As we begin 2023, it's important for financial institutions to look ahead and consider how to enhance their digital capabilities in innovative ways to address changing customer needs, values, and economic conditions. According to Gartner's top 10 strategic technology trends for 2023, one of the key themes is "Scale," with an emphasis on Industry Cloud Platforms as the building blocks for organizations to create new and differentiated digital initiatives and experiences.
With numerous studies indicating that financial institutions intend to continue IT investments despite challenging market conditions, now is the time to ensure your lending institution is on the path to future success. One critical aspect of the larger digital mortgage experience is eClosing. eClosing, whether full or hybrid, can deliver significant time and cost savings, as well as improved loan quality and customer satisfaction. However, not all eClosing platforms are created equal.
To ensure you are getting the most out of your eClosing solution and that it is scalable for the future, here are seven critical components to look for:
- Robust, configurable technology that allows for quick modification of workflows without additional cost.
- Integrated, natively tagged document capabilities for reduced delays and errors, cost savings, and seamless eClosing without additional third-party involvement.
- Automated return of documents, data, and key milestone events for real-time status and transparency.
- eClose eligibility checks at the transaction level for faster, informed decisions.
- Features and user experience that promotes adoption by all internal and external parties from your mortgage loan officers and closers to settlement agents and servicers.
- Stand-alone document options for faster implementation.
- Full document lifecycle solutions to reduce overall solution complexity.
As the market shifts and lenders find themselves in a position of ramping up throughput with reduced resources, optimizing the productivity and efficiency of your closing solution will be imperative to staying competitive. By evaluating your eClosing solution against these critical components, you can ensure that your lending institution is not only keeping up, but leading the way in the digital mortgage industry.
Download the complete checklist, here.