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Electronic Signatures Originations / Disclosures and Electronic Closings. Patrick Hartford, CMT Director, eMortgage. Agenda. Electronic Disclosures and Applications Reasons Results Surprises Electronic Closings Our Unique Situation Reasons Plans. Originations and Disclosures Reasons. - PowerPoint PPT Presentation
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Patrick Hartford, CMTDirector, eMortgage
Electronic SignaturesOriginations / Disclosures and Electronic Closings
AgendaAgenda
Electronic Disclosures and ApplicationsReasonsResultsSurprises
Electronic ClosingsOur Unique SituationReasonsPlans
Originations and Originations and DisclosuresDisclosuresReasonsReasons Back Office
Decrease conversion time by 1-3 days Increase application & closing conversions Eliminate partial signings and other QA headaches Streamline loan processing
Client Benefits The “WOW” factor Shorten loan processing time Convenience
Originations and Originations and DisclosuresDisclosuresActual ResultsActual Results Back Office
Packages that are eSigned are typically signed same day
eSigned loan applications have a 10-15% higher closing rate
No missed signatures, initials, or documentsForm 4506 is not accepted by the IRS Borrowers Certification and Authorization form is not
accepted by many third parties90%+ of our applications are eSigned
Client ReactionVery strong support from customers— “Like a video
game!”
Originations and Originations and DisclosuresDisclosuresSurprisesSurprises Costs
Storage requirements can increase quicklyData backup strategies are costly
TrainingOn-going training of sales force is a mustTechnical support to assist clients
Secondary MarketSome investors still will not accept eSigned
applications.
Originations and Originations and DisclosuresDisclosuresAn easy and quick winAn easy and quick win First step for lenders to get eSign going Almost paperless Reduces shipping costs Immediate turn around time Customer convenience
Electronic ClosingsElectronic ClosingsOur unique situationOur unique situation
Online LenderNo brick and mortar branches
Reliant on title company Uses remote notaries Capital Markets team Technology-driven environment
Electronic ClosingsElectronic ClosingsReasonsReasons
Improved liquidity Cost savings over the long term on
paper and shipping QA / Post Closing audit efficiencies No lost notes! More secure
Electronic ClosingsElectronic ClosingsOur PlanOur Plan
Produce eNotes via our LOS Deliver to our title company for in-person
closings Enable our remote notary network
Signing tablets or click sign
Borrowers leave with a USB Drive Security instrument is electronically
recorded when possible
SummarySummary
Improved liquidity Greater efficiencies Better visibility into workflow Improved customer satisfaction More secure Return time from the county recorder
much faster
