The industry has been consistently moving closer to digital becoming the standard format for originating, closing and selling mortgages. However, the actual eClose has been one aspect of the digital mortgage transaction that has complicated the progress towards paperless becoming the industry norm. But integrated eClosing solutions are now becoming a reality to benefit the borrower, lender, title and settlement.
Docutech and Simplifile recently announced Solex eClosing, an integrated solution that brings together the leading provider of document and compliance technology for mortgage with the nation’s largest network for connecting lenders, settlement agents and county recording offices. Now, there is a seamless eClosing solution for agents, lenders and borrowers that allows each transaction to be as digital as possible.
4 Key eClosing Objectives:
1. Streamline eMortgage processes via an integrated and scalable solution
2. Automate the entire mortgage manufacturing lifecycle from initial disclosures to post-closing trailing documents
3. Optimize the experience for the borrowers, settlement provider and closing staff
4. Gain a Competitive Edge with insight into local jurisdiction and investor acceptance
Solex eClosing provides a complete digital workflow through tightly integrated industry-leading platforms seamlessly connected to leading loan origination systems (LOSs).
Through Simplifile, Solex eClosing enables borrowers to eSign every document, from initial disclosures through closing and title. With tight integration to ConformX, the industry’s leading dynamic document library, documents are tagged for eSigning automatically eliminating manual labor and missed signature points. Title and Settlement can easily add their documents through a consistent portal to be included in the eClosing. When ready to close, the closing agent enters Solex through Simlifile creating a consistent experience for title and settlement.
Through Simplifile, Solex eClosing also provides eNotarization for any eligible documents within the platform. And unlike most solutions, the path to digital doesn’t end at closing. If the note is signed electronically, it will be automatically registered with the MERS eRegistry. Meanwhile, Settlement can perform their post-close review of the file electronically via Simplifile including electronic recording and return of the security instrument. Lastly, the agent’s workflow also includes electronic return of the final title policy, seller Closing Disclosure and disbursement dates.
Optimize & Gain a Competitive Edge
The move to digital only works when all stakeholders are a part of the process. Solex eClosing drives adoption by providing a consistent experience for the borrower, your settlement provider and closing agents. Solex eClosing enables every loan to be as digital as it can be, while ensuring that the documents, signatures and notary seals are accepted at a local level as well as by your investors.