In the past, lenders looking to move toward digital closings had to navigate a complex environment. With the right technology, many are now able to benefit from paperless workflows that can seamlessly integrate every component of the loan closing process automatically.
For many lenders – especially those that sell off their production to government-sponsored enterprises, wholesale lenders or aggregators – the digital journey in loan processing culminates in an electronic closing (eClosing). While the enabling federal legislation for electronic transactions was passed by Congress in 2000, the complexities of the lending business put eClosings beyond the reach of many mortgage lenders. Now, that is changing.
Download the POV paper to explore five steps to more efficient, automated eClosings.
A recent study revealed that 93% of lenders are planning a move to hybrid eClosings involving a blend of electronic and ink-signed documents in 2022
– Source: Lender Perspectives on the 2022 Market, STRATMOR Group, February 2022