3. Originations and Disclosures
Reasons
Client
Back Office
Benefits
Decrease conversion
time by 1-3 days The “WOW” factor
Increase application &
closing conversions
Shortens the loan
processing time
Eliminate partial signings
and other QA headaches
Streamline loan Very Convenient
processing
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4. Originations and Disclosures
Actual Results
• Packages are typically signed same day
• eSigned applications have a 10-15% higher closing rate
Back •
•
No missed signatures, initials, or documents
Form 4506 is not currently accepted by the IRS
Office • Certification and Authorization form is not accepted by
many third parties
• 90%+ of our applications are eSigned
• Very strong support from our clients
Client •
•
Easy, fast and convenient
Online banking is now the norm
• Loan information is expected to be online
Reaction
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5. Originations and Disclosures
Surprises
Costs
• Storage requirements can increase quickly
• Data backup strategies are costly
• Archiving older systems
Training
• On-going training of bankers is a MUST
• Technical support to assist clients
Secondary Market
• Some still will not accept eSigned applications. (FHA)
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6. Originations and Disclosures
An easy and quick win
First step for lenders to get eSign going
Almost paperless
Reduces shipping costs
Immediate turn around time
Customer convenience
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8. Electronic Closings
Reasons
Improved
liquidity
Cost savings
More secure with shipping
and paper
QA / Post
No lost notes! Closing audit
Efficiencies
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9. Electronic Closings
Our Plan
Security
Deliver to
Enable our instrument is
Produce our title Borrowers
remote electronically
eNotes via company for leave with a
notary recorded
our LOS in-person USB Drive
network when
closings
possible
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10. Summary
Improved
Better visibility
customer
into workflow
satisfaction
Greater
More secure
efficiencies
Return time
from the
Improved
liquidity eClosing county
recorder much
faster
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11. Questions?
Thank you.
Patrick Hartford, CMT
patrickhartford@quickenloans.com
http://www.quickenloans.com
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