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Patrick Hartford: eMortgages eDisclosures and eClosings


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Patrick Hartford: eMortgages eDisclosures and eClosings

  1. 1. eMortgages eDisclosures and eClosingsPatrick Hartford, CMTEnterprise Architect
  2. 2. Agenda 1
  3. 3. Originations and Disclosures Reasons ClientBack Office Benefits Decrease conversion time by 1-3 days The “WOW” factor Increase application & closing conversions Shortens the loan processing timeEliminate partial signingsand other QA headaches Streamline loan Very Convenient processing 2
  4. 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 onlineReaction 3
  5. 5. Originations and Disclosures SurprisesCosts• Storage requirements can increase quickly• Data backup strategies are costly• Archiving older systemsTraining• On-going training of bankers is a MUST• Technical support to assist clientsSecondary Market• Some still will not accept eSigned applications. (FHA) 4
  6. 6. Originations and Disclosures An easy and quick winFirst step for lenders to get eSign going Almost paperless Reduces shipping costs Immediate turn around time Customer convenience 5
  7. 7. Electronic ClosingsOur unique situation 6
  8. 8. Electronic Closings Reasons Improved liquidity Cost savingsMore secure with shipping and paper QA / Post No lost notes! Closing audit Efficiencies 7
  9. 9. Electronic Closings Our Plan Security Deliver to Enable our instrument is Produce our title Borrowers remote electronicallyeNotes via company for leave with a notary recorded our LOS in-person USB Drive network when closings possible 8
  10. 10. Summary Improved Better visibility customer into workflow satisfaction Greater More secure efficiencies Return time from theImproved liquidity eClosing county recorder much faster 9
  11. 11. Questions? Thank you. Patrick Hartford, 10