It’s 2022, and the mortgage industry is booming! Lenders are seeing more and more customers interested in securing a mortgage, and they need to make sure that their eClosing process is as smooth and efficient as possible.
This blog post will discuss the best eClosing solutions that are crucial to lenders in 2022. We’ll explore how these solutions can help streamline the mortgage process for lenders and borrowers alike. So if you’re looking for ways to stay ahead of the curve in the mortgage industry, read on!
A brief explanation of mortgage eClosing
In simple terms, eClosing is the process of completing a mortgage transaction electronically instead of through a paper-based system. eClosings can be completed remotely or in person, and they offer a variety of benefits for both lenders and borrowers.
Best eClosing solutions for lenders in 2022
With some providers offering eClosing apps, you may wonder which ones are best for you as a lender in 2022. Here are four solutions that we believe will be especially important in the coming years:
1. Nexus Closing – Our top pick
Created by SimpleNexus, the same company that offers an industry-leading homeownership platform for borrowers, loan officers, and real estate agents, Nexus Closing™ is an eMortgage solution that aims to revolutionize the mortgage industry. Simple Nexus recently became certified by Fannie Mae and Freddie Mac as an eClosing solution provider, which means that the Nexus Closing solution meets the required technical standards.
Not only does Nexus Closing present mortgage lenders with the opportunity to digitize their closing experience as much as possible. This e Closing app from Simple Nexus provides enough time for borrowers to study and understand closing documents. The result is increased efficiency in eClosings and lower costs for lenders.
As a platform that seeks to combine the best of eClosing and paper-based closings, CXChoice is a great solution for lenders who want to offer their borrowers the convenience of eClosings while still maintaining some level of flexibility.
Created by The Closing Exchange, this eClosing platform allows lenders to present their customers with various closing options that include signings, mobile notary, Remote Online Notarizations (RON), and even hybrid closings.
According to the company’s management, the main goal of CXChoice is to enhance the scalability and flexibility of a lender’s cost structure while also building up a positive customer experience.
3. Expedite Close
Expedite Close is a web-based application that offers various closings such as hybrid, wet-sign, and digital-with-RON closings. Provided by Black Knight, this eClosing solution takes a unique approach to solving challenges associated with eClosings.
This eClosing application can easily determine whether a closing should be hybrid, fully digital, or paper-based by using intelligent analytics and following client-defined rules. Despite applying seemingly-intricate techniques in eClosings, Black Knight has ensured that the user interface is simple and easy to navigate.
4. Total eClose
This e Closing app from DocMagic makes it possible for lenders to provide a 100% paperless closing. With Total eClose, mortgage lenders can reduce their customers’ time at the closing table to a mere few minutes. Depending on preferences, lenders can even eliminate the need for in-person involvement, making the entire process fully digital.
One awesome feature lenders would love about Total eClose is that they cause the eClosing platform without being limited by their document provider. That’s in consideration that Total eClose accepts documents from any source and e-Enable and auto-prepares them. Should a lender submit papers that are not e-Enabled for eSigning, eNotary, eDelivery, or eClosing, the eClosing solution will automatically make the features accessible.
All in all,
These eClosing solutions are crucial for lenders in 2022. With the ever-changing mortgage industry landscape, it’s important to stay ahead of the curve and provide your borrowers with the best possible experience. These eClosing solutions will do just that!
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