Why eClosing Software is Now a Must for Lenders
Technology continues to disrupt countless industries, and the mortgage industry has not been spared. Thanks to these revolutionary changes, the mortgage process has gotten a digital makeover.
As a lender, you can now take advantage of tools like eClosing software to reduce the time to closing and increase the overall appeal of your mortgage products.
What is eClosing?
In the simplest terms, eClosing is a mortgage closing process where one or more documents are signed electronically. Different types of eClosing are suitable for various situations and loan types.
As such, it’s important to keep in mind the various situations and the types of loans that you deal with as a lender, so that you can pick the right eClosing solution.
One of the best choices that you can find on the market is SimpleNexus’s eClosing platform for all loan types. Better known as Nexus Closing, this tool should be able to handle any type of eClosing that you throw at it without any issues.
Why Must You Get eClosing Software as a Lender?
Various reasons make it crucial to adopt eClosing software for a digital mortgage closing process. Here are the top six:
1. Allows You to Provide a Better Borrowing Experience
Digital transactions, from mobile banking to tax filing, offer a seamless experience to customers. In truth, approximately 83% of mortgage borrowers would rather use an online portal for digital signing and document notarization, when given the chance.
An online mortgage closing process gives borrowers a good chance to carefully review paperwork, ask questions, and even point out errors. In contrast, in-person closings are often stressful, somewhat opaque, and a little bit rushed.
2. It Offers Great Convenience
The majority of online mortgage closing platforms are accessible on any browser, and from any location. It’s much more convenient for your customers to e-Sign their documents from the comfort of their homes.
For you, the convenience kicks in when you don’t have to spend too much time waiting for documents to be shipped or to arrange in-person meetings with clients.
3. They Can Help You Save Costs
eClosing software solutions cost way lesser to use and maintain compared to traditional paper closings. Think about everything from paper and ink purchase costs to physical storage and the amount of time spent on manual tasks.
Digital closings will help you to eliminate many operational expenses. In the end, you will enjoy greater margins, and that’s good for the growth of your business.
4. eClosings Software Will Make Your Company More Eco-Friendly
Did you know that eClosings are capable of saving close to 1,200 acres of trees every year? And that’s not an exaggerated figure.
If you do the maths, wet closings will use about 200 pieces of paper for a single closing. The mortgage industry all over the world deals with roughly 4.8 million mortgage closings each year. That translates to an estimated 960,000,000 pieces of paper being used by the mortgage industry on annual basis.
With such huge figures and the push for companies to adopt environmentally-friendly solutions, eClosing tools do go a long way.
5. They Reduce Errors and Improve Data Quality
Thanks to elements like automated data validation, elimination of redundant paperwork, and detection of missing information, you can be certain that the data you are working with is reliable. eClosing software solutions make it easier to increase data accuracy and quality.
As if that’s not enough, you won’t have to deal with missed signatures or documents that are not filled. That’s in consideration that the eClosing software will limit the closing process to total completion. The closing will auto-approve only when all the required fields have been filled in.
eClosing Software That Will Benefit Your Business
There is no denying that eClosing solutions are beneficial in lots of ways to your mortgage business. Whether you are interested in faster closing times or enhancing the overall borrower experience and making your business more competitive, eClosing software should be a great investment.
Nexus closing is a top eClosing solution on the market that takes eClosings to the next level. So if you want to see enhance your mortgage closing process, don’t hesitate to request a demo.