In order to successfully introduce and deploy new technology, proactive change management is critical. As eClose adoption gains momentum, lenders who recognize the importance of laying the proper foundation early are experiencing positive adoption of this digital closing process. In collaboration with our partners at Simplifile, we have created a comprehensive guide for lenders interested in implementing eClose. Here are four key steps that every lender should consider. For a more comprehensive guide to implementing an eClose strategy, download, “E Closing: Lender Best Practices.”
- Be as “e” as You Can Be
A hybrid eClose process helps lenders improve loan quality, data accuracy and compliance while also accelerating the overall loan process. Not only does this promote greater efficiency from an operational standpoint by eliminating reliance on outdated processes, it also provides significant cost savings and an improved borrower experience. When it comes to pursuing these benefits, even a seemingly small step in the digital direction can have a significant impact. eClosing package types are classified based on the degree of accepted and allowable electronic signatures and range from ink-signed to fully digital. You can learn more about the details and benefits of each option in the full report, but the most important takeaway for lenders is to start making small changes as soon as possible to avoid being left behind.
- Champion the Cause
In order to successfully implement any change within an organization, employees must not only be accepting, but ideally excited. To this end, finding champions of the cause throughout the company is key to success. Executive sponsorship, operation leaders, sales leaders, department managers, operation team members, and compliance all must work off the same vision. Enlisting the help of key personnel to take ownership of the project and tout the benefits will help mitigate the fear of change that impacts any big transition.
- Drive Adoption with Key Stakeholders
While champions at the leadership level are crucial to the success of your eClose rollout, it’s equally important to have buy in from the stakeholders who will be impacted by the technology. The key stakeholders who drive adoption are borrowers, lender operations team members, the IT team, mortgage brokers and settlement agents. For widespread adoption to occur, the eClose experience must be intuitive, consistent, and repeatable. The eClose champions in the organization will play a key role in this process. Don’t second guess the decision and don’t let change-resistant staff derail the efforts. Remember, fully digital mortgages are coming sooner or later and laying the groundwork for eClose now will only improve things in the long run! For more information on driving adoption with each stakeholder group, download the full report.
- Complexities of Agent and Notary Support
One of the more complicated aspects of eClose rollout is successfully driving adoption among agents and notaries. The transition may be confusing and overwhelming from outside of the organization. To this end, it’s important to provide ongoing support. Our partner Simplifile provides technology and support to a growing network of over 17,000 registered settlement locations, easing adoption.
For a comprehensive guide on best practices for implementing eClose, download the step-by-step guide.