companies and want to manage their operations in ways that made them successful in the past. They tend to bring their LOSs with them into their new institutions. Increasingly, when a lender changes its LOS, we also see them taking steps to change out their mortgage document technology as well.

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Topics: LOS Integration

Battle Royale: The Struggle Between SMART Docs and PDF Forms for Mass Acceptance

Posted by Harry Gardner on Jul 8, 2016 9:00:00 AM

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Do you remember Beta videotapes? How about 5.25-inch floppy disks? Eight-track tapes? Each of these technologies fell victim to a rival format – VHS, 3.5-inch floppies and cassette tapes – which in turn have all faded away as better technologies like DVD, CD-ROM and MP3 have become available.

 

The mortgage industry has a similar showdown looming. With lenders and investors rapidly adopting more electronic documents to better comply with TRID and save time and money, two eDocument formats have squared off.

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Topics: Technology

Delivering an Excellent Consumer Experience in the Mortgage Loan Process

Posted by Harry Gardner on Jun 28, 2016 9:00:00 AM

Docutech_wp_blog_2.jpgIn our recent white paper, “A New Home, A New Life - Improving the Borrower Experience” we talk about ways lenders can be a part of the homebuyer’s home purchasing bliss instead of an annoying part of a difficult process that the consumer would rather do without.

 

In a previous post we talked about the things that have the most impact on the borrower’s experience. Lenders have the capacity to deliver excellent customer experiences today, but it requires them to make the right decisions about the technology they employ, the processes they follow and the partners they choose.

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Topics: Customer Service

They’re Baaaaack: CFPB to Reopen TRID Rulemaking

Posted by Fred Gooch on Jun 21, 2016 10:20:13 AM

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For much of the past 18 months, the mortgage industry has been solely focused on one thing—TRID. And although the TRID deadline has come and passed, the industry is not quite finished with the recent guidance. Just when you thought it was safe to get back in the water, the CFPB has reopened its TRID rulemaking.

 

According to a letter sent by Director Richard Cordray on April 28 of this year, the CFPB intends to revisit rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule, specifically around the Know Before You Owe mortgage disclosure forms. In addition, the Bureau announced the Notice of Proposed Rulemaking will most likely be issued in late July 2016.

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Topics: Compliance