Leading into the upcoming Digital Mortgage Conference, positive momentum in the mortgage industry is helping to fuel increased excitement and investment in platforms aimed at making a true end-to-end digital mortgage a reality. Thanks in part to lowered interest rates driving heightened consumer demand coupled with improved operational efficiency, lenders are optimistic about profit margins, with 53% of those recently surveyed expecting an increase.
As lenders strive to garner market share by delivering the best customer experience, investing in digital mortgage technologies can be vital to long-term lender success.
Given the growing expectation of a digital lending experience among millennium buyers, coupled with the cost savings and efficiencies for lenders, this year’s Digital Mortgage Conference will spotlight the importance of eClosing.
Approved by Freddie Mac and Fannie Mae for eClosing, eNote and eVault functionality, Docutech’s Solex eClosing platform has seen steadily-rising volumes and lender adoption. Since inception, Solex has now helped lenders eClose over 24,000 loans, providing faster closings and better borrower experiences, and happier closing agents.
In combination with Docutech’s dynamic document generation engine ConformX, Solex eClose enables lenders to automatically generate digital, data-driven documents in full alignment with rules-based intelligence and calculations to precisely meet the specific criteria of each loan. Furthermore, 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.
While the digitally-focused eClosing process certainly promotes an enhanced borrower experience through greater access, review, and eSign opportunities, Solex also provides significant benefits for lenders on the back end through automated return of eRecorded docs and data via our integration with Simplifile. By leveraging this technology, lenders can evolve from paper to hybrid or even full eNote eClose processes, which helps enhance loan quality, data accuracy, and compliance while further accelerating the loan process as a whole. Not only does this promote greater efficiency from an operational standpoint by removing reliance on outdated processes, it also provides significant cost savings and proven ROI for lenders willing to make the jump. How much, you ask?
For a lender originating 12,000 mortgages per year with an average loan value of $250,000, transitioning to a Hybrid eClose approach results in $155 in savings per loan, which adds up to a whopping $1.8M in savings annually.
Utilizing the same loan volumes as the previous example, if the lender were to utilize a full eNote eClose process, they could increase their cost savings to $224 per loan, resulting in more than $2.6M in annual savings. Because of the annual cost savings associated with each of these scenarios, lenders will benefit from a significant ROI of the fees associated with Docutech’s Solex hybrid eClose and full eNote eClose options.
Taking into consideration projected mortgage origination trends over the next 12 to 24 months, as well as growing demands from millennial buyers, the time to make the jump to a more digitized mortgage process has arrived. By investing in the right tools and determining the best methodology for managing the loan processes moving forward, lenders will not only improve the mortgage experience for their borrowers but can also capitalize on the significant benefits eClosing can provide them on the back end.
If you’re interested in learning more, you can schedule a meeting with us by clicking the button below, or swing by kiosk #204 on the Exhibit Hall floor at the Digital Mortgage Conference. In just a few minutes, we can run a personalized eClosing cost savings and ROI analysis report for you and we'll have an eClosing product expert on-hand to answer all your questions.
See you in Las Vegas!