Mortgage Industry Revving Up Digital Mortgage Innovation in the Motor City

Motor City revved up a different type of engine last week as lenders and vendors roared into Detroit to debate, explore, and test out the latest innovations driving the mortgage industry at the 2018 Mortgage Bankers Association’s Technology Solutions Conference and Expo. Across the many sessions and meetings, three major themes dominated the show: customer experience, digital mortgage, and data security

 

As these overarching themes intertwine and intersect, Docutech’s drive to deliver innovative document solutions to help lenders become as “e” as possible has never been stronger.

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Customer Experience Drives Everything

Borrowers today expect instantaneous service. Lenders have been working tirelessly to meet those expectations by adding online and mobile options and leveraging technology that drives unnecessary delays and costs out of the mortgage process.

And while many lenders assume this demand for 24/7 access is driven by Millennial borrowers, mobile commerce has become the standard for everyone. More than ever before, borrowers want to do business online – and increasingly – on mobile.

During the conference, several sessions revolved around building a better customer experience. Every aspect of the loan process – mobile app interface, online loan portals and near-instantaneous loan decisions – is up for evaluation and innovation.

As lenders compete to deliver digital experiences to their customers, every tech decision is being made with the borrower in mind – how does this work for the end user? Is it secure? Is it easy to use? Nowhere is this focus on the consumer more evident than in the most customer-facing aspects of lending – documents and disclosures.

Docutech’s comprehensive Solex platform, integrated with the ConformX dynamic doc gen engine, is designed to help lenders deliver the optimal experience to their borrowers. Solex provides lenders the choice of eDelivery, eSign, eClose, eVault, and soon Customer Communication Management.

Whether the borrower wants to transact via their mobile device or home computer, Solex provides an easy-to-use, uniform user experience across all channels. Now, the customer can review and sign documents on their schedule – anywhere, any time and on any device. Moving beyond just e-signatures, Solex provides a seamless digital mortgage closing solution for agents, lenders and borrowers through one common platform.

eClosing - Shifting Digital Mortgages into Gear

Forward momentum is certainly being made in the world of eClosing. At the MBA Technology Conference, we announced that our Solex eClosing and eVault solution received approval by Fannie Mae for eClose, eNote, and eVault functionality. And, in conjunction with Solex’s Fannie Mae approval and MERS certification, Docutech announced that a top five retail mortgage originator had executed its first eClosing using Solex, including registering an eNote on the MERS eRegistry and delivering it to Fannie Mae.

At Docutech, we’ve been advocating that lenders become as “e” as they can be. No matter which state you operate in, every lender can implement some of the pieces of the digital mortgage puzzle to deliver a more streamlined experience for their borrowers. The Solex eClosing platform, in partnership with Simplifile, provides lenders with a comprehensive Integrated eClosing solution, with eSigning efficiencies from initial document generation through post-closing. Docutech and Simplifile’s intelligent eEligibility engine analyzes each closing package to be as “e” as it can be, according to state, county, and investor variations. Hybrid options include eSigning of ancillary documents, plus options for SMART Doc eNotes, eNotarization and eRecording.

Focus on the Safety Features Demanded by Data Security

As the industry advances towards digital mortgages, the focus on digital security continues to heighten. HousingWire reported that in one session on cyberattacks, an online anonymous poll of the audience found that 28% of respondents indicated they had experienced a general cybersecurity breach, with 11% reporting they had experienced a breach that impacted their customers as well.

The risks of identity theft increase every day. These issues aren’t only concerns around technical “gaps,” but also how hackers use social techniques to separate users from their usernames and passwords.

At Docutech, we know there are no easy answers to data security. In addition to complying with the latest best practices for cybersecurity, we’ve also built our Solex eVault to provide full document storage, management and security, as well as the ability to transfer, store and control electronic loan files. This not only provides a secure digital storage repository for documents, but it also provides borrowers, settlement services and loan officers a more secure method to sharing files than email.

As lenders continue to ramp onto the mobile super-highway, they will have many options for meeting the demand for digitally-driven mortgages. By incorporating innovative solutions now that not only enable borrowers to receive and sign all their documents electronically in a secure setting, but also optimize the end-to-end lending process, today’s mortgage professionals will be well positioned to thrive in the coming years.

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