The MReport’s webinar series last week presented a complimentary new webinar entitled "The Future of eClosings," presented by Altisource.
Technology has been quickly improving the mortgage industry the past few years, including having the ability to share and sign mortgage documents remotely. Now, with COVID-19 disrupting our world, eClosing isn’t just a convenience, it’s a vital necessity.
The webinar featured a panel of experts who explored the wave of innovations making it easier to purchase properties virtually, and how recent government regulations may impact the industry now and in the future.
You can register and listen to the webinar free by clicking here.
Featured speakers included Ben Hall, VP of Product, Altisource; David Kressell, COO, NotaryCam; Muthu Srinivasan, Chief Technology Officer, Planet Home Lending; and Jason Wright, Director of eMortgage Services, Lenders One.
Srinivasan outlines the way that eClosings benefit both borrowers and lenders. “EClosing makes the process easier and friendlier,” he said, adding the following:
- Digitally signing documents enhances the borrowers’ closing experience.
- Borrowers can preview closing documents in advance prior to the day of closing from the comfort of their own home.
- Borrowers can sign anywhere, anytime from any device.
- Digital pre-signing reduces the process from an hour or more to minutes.
- For lenders, all documents are correctly executed, simplifying the post-closing process.
- EClose drastically reduces funding errors and timelines by eliminating missed signatures or dates.
“This is only the tip of the iceberg,” he said.
Wright added, “one thing I’ve always loved about eClosing is that it’s a benefit to everyone who has involvement … lender, title company, notary, investor … and everything we do should be for the consumer, anyway.”
The eClosing process allows the borrower to read many pages of documents on his or her own time, rather than “pushing 150-plus pages back and forth," he said. “There is an efficiency for everyone involved.”
Hall calls eClosings the “best of both worlds.”
He noted that the missed signature, for example, is historically a problem. The elimination of that snag improves efficiency greatly, he said.
Some have said that the eClosing experience misses the personal touch.
Kressell said, in response to a listener’s question, that eClosings can vary depending on the practitioner, from full integration to a hybrid-level integration.
The popularity of eClosings, even aside from the COVID-19 effect, has been increasing, Wright said, sharing a slide showing as much.
The entire presentation used during the webinar is available here.