The document discusses the benefits of eMortgages and eDisclosures including decreasing loan processing time by 1-3 days, eliminating partial signings and other quality assurance issues, and streamlining the loan process. Actual results from using eSignatures show applications have a 10-15% higher closing rate and 90% of applications are eSigned. Surprises include increased storage costs and the need for ongoing training. The first step for lenders is to implement eSigning to work toward being almost paperless and provide improved customer convenience and turnaround times. Electronic closings can provide improved liquidity, cost savings from reduced shipping, and greater security while eliminating lost notes and allowing for more efficient post-closing audits.

1. eMortgages
eDisclosures and eClosings
Patrick Hartford, CMT
Enterprise Architect

2. Agenda
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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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7. Electronic Closings
Our unique situation
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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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