Finding the Right Digital Mortgage Implementation …...Finding the Right Digital Mortgage...

The right technology and implementation partner provides expertise and peace of mind during all phases of the transition to eClosings:

Finding the Right Digital Mortgage

Implementation Partner

It’s imperative that lenders adopt new strategies if they want to sustain themselves and compete effectively in today’s new mortgage landscape. Given the industry’s declining volumes, margin compression, increased outside competition and widespread consumer demand for an online experience, lenders must consider digital mortgage processes or risk losing business to outside entrants that deliver what borrowers want — a quick and simple loan experience.

Recent surveys conducted on lender readiness to facilitate digital lending processes revealed that most do not have a solid plan for implementing the right digital solutions for their specific business needs.

Boosting customer satisfaction throughout the lending process

A “Getting Started Kit” on digital mortgage strategy and supporting

eService technology

A hands-on approach to client service --- advisory and solution-oriented

in nature

The flexibility to support any and all eClosing Platforms

Strategies for maximizing user adoption throughout the eClosing process

© DocMagic 2018 | 800.204.4255 | [email protected]

Finding the Right Digital Mortgage Implementation Partner

Boosting Customer Satisfaction

Creating a positive borrowing experience is essential for lenders to maintain and increase their market share. This is particularly relevant today, as mortgage loan volumes decline. A recent JD Power study indicated that almost a 25% of homebuyers expressed regret over their choice of lender. This was based on poor experiences resulting from a higher than average incidence of problems, lack of communication and unmet promises. The study also indicated that even borrowers who were happy with their lender and the terms obtained, they still felt they had to jump through hoops to get those terms.

One of the most effective ways for lenders to provide a positive mortgage experience is to conduct mortgage loan transactions through the borrower’s preferred medium, namely online and mobile. Mobile applications allow borrowers to benefit from the ease, accessibility, and familiarity of their smart devices when sharing information, collaborating and communicating with their lenders.

Ultimately, the borrower experience impacts their choice of lender. In terms of choosing a lender, consumers look at speed, ease of use, transparency and customer service.

• More borrowers expect digital. The percentage of borrowers wanting a pure or partially digital lending experience continues to increase exponentially. This preference includes applying for and completing the loan process online. Other industries have made borrowers accustomed to faster, more intuitive and seamless online buying experiences.

• Borrower experience impacts choosing a lender. In terms of choosing a lender, consumers look at speed, ease of use, customer service and transparency of the loan process.

• Speed matters a lot. Speed of the overall process is an important factor that affected borrowers’ choice of lender.

• The mortgage process must be easy. Consumer-facing screens and workflows must be accessible and intuitive, or adoption will suffer.

• Borrowers want better mobile apps. While the mortgage process presents different challenges from consumer loans, borrowers want features that lenders don’t provide in mobile apps, such as rate, product information and affordability calculators.

• Borrowers want streamlined lender interaction. Mortgage borrowers want an easier, faster and more secure way to get loan status and to provide important loan condition information. They want to be in the know at all times. A lack of transparency easily results in deal fallout.



eClosing Platforms

The digital implementation roadmap is not one-size-fits-all. Nor is it smooth sailing every time. Implementing any variation of eClosing requires guidance from a vendor with years of 100% paperless digital and hybrid eClosing expertise. Guidance with automated workflow architecture, synchronized testing, internal education, planning, and a robust go-to-market strategy is critical to long-term digital mortgage success.

While the interactions between lenders and borrowers are frequent enough for them to remember if the experience was painful, they are not nearly frequent enough for borrowers to remember what is required of them. Digital closing solutions significantly reduce borrower pain points by walking them through the process. Notifications and alerts keep them engaged while validation wizards ensure they are entering the right information at the right place.

Lenders building the case for digital mortgages have reached the conclusion that eClosings support three very important business drivers.

1. A better borrower experience by simplifying closing and providing greater flexibility regarding the entire closing experience

2. Faster funding and delivery into the secondary market

3. Significantly improved loan quality and reduced need for pre- and post-close QC, documents don’t go missing and everything gets signed --- in full compliance

Hybrid Hybrid Hybrid

Paper NoteeNotarization of Documents

All otherdocumentselectronic


eNotePaper Notary Documents


Paper NotePaper Notary Documents


eNoteeNotarization of Documents

Complete Electronic



A robust, feature-rich, easy-to-understand digital mortgage platform simplifies and streamlines the mortgage loan process. It removes duplicate and unnecessary steps and ensures full compliance with not only federal and state laws, but also lender- and investor-specific requirements.

A successful digital mortgage model helps reduce front cycle times from application-to-close, as well as back cycle times of closed-loan-to-purchase by investors. By accelerating business cycles, digital mortgages can help mortgage lenders dramatically improve their financials. Intense regulations, shifting consumer expectations and competition from outside the industry—coupled with low to flat volume growth— are creating new challenges for traditional mortgage lenders.

In theory, it is possible for an investor to purchase a digital mortgage loan the day it closes because the underlying closing data has already been vetted and verified by GSEs. Faster sales are a major benefit to mortgage originators because they keep the lenders’ interest expenses low and free up liquidity to fund more loans quicker.

With the right digital mortgage solution, borrowers should be able to access their documents anytime from any online device. They can search for documents using keywords and phrases, which makes it much easier for them to find the information they need. Borrowers won’t need to comb through piles of paperwork because all of their documents are tagged, electronically stored, and easily accessible.

eClosing Platform

Uploador Integration

e-EnableDocuments

Digital Deliveryof Any Document

Consumer Reviewof docs.apect/

acknowledge andeven design

Collaborationbetween lender,

closing agent, title,attorney, etc...

Communication withany stakeholder

Pre-Closing

esign

eNotary

Scan & Digitize“wet signed Docs”

Register eNote onMERS eRegistry

Closing

Consumer Accessto closing documents

eVault for storingloan

Sell and ship loan(eRegistry and

eDelivery)

Post-Closing

Securely sharedocuments with

everyone involved

Allow eachstakeholder to

prepare for closing

Digitally close in anyof 4 types of closing

Keep Customers forlife with tools & other

enhanced services


Maximizing user adoption:

Partnering with an experienced digital mortgage technology provider allows lenders to spend and managerial efforts on bringing to market innovative, high-quality loan products while offering the latest and most stable digital mortgage technologies. An experienced technology partner has already developed and integrated the solutions and supporting implementation, training and adoption strategies needed to deliver a secure, scalable, flexible and reliable digital mortgage platform, one that results in success.

Arriving at a strategic business and technology plan to map out the entire eClosing transition is a key area where selecting the right implementation partner becomes mission-critical.

Partnering with an experienced vendor should include:


• A strategic business and technology plan to map out the entire project in orchestrated phases

• Focused training of staff, title agents, notaries and partnering with realtors prior to roll-out

• Maximizing user adoption with intuitive design and elegant workflow

• Synchronized testing of a configurable eClosing platform

• Giving borrowers the choice of in-person or remote eNotarization technologies

A hands-on approach:

Digital mortgages require lenders to evaluate, acquire, assemble, integrate and absorb many new technologies. While they bring numerous benefits, digital mortgages can also bring complications to digitally under-informed lenders. It’s important for mortgage executives to find a digital mortgage implementation plan that offers both manageability and safety. Start with the end in sight, not just some digital-oriented application. Start with selecting the right technology, the right implementation provider, a trusted advisor, a long-term partner.

Finding a vendor with not only deep experience but also the flexibility to customize and collaborate is key to user adoption.

DocMagic has many years of 100% paperless digital and hybrid eClosing expertise. We’ll work with you through

every step of your digital workflow transition.

Find out how easy it is to get [email protected] or 800.204.4255


Partnering with a digital technology provider allows lenders to focus their spending and managerial efforts on bringing out innovative, high-quality loan products while accessing the latest and most stable digital mortgage technologies.

Contact us today to get started. [email protected] or 800.204.4255

MERS® Number

Investor to sell to

Funder/Warehouse Line

Takeout Investor

A company to Service the eNote

Title Company to work with on the eClosing

Your eClosing “Getting Started Kit”

Finding the Right Digital Mortgage Implementation …...Finding the Right Digital Mortgage...

Documents

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