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History of eMortgage, Part III

Posted by Docutech on Oct 19, 2017 9:00:00 AM

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When you consider the eMortgage process: taking a paper file filled with mortgage lending documents that was executed according to complex rules and converting that into an electronic computer file that is just as legally binding as the paper, it’s a little easier to understand why it has taken nearly two decades of work to get the industry as close to that idea as we are today.

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Topics: Technology

Clearing Up the Confusion: eSignature vs. Digital Signature

Posted by Docutech on Oct 10, 2017 1:30:00 PM

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Within today’s digitally-driven mortgage environment, new terms and phrases are often created in support of changes within the industry. While these industry terms can often be complex in scope, they are related to a very specific process or procedure within the mortgage space and must be used correctly to avoid confusion amongst lenders and borrowers. For the most part, interchanging industry lingo is avoidable; however, in certain situations two terms may sound extremely similar but relate to two very different aspects.

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Topics: Technology

Evaluating the CFPB – Cash to Close and the Down Payment Problem

Posted by Docutech on Jan 5, 2017 9:00:00 AM

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Recently, we provided a comment letter for the CFPB. We covered a great deal of ground in our letter and could only give you the briefest of overviews in our post. After it was published, the post got a lot of attention and we were asked for more specifics about our comments.

 

We’ll dive a bit deeper into the information we sent the CFPB in order to answer those questions. The first topic we want to tackle is the Cash to Close table and the issues surrounding it, especially the potential confusion facing borrowers in situations where closing costs are financed.

 

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Topics: Compliance

Docutech CEO Earns Vanguard Award from HousingWire

Posted by Docutech on Dec 13, 2016 9:00:00 AM


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Ty Jenkins founded Docutech with a vision of how to simplify the mortgage loan document process and guarantee compliance. Twenty-five years later, Jenkins has led Docutech to become one of the nation’s premier mortgage document and software providers. He has become an expert and resource regarding compliance issues and document automation in the industry.

 

As a testament to his accomplishments, Jenkins was recently honored by HousingWire as one of the 2016 Vanguard Award recipients for his leadership in the mortgage industry. The award honors leaders who have had an undeniable influence on the housing economy, and Jenkins’ efforts have allowed our company to be at the forefront of growth within the mortgage market.

 

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What’s Next for eNotarization

Posted by Docutech on Dec 6, 2016 9:00:00 AM

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Recently, our own Harry Gardner penned an article for the October issue of Mortgage Banking magazine entitled, “The E-Notarization Challenge: 50 States of Grey.” As Gardner pointed out there, getting all 50 states to fully support electronic notarization is a serious challenge facing the industry. We need to overcome it if we hope to have end-to-end electronic mortgages.

 

We caught up with Gardner recently and asked him for an update on the status of eNotarization and what has changed.

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Topics: Technology

2016 MBA Annual Convention Recap

Posted by Docutech on Nov 17, 2016 10:17:57 AM

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It’s that time of the year again! No, not Thanksgiving or Christmas, I’m referring to the MBA Annual Convention. Just a few short weeks ago, the best and brightest minds in the mortgage industry headed to the industry’s most important event of the year with the goal of absorbing as much information as possible from the various keynote speakers, sessions and other attendees moving about the convention center.

 

The 2016 MBA Annual Convention took place in windy Boston, Mass. where close to 200 of the mortgage industry’s leading companies showcased their latest and greatest innovations for hundreds of attendees, including a surprise appearance from actor Kevin Costner. In years past, technology has taken center stage at MBA and this year continued along that same theme.

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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

Get Rid of the Forms! Data Driven Events Smooth User’s Loan Experience

Posted by Docutech on May 24, 2016 9:00:00 AM

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In the early days of mortgage lending, the only way to ensure that the transaction would meet all of the state, federal and investor requirements was to use the right forms. Each type of loan came with a pre-defined stack of documents that would have to be completed in order to correctly process the transaction. As government regulators worked to make the process safer and more understandable to consumers, additional disclosure forms were added to the stack. Today, a typical loan file, containing all of the required forms, could be many inches thick.

 

As the industry has worked to get the paper out of our systems and adopted more electronic documents, lenders initially just created digital versions of the original paper documents and created electronic stacks that mirror in all respects the original loan documents from which they sprang. This was a good first step, offering both the industry and consumers many advantages, including lower costs to originate and store the loan documents and the convenience of electronic signatures for consumers. But in the end, we’re still dealing with static forms and that’s a problem.

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Topics: Technology

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