Docutech Insights

The Three Trends that Dominated MBA Tech 2017

Posted by Shannon Barrow on Apr 7, 2017 9:00:00 AM

The Three Trends that Dominated MBA Tech 2017Digital Mortgages, Customer Experience Innovations and Mobile Platforms Are Changing the Face of Mortgage Lending

 

The mortgage industry recently gathered in Chicago for the Mortgage Bankers Association’s 2017 Technology in Mortgage Conference. This annual event brings together the brightest and most innovative companies in the industry as they wrestle with the issues that face mortgage lenders across the country.

 

This year, AOL co-founder Steve Case set the tone for the conference in a keynote that addressed the growing intersection of the digital world and the physical. This means that nearly every company in every industry – mortgage lenders included – is a fintech firm. For financial institutions, this means that technology drives the processes for providing their financial services.

 

And with the costs of mortgages rising to $7500 per loan and volume expected to drop 15% in 2017, lenders and technology companies alike were discussing the best ways to leverage innovations to improve margins, speed up the loan process and better serve borrowers.

 

Three primary innovations that lenders are investing in to meet the demands of the market are tools to implement a digital mortgage, software with a focus on customer experience and the embrace of mobile platforms.

Digital Mortgages Ramping Up

Probably the most popular buzz phrase in Chicago was digital mortgage. The success of consumer-facing software, such as Rocket Mortgage, has increased the adoption speed of digital mortgages. But like any buzz phrase , digital mortgage means different things to different people.

 

To be clear, the move to digital is one that replaces every piece of physical paper in the mortgage process. This means electronically completed applications, digital disclosures, underwriting, eClosing and delivering the loan electronically to the investor or servicer.

 

A major part of the digital mortgage is having document software that can support the digital generation, delivery and signing of disclosures and closing documents. Lenders need document engines that can dynamically generate electronic documents based on the data in the LOS and deliver those documents digitally. The lender also needs to have tools in place that make it easy for the borrower to sign the documents electronically while still supporting traditional paper fulfillment for those customers who prefer or need to wet sign their documents.

Mobile Tools Put the Customer Experience First

The other two big trends we heard at MBA Tech are related -- the embrace of mobile tools and a focus on technology that builds a strong customer experience. Mobile is the future of financial services. In the banking world, mobile banking, remote check deposit capture, P2P payments, and mobile wallets have been some of the fastest growing segments of consumer products. And potential borrowers are embracing mobile with their home purchasing as well. Zillow reported last fall for example that more than half of all home buyers already apply for their mortgage online, and on average, 80% of millennials use mobile devices or apps to help with the home buying process. This could be everything from researching listings to choosing a lender to modeling financial scenarios.

 

And when consumers use mobile apps, they are not comparing those apps against other lenders or banks. Consumers expect an experience on par with their music players, YouTube or Facebook. It has to be intuitive, functional and secure without being a hassle to sign in.

Docutech’s Solex Provides the Best eSign Platform for Mortgages

At Docutech, we’ve been tracking these three trends closely for the past few years, and the time was right for us to launch Solex™ this year. Solex is our all-new eSignature solution that provides borrowers with an intuitive, easy-to-use experience while giving lenders an auditable platform with the industry’s most trusted eVault. One of the most innovative features of Solex is its full mobile support, which automatically scales the documents and signing workflow based on the borrower’s screen size.

 

Erik Knight, Vice President of Operational Risk and Compliance for New Penn Financial, explained why his company was one of the first to roll out Solex. “Borrowers today expect to conduct financial transactions anywhere at any time of day,” he explained. “With the mobile eSignature capabilities provided by Solex, we can meet our customers’ expectations and bring them closer to their dream purchases quicker and more efficiently.”

 

With costs rising and volume dropping, now is the time to invest in software that will help you take the next step toward a fully digital mortgage, leverage mobile platforms and keep borrowers engaged with a strong user experience. Solex helps lenders make the leap into eSignatures for their mortgage documents.

 

Want to get started? Request a demo or more information today.

Learn how Solex, Docutech’s new mobile-optimized eSignature platform, can improve the customer experience and support an efficient and compliant loan process

Topics: Technology