Digitization is transforming the mortgage industry

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Digital Transformation is a hot term and is used by many, but what does it really mean? 

If you are like the majority of lenders, your early disclosures are signed electronically.  A much smaller percentage of lenders utilize a POS and even fewer close their loans electronically. Of the few lenders closing electronically, an even smaller number have an eVault and produce eNotes.  Why is there so much talk focused on:  “get Digital or get left behind”?  The questions surface: How do I do this, who should I trust,  and where do I start? These questions are typically unanswered,  and lenders are left paralyzed, causing many to say “we’ll look at it next year”.  Over the last six quarters we have witnessed a 100% increase in lenders entering into Digital Transformation.  The process takes time,  and there is not a “one size fits all”.  Starting this process begins with a in-depth view of your current process and environment.  The second step involves visualizing and vocalizing what you want your new processes and environment to become.

Once your early disclosures are being signed electronically, the next step is to select a POS and then an eClosing platform. To complete this step requires that more questions be answered;  for example, Does my LOS integrate with the POS I think I want?  Are the docs I use e-ready and is my document preparation provider flexible and willing to work with me through this process?  With regard to the eClosing platform I like, do the POS and eClosing platform need to talk to each other?  After I eClose a loan, do the documents end up back in my eFolders?

This process can be challenging, there is not a “one size fits all” solution for each lender.  You need a partner in that process, and Elite Digital Advisors can be your partner.

Below are some of the questions asked by lenders beginning the Digital Transformation adventure:

  • Does the LOS I am using affect my decisions on doc prep, POS, eClosing platform, and eNote/eVault?
  • Do I have to have a POS?
  • Do I have to eClose to stay relevant?
  • What are the benefits of a POS and eClosing loans?
  • If I cannot produce a full eMortgage,  does it help to do Hybrid closings?
  • What should I do first?
  • Who are the best in class technology providers?
  • Is it important that the vendors I choose be integrated together?
  • Will my investors and warehouse banks allow me to close eNotes?
  • Do Freddie and Fannie approve of these tools?
  • What happens if my LO’s do not embrace the new technology I implemented?
  • Will this cost me more money or save me money?
  • What vendors should I trust?
  • How does improved technology give me a competitive advantage?
  • How long does this Digital Transformation take?

 As your trusted advisor, we will help you through this process,  provide answers to your questions,  and give you a roadmap to follow in this journey.