When you consider the eMortgage process: taking a paper file filled with mortgage lending documents that was executed according to complex rules and converting that into an electronic computer file that is just as legally binding as the paper, it’s a little easier to understand why it has taken nearly two decades of work to get the industry as close to that idea as we are today.
Within today’s digitally-driven mortgage environment, new terms and phrases are often created in support of changes within the industry. While these industry terms can often be complex in scope, they are related to a very specific process or procedure within the mortgage space and must be used correctly to avoid confusion amongst lenders and borrowers. For the most part, interchanging industry lingo is avoidable; however, in certain situations two terms may sound extremely similar but relate to two very different aspects.
Now that we’re more than halfway through 2017, let’s take a pause and reflect on the trends that have shaped our industry the most this year.
Today’s mortgage industry CEOs are focused on digital transformation because it holds the key to competitive advantage, as well as the way to improve efficiency and lower costs. To make the leap from traditional mortgage loan origination to the digital mortgage, CEOs must drive optimization and transparency while also delivering an excellent customer experience.
As production expenses per loan rise to the highest level ever and lenders continue to strive to not only digitize but streamline their operations, dynamic document packages are increasingly important.
In our previous blog post, we explored eMortgage’s complex past and how the convergence of multiple technological and legal developments enabled eMortgage to arrive at its present state. But where exactly is eMortgage today?
To refresh, eMortgage refers to the electronic completion of the entire mortgage documentation and closing process, including document generation, delivery, signatures, notarization, authentication, closing and validation.
In our previous blog, we discussed executing in the modern mortgage business. It is important to identify the right doc prep solutions provider who is capable of getting the software implemented exactly right, by deadline.
Lenders spend a lot of time and money selecting the partners and technologies to trust with their origination businesses. The stakes are high. From a compliance standpoint, vendor management is a significant concern. And then finding that a prospective partner who has made it all the way through the due diligence process doesn’t have what it takes to implement effectively can be very frustrating.
