Docutech Insights

Preparing for Electronic Mortgage Lending

Posted by Harry Gardner on Sep 20, 2016 9:00:00 AM

Preparing for Electronic Mortgage Lending 

Having been in the business of helping lenders on the path to paperless for a good portion of our 25 years of service, we have seen many management teams approach eMortgage. Because this territory is so new for many, some companies stumble or hold back when they are on the very cusp of updating their institutions for the future. Fortunately, today there are many great resources available for the lender who wants to prepare for and then enter the world of electronic mortgage lending.

 

Resources to help

Almost every lender knows of or has at least heard about the many benefits of going paperless. They understand the time and cost savings, the improvements to process flow and the compliance benefits. But too often they just don’t know enough to make the decision to move forward and they stall.

 

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Topics: Technology

What Happens when you Drive Loan Processes with Data

Posted by Justin Summers on Sep 13, 2016 9:00:00 AM

What Happens when you Drive Loan Processes with Data

The mortgage industry is a document-centric business; you can’t get around it. If they don’t have the right documents, financial institutions can’t sell loans into the secondary market. This is an exciting time, because that no longer means that documents have to be printed on paper. So in working toward that new electronic workflow, business should be no longer driven by the documents themselves, but rather the data contained in them.

 

Getting to data-driven documents

Initially, lenders created digital versions of the original paper documents lenders as they moved to adopt electronic documents. This was a great first step, but forced consumers to deal with static forms that are difficult to modify and caused time delays waiting on changes to be enacted. Data-driven documents, have dynamic data points that hold the required data for each individual loan.

 

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Topics: Technology

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