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A Lender’s Checklist for Selecting the Right Digital Closing Solution
Racing to realize eClosings? Be sure your digital closings provider checks these boxes before getting started.
Implement eClose Successfully
Having implemented digital closing programs for leading mortgage lenders, we know what it takes to start fast. So, we put together this checklist of criteria so that you can make sure your digital closing systems can help you implement eClose at full-speed.
To generate real business results with digital closings, lenders need a digital closing solution that meets most, if not all, of the following criteria.
Improve the borrower experience
- Document preview: Borrowers can review their documents prior to the day of the closing
- eSigning: Borrowers can electronically sign their loan documents
- eNote: Borrowers can electronically sign the promissory note
- In-person electronic notarization (IPEN): Borrowers can electronically complete the notarized documents in-person
- Remote online notarization (RON): Borrowers can remotely complete the notarized documents online
- Customizable eSign policy: Borrowers can eSign on the day of the closing or days in advance
- Single sign-on: Borrowers can use one login for their entire mortgage experience
- Modern design: Borrowers enjoy a simple, intuitive user experience
- Chat: Borrowers, lenders, and settlement agents can communicate in one place
- White labeling: Borrowers see your brand in the digital closing interface
Security, compliance, and accessibility
- Audit trail: Automatically logs key actions taken by each party on a closing
- MISMO certified: Meets MISMO’s eClose standards
- ADA compliant: Meets ADA accessibility standards
- SOC II compliant: Meets SOC II security standards
- CFPB compliant: Allows lenders to pass fees onto borrowers, in compliance with the CFPB/TRID
- GSE/GOV approved: Approved by Fannie Mae, Freddie Mac, and Ginnie Mae
- Underwriter acceptance: Accepted by your title underwriters
Streamline your closing operations
- All closing types: Supports wet closings, hybrid closings, and eClosings
- All closing documents: Supports standard docs, custom docs, title docs, and security instruments
- 100% of loan volume: Supports all of your loan volume — no matter how the loan is closed
- Automated document sorting and tagging: Automatically splits packages into wet-sign and eSign documents and tags them with eSignature fields
- Document quality control: Reviews document sorting and tagging to ensure accuracy
- eVault: A turn-key solution to store, transfer, and register eNotes with MERS
Rapid implementation
- Settlement agent adoption: Adopted by most settlement agents
- Notary adoption: Adopted by notary signing agents and attorneys, who can conduct RON eClosings and mobile in-person closings
- LOS, document preparation, and POS integrations: Seamlessly plugs into your core systems
Digital closing experience
- Mortgage industry experience: Understands the nuanced requirements of the mortgage industry
- Mortgage closing focus: Core company focus is on the closing
- Successful customers: Has multiple lender clients who are closing the majority of their loans as hybrids or eClosings
