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New End-To-End Mortgage Origination Platform Debuts

Origence, a provider of lending technology and solutions to the financial services industry, has announced the launch of the Origence mortgage lending platform. Designed from the ground up to handle all a company’s digital mortgage needs, the highly automated platform enables lenders to streamline the mortgage process, improve efficiency, increase sales opportunities and deliver a better borrower experience.


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One of very few new loan origination platforms built since 2010, the Origence platform is an end-to-end system that combines powerful point-of-sale and origination tools to accelerate a lender’s loan production and improve closing rates, while significantly reducing costs. The platform is highly automated, scalable and configurable to meet the evolving needs of any mortgage organization. 


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“For years, lenders have been searching for a new mortgage platform that is capable of doing much more than current loan origination system (LOS) offerings, most of which were created years ago,” said Roger Hull, president and chief product officer of Origence. “As a thriving fintech company with a team of hundreds, we’ve leveraged our considerable resources to create a platform that can power a lender’s business for years to come—one that delivers an optimal digital experience for both lenders and borrowers alike.” 


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By bringing digital automation front and center to the mortgage lending process, the Origence platform solves four common pain points lenders face – sub-optimal pull-through rates, decreased productivity, rising costs and increasing borrower demand for a better mortgage experience.


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The platform provides everything lenders need to accelerate and enhance their customer experience, including tools that automate the borrower’s application process and overall lending journey. As a true, end-to-end solution, the platform also provides point-of-sale and fulfilment tools that empower lenders to reduce friction in the mortgage process. It includes automated file assignment, conditioning and tasking, as well as an open application programming interface (API) and microservices architecture for smoother integrations with third-party technologies and services. Meanwhile, the platform’s best-in-class marketing automation tools empower lenders to increase their sales opportunities and improve pull-through rates. 

“The lenders we are talking to are excited about the Origence platform’s automation features, such as its ability to automate orders from third parties and retrieve both data and documents, which reduces the need to rekey information manually,” Hull said. 

“We’re also getting amazing feedback on how our highly configurable platform enables lenders to create their own workflows and improve business efficiency,” he added. “And because the platform is built with current technologies, our clients will be able to avoid the common hassles associated with older platforms, such as system downtime and the constant need for workarounds. We are confident we’ve created nothing less than the mortgage platform of the future.”

Seriously Underwater Properties Increase

ATTOM Data Solutions released its Q1 2019 U.S. Home Equity & Underwater Report, which shows that at the end of the first quarter of 2019, more than 5.2 million (5,223,524) U.S. properties were seriously underwater (where the combined balance of loans secured by the property was at least 25 percent higher than the property’s estimated market value), up by more than 17,000 properties from a year ago.


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The 5.2 million seriously underwater properties at the end of Q1 2019 represented 9.1 percent of all U.S. properties with a mortgage, up from 8.8 percent in the previous quarter but down from 9.5 percent in Q1 2018.


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“With home prices increasing at a slower pace in 2018, than in previous years, the potential for people to climb out from mortgages that are underwater or advance into equity-rich territory, tends to be reduced,” said Todd Teta, chief product officer at ATTOM Data Solutions. “However, only one in 11 mortgages are seriously underwater today, compared to nearly one in three during the depths of the recession. Although, if the latest trend continues, it will raise another clear signal of a market slowdown, which will be good for buyers, but not so good for sellers. But if the pattern of the past few years takes hold – with levels of underwater and equity rich mortgages turning around – it will mean the market remains strong for sellers, with fewer needing to get out from under financial distress.”


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Highest seriously underwater share in Louisiana, Mississippi, Arkansas, West Virginia

States with the highest share of seriously underwater properties were Louisiana (20.7 percent); Mississippi (17.1 percent); Arkansas (16.3 percent); West Virginia (16.2 percent); and Illinois (16.2 percent).


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Among 99 metropolitan statistical areas analyzed in the report, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (21.3 percent); Scranton, Pennsylvania (20.0 percent); Youngstown, Ohio (19.2 percent); Toledo, Ohio (19.2 percent); and New Orleans, Louisiana (17.8 percent).

32 zip codes where more than half of all properties are seriously underwater

Among 7,639 U.S. zip codes with at least 2,500 properties with mortgages, there were 32 zip codes where more than half of all properties with a mortgage were seriously underwater, including zip codes in the Milwaukee, Trenton, Chicago, Saint Louis, and Cleveland metropolitan statistical areas.

The top five zip codes with the highest share of seriously underwater properties were 53206 in Milwaukee, Wisconsin (70.5 percent seriously underwater); 08611 in Trenton, New Jersey (68.9 percent); 69361 in Scottsbluff, Nebraska (63.4 percent); 60426 in Harvey, Illinois (63.1 percent); and 61104 in Rockford, Illinois (62.8 percent).

Highest equity rich share in California, Hawaii, New York, Washington, Vermont

States with the highest share of equity rich properties were California (43.0 percent); Hawaii (38.1 percent); New York (34.2 percent); Washington (33.2 percent); and Vermont (32.8 percent).

Among 99 metropolitan statistical areas analyzed in the report, those with the highest share of equity rich properties were San Jose, California (68.3 percent); San Francisco, California (58.4 percent); Los Angeles, California (48.1 percent); Santa Rosa, California (47.6 percent); and San Diego, California (39.3 percent).

408 zip codes where more than half of all properties are equity rich

Among 7,639 U.S. zip codes with at least 2,500 properties with mortgages, there were 408 zip codes where more than half of all properties with a mortgage were equity rich.

The top five zip codes with the highest share of equity rich properties were all located in the San Jose and San Francisco markets in California: 94040 in Mountain View (82.3 percent equity rich); 94116 in San Francisco (81.7 percent); 94087 in Sunnyvale (81.6 percent); 94085 in Sunnyvale (81.1 percent); and 94122 in San Francisco (81.0 percent).

Disclosures And Digital Mortgages Done Right

The term digital mortgage is used extensively in the industry to describe any number of new technologies transforming the loan process. These advancements are improving the borrower experience, making it easier to apply for a loan and complete required tasks during the approval process. Technology solutions are also addressing the way loan officers work, delivering new efficiencies, compliance, and profitability. But noticeably absent up until this point has been a reliable solution to manage the disclosure process.


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It’s Time to Redefine

The inferred digital mortgage promise is the ability of technology to address each step in the loan lifecycle, including electronic disclosure functionality, and improve the experience for all stakeholders involved. It’s time we recognize that a true digital mortgage should deliver a complete end-to-end experience. If an offering falls short due to limited integration with a lender’s existing tech stack, so does the promise of it being a viable component of their digital mortgage strategy. A full solution must address the needs of the borrower, loan officer, and real estate partner throughout the lifecycle of the loan. One party’s overall experience should not come at the expense of others involved in the loan transaction. And major components within the loan transaction, such as digital disclosure management, should not be absent from a true digital mortgage solution. 


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A Complete Experience

SimpleNexus is delivering on the digital mortgage promise through a true end-to-end solution for loan officers and borrowers. With SimpleNexus, loan officers are able to take action on a loan any time, anywhere. Using the platform’s Mobile Originator tools, LOs can access their loan pipeline, order credit, view appraisals, send pre-approval letters, and sign disclosures from their mobile device — all while syncing in real-time with their LOS. And borrowers enjoy the benefits of the platform, from loan application through to closing disclosures. SimpleNexus helps lenders reduce costs, drive LO efficiency, and provide transparency to borrowers and real estate partners during the loan process. The platform also connects loan officers to their borrowers and Realtors to easily share loan progress updates, communicate, and exchange data in a single location throughout the entire loan life cycle.


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A Better Disclosure Process

SimpleNexus has created a whole new disclosure solution to improve the borrower, loan officer, and underwriter experience at the critical loan estimate and closing disclosure stages. Disclosure management on SimpleNexus offers the following features:

Push Notifications: SimpleNexus send borrowers instant push notifications on their mobile device when they need to complete tasks related to the disclosure process. 


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Seamless E-consent and Mobile Signing: Borrowers can easily give e-consent as well as review and sign disclosure documents directly from their mobile app. For disclosure documents that may still require a wet signature, borrowers can print these portions directly from the app and then scan and upload the same document after hand signing to ensure timely delivery to the loan officer.

On-the-Go Execution for Loan Officers: SimpleNexus’ disclosure solution builds on the platform’s Mobile Originator tools. Loan officers can execute their portion of the disclosure signing anytime, anywhere from their smart device. 

Disclosure Tracking: All disclosure tasks are seamlessly updated in the lender’s LOS system automatically to provide compliance peace of mind. The integrated tracking is made possible through a real-time, bi-directional integration between the SimpleNexus platform and the LOS.

The new SimpleNexus disclosure offering is one piece of the platform’s overall toolset. As a complete digital mortgage solution, SimpleNexus delivers a measurable return on investment by reducing close times, increasing efficiency, and delivering customer satisfaction.

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A New Digital Closing Experience

Fidelity National Financial launched a digital closing experience for consumers closing in its title operations. Developed in partnership with Black Knight, Inc., this new closing experience supports both hybrid and fully digital closing options and is tightly integrated with FNF’s title production systems. Designed to digitally engage homebuyers and sellers in the process well in advance of the closing signature ceremony, the experience brings increased transparency, flexibility and convenience to the final steps of real estate transactions.


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“Today’s homebuyers and sellers have come to expect a digital experience that increases the transparency and convenience of the transaction,” said Jason Nadeau, Chief Digital Officer for Fidelity National Financial. “At FNF, we understand this. That’s why we’re committed to creating a totally redesigned real estate experience for the consumer. We’re also making sure our vast network of partners has access to the tools they need to compete effectively in an increasingly digital world.” 


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In partnership with Black Knight and leveraging the company’s Expedite Close technology, FNF created a digital closing experience that is tailored to meet the very specific needs of the settlement community. FNF’s platform is based upon tight integrations with title production and workflow solutions, and optimized for ease of use and maximum adoption. Additionally, consumers are provided with greater visibility and transparency into their documents prior to the actual closing. Integrated eSignature technology allows for many documents to be signed in advance of the closing itself and – in jurisdictions where it is permitted – remote online notarization capabilities ensure sellers and buyers can close on a real estate transaction when and where it best suits their schedules.


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“We’re honored to have collaborated with FNF in developing a new closing experience,” said Black Knight president Joe Nackashi. “Black Knight is committed to our clients’ success, and we wholeheartedly support FNF’s mission to redefine the experience for the millions of consumers they work with annually.”


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While the digital closing platform is loan origination system (LOS) agnostic, it is currently integrated with Black Knight’s suite of solutions. FNF’s title operations will begin leveraging the digital closing platform in Q2 2019.

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Borrowers Want A Combination Of Digital & Personal Interaction

Customer satisfaction with primary mortgage originators increased in 2018 as digital origination channels play a more significant role in the process, according to the J.D. Power 2018 U.S. Primary Mortgage Origination Satisfaction Study.SM However, despite a clear preference for digital interaction at several points in the mortgage origination process, personal interaction with a representative still plays a key role, particularly when it comes to following up after an initial inquiry.


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“The mortgage marketplace is changing rapidly as traditional players and new digital-native entrants ramp up their digital and mobile offerings,” said John Cabell, Financial Services Practice Lead at J.D. Power. “While improved digital offerings are helping mortgage originators build customer satisfaction, it is important to find the right balance between digital, self-service offerings and personal interaction with a representative. Technology alone is not a magic bullet in this market; the key is knowing where to leverage it and where to layer in more traditional forms of one-on-one support.”

Following are some key findings of the study:

Overall satisfaction improves as digital plays larger role:Overall satisfaction with primary mortgage originators is up 10 points (on a 1,000-point scale) in 2018. This is driven in part by increased customer utilization of digital and mobile channels. On average, customers use 3.1 different channels during the mortgage process, with phone (72%), website (69%) and email (58%) being the most commonly used channels.


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Representatives still play major role in customer satisfaction:While usage of digital channels has increased, just 3% of mortgage customers exclusively rely on digital self-service channels in the origination process. In fact, overall satisfaction is highest among customers who spoke only with their lender in person or over the phone (871) when applying for a mortgage, followed by satisfaction among those who used a mix of personal and self-service tools (868). The most important parts of the process in which representatives add the greatest value are in the follow-up contact after an initial inquiry and when confirming loan terms and payment.


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Speed of contact is critical driver of satisfaction:Satisfaction levels decline sharply for each day spent waiting after inquiry for contact from a lender. Overall satisfaction among customers who receive a contact within one day is 869. Satisfaction falls to 852 after two to five days and to 806 after six or more days. The inquiry channel with the fastest overall contact times (2.0 days, on average) is online via smartphone/tablet, followed by online via desktop (2.2 days). Though not all customers use digital channels, those who do value speed of contact.


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Our intelligent digital loan manufacturing workflow helps lenders automatically identify and complete rudimentary tasks throughout the enterprises lending lifecycle, streamlining the origination process to assist is closing loans faster. Our digital mortgage platform offers mortgage lenders the ability to further simplify their origination and closing process while keeping borrowers, realtors, and all other interested parties involved every step of the way.

The Lodasoft difference is in focusing on the loan, manufacturing it in as little time, with as little errors as possible, while communicating every step of the way. When implementing Lodasoft, lenders can take a traditional pipeline-driven model (file by file) and move to a prioritized task-driven model while automating communication simultaneously.

By focusing on the loan, lenders are able to identify all of the mini-bottlenecks from lead to prequalification to in-process, closing, post-closing and beyond. The borrower will see the benefits of more transparency and faster processing. As a result of simultaneously automating communication along the way, all interested parties have a new sense of involvement creating much deeper relationships further driving greater borrower satisfaction.

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Pulte Mortgage And Finicity Partner To Speed Up The Process

Pulte Mortgage has partnered with Finicity — a provider of real-time financial data access and insights, to provide its borrowers with a faster, simpler and more secure way to navigate the home financing process. Pulte Mortgage is a wholly-owned subsidiary of PulteGroup, Inc. that finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes and Neighborhoods brands.


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As anyone with a mortgage knows, securing a home loan has historically been a manual, paper-intensive process—especially when it comes to verifying borrowers’ assets. Through Finicity’s verification platform, up to 24 months of bank, brokerage and 401k data can now be accessed to confirm assets within minutes—eliminating the need for borrowers to find, copy and scan reams of paper verifications. This can reduce the mortgage origination time by more than a week, giving borrowers more control of the process, without a lot of the hassle.


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Although the mortgage process has drastically improved over the past decade for borrowers and lenders alike, it hasn’t always been this way. “The mortgage lending industry has changed dramatically over the decades, but never more so than over the past 10 years,” said Debra Still, president and CEO of Pulte Mortgage. “The average loan file used to be about 300 pages, but today’s regulatory and compliance demands have pushed this figure to more than 800 pages. The need for ever-increasing volumes of supporting data puts an incredible burden on the borrower, which is why we strategically invest in integrated technology solutions, like Finicity, to reduce the time and complexity associated with securing a mortgage.”


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The partnership with Finicity is just the latest in Pulte Mortgage’s commitment to advance technology solutions that make it easier and more transparent for borrowers navigating the mortgage process. In addition to their new instant asset verification feature through Finicity, Pulte Mortgage customers can upload essential documentation from their mobile device with just the snap of a picture; e-sign key regulatory disclosures with the swipe of a finger; and leverage a personalized digital dashboard to stay up-to-date on their loan’s progress when and where they want. These digital enhancements strengthen data security by leveraging advanced authentications, bank-level encryptions and secure borrower connections.


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“Today’s consumers have come to expect simple and rapid experiences enabled by digitization,” said Steve Smith, CEO of Finicity. “Pulte is an innovator that is embracing digital solutions to further deliver a superior borrower experience by giving their loan consultants more time to engage with their buyers.”

“Whether it’s your first house or your last, building a new home is an exciting process,” added Still. “It is a time where you get to create a space that is uniquely personalized for your lifestyle and taste. That is why we are continuously working to simplify home financing for our customers, so they can spend more time focusing on building their dream home.”

Digital Mortgages And Profitability

Since Quicken Loans launched that now famous Super Bowl AD for Rocket Mortgage, there has been a great deal of talk, energy, and resources focused on the front end tools and customer experience as it relates to a digital mortgage.  


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But what many in the industry are missing is that just delivering on the front end of the digital mortgage experience doesn’t drive down costs or increase profitability where lenders need it to, companies must automate the entire mortgage process to realize true cost savings.

Where companies can gain the greatest ROI while driving profitability is to automate the many manual tasks throughout the mortgage process.


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The origination process between originator, processor, borrower, realtor, title agent and all other parties to the transaction is very interactive to say the least.  In our highly regulated lending environment, complexity has created additional processes and more room for error. Loan quality takes a hit as more manual checklists have been created, and more data must be validated adding time, money and resources to the process.

For the vast majority of mortgage lenders, email is the main communication method while the CRM and LOS systems are the central lead and loan repositories. This means leads, preapprovals, loans, business contacts and documents all must be dispositioned in systems that must focus on quality.


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The process becomes chaotic with documents in different places, tasks being completed by different people at different times with no real way to manage, track, and communicateproperly. This lengthens turn-times by creating bottlenecks at various stages in the loan process increasing the cost to originate. 

Communication then becomes reactive rather than proactive.  When this happens, even the greatest digital point-of-sale tool will not deliver the digital mortgage experience, nor drive down costs that today’s lender is looking for.


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The issues are exacerbated with a refi-boom or when purchase season comes along and sometimes we’re forced to throw more people and manual processes at the problem, again adding to the cost to originate.

So what’s the answer?

To truly deliver on the digital mortgage experience and drive down cost , lenders must not only provide a slick and engaging online point-of-sale tool, but they also must automate the backend mortgage process and communication touch points that impede a truly seamless mortgage experience for the borrower.

That begins with automating manual tasks and communication between parties with a solution that offers mortgage lenders the ability to truly enhance the areas of transparency and accountability that are often overlooked. We must consider automation not only around fulfillment staff and borrowers, but realtors, title agents, financial planners, and all other interested parties involved in a transaction. Keeping all parties in the loop is one thing, but automating that communication in a way that continues well after funding will lead to a much higher rate of repeat business.

The Digital Strategy should include ways for system-driven processes to unfold as we know more about the transaction. This way, team members don’t need to think about what needs to be done, when it needs to be done, and by whom it needs to be done. Leveraging web and mobile ready solutions is key, however anticipation may be even more key. 

The more we know up-front, the more we can automate further down the line lowering costs and improving profitability. With this type of automation, each individual involved in the transaction feels as though a truly personalized service is being provided.For lenders that want to truly deliver on the digital mortgage experience they must realize the importance of automating the entire mortgage process.  Lenders that put forth the energy and resources to automate the entire lending process will be able to overcome the “internal technology limitations” that are holding them back from delivering a truly memorable digital mortgage experience.  An experience that delivers enhanced communication throughout the lending process, reduces the cost to originate loans and increases lender profitability.

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Pavaso Names Tim Anderson SVP Of Business Development

Pavaso announces that Tim M. Anderson has been named senior vice president of business development. In this role, he is responsible for developing products, strategies and relationships that drive adoption of Pavaso’s suite of digital products and services.   


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Anderson is well known in the mortgage industry for his advocacy and promotion of innovative technologies that enhance the mortgage process. He brings over 35 years of industry experience on both the lending and vendor sides of the business. Andersonunderstands the demands of the constantly changing mortgage industry and delivers solutions that improve efficiency, reduce costs and increase stakeholder satisfaction across the mortgage lifecycle. 


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Prior to joining Pavaso, Anderson was director of eStrategy and services for a software company specializing in compliant loan document production and delivery. He previously held executive management positions with a national title insurance company and several large financial and technology companies, where he executed strategies to expand eCommerce and support digital transaction management. Anderson is the founder of eMortgage Alliance which promotes MISMO standards for delivering legally compliant paperless processes.   


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Anderson is an active member of the MBA Residential Technology Committee, MISMOeMortgage Workgroup, Electronic Records and Signature Association and the ALTA Technology Committee. He also serves on the vendor technology advisory committees for two government-sponsored enterprises. Anderson has served on MBA’s Board of Technology, eMortgage Adoption task force and MISMO Governance Board, as well ason advisory boards for the Financial Services Housing Roundtableand one of the largest technology information companies in the world.


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Plano, Texas-based Pavaso is transforming the mortgage process with innovative digital mortgage closing technology that facilitates easy, convenient and streamlined closings. The Pavaso platform offers a single, collaborative, secure portal that promotes transparency, efficiency, consumer education and communication in a seamless format that delivers value to every stakeholder involved in the transaction. 

Partnership Simplifies Disclosure Management

Digital mortgage provider Maxwell has released its disclosure management platform, which enables borrowers to securely access, review and sign loan disclosure documents directly within the Maxwell experience. The launch partner for Maxwell’s disclosure platform is Docutech, a provider of document, eSign, eClose and print fulfillment technology. Maxwell’s disclosures platform enables a seamless borrower experience while expediting compliant disclosure collection for lenders.


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In partnership with other mortgage technology providers, Maxwell’s digital mortgage platform is designed to simplify and consolidate the mortgage lending experience for borrowers, providing an unparalleled user experience that reduces complexity and accelerates time-to-close. 


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“While digital mortgage technology has vastly improved the mortgage experience in recent years, disclosures have long remained a detractor for borrowers in an otherwise streamlined lending experience,” said Lindsay Hunt, Head of Product at Maxwell. “We’re thrilled to continually to remove complexity for borrowers and the lending teams they work with every day.”


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With the release of the disclosures platform, borrowers working with Maxwell-empowered lenders can now review and sign disclosures directly in Maxwell from their computer, tablet or smartphone. 

“Our goal has always been to create a centralized, relationship-driven mortgage experience so that borrowers receive a consistent digital experience from application to clear to close,” said John Paasonen, Maxwell’s co-founder and CEO. “Our partnership with Docutech takes us one step closer to that goal by allowing us to offer an efficient, compliant loan origination process that meets the expectations of digitally savvy borrowers.”

A recipient of Progress in Lending’s 2018 Innovation Award, Maxwell’s platform powers mortgage lenders with a modern digital workspace that digitizes and automates key aspects of the home-buying experience, integrating with thousands of financial institutions and leading mortgage technology providers to streamline the lending process. Today, hundreds of lending institutions across the United States use Maxwell to close loans more than 45 percent faster than the national average.

SecurityNational Mortgage Implements A Fully Paperless Closing Process

SecurityNational Mortgage Corporation (SNMC), an independent national mortgage banker, has successfully rolled out DocMagic’s comprehensive Total eClose platform. Since rolling out Total eClose in September, SNMC has reduced borrower time at the closing table to as little as 15 minutes, and become one of the first national lenders to offer a true eClosing solution that involves no paper whatsoever.


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It has dramatically sped up the closing process, ensuring accuracy and loan quality, and delivering newfound efficiencies for borrowers, notaries and settlement providers. Total eClose enables SNMC’s customers to preview documents prior to closing, eSign all documents, and complete both remote and in-person eNotarizations. As a result, SNMC is now positioned to capture more market share, reduce operational costs, expedite closing times and elevate the borrower experience.


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“Our goal was to perfect a completely digital eClosing process, not to be just another lender offering a basic hybrid closing,” said Steve Johnson, president of SNMC. “Achieving our goal required a powerful end-to-end technology, a perfectly executed seamless implementation, and an intuitive interface that everyone—staff, settlement service providers and borrowers—could use immediately, without a steep learning curve. We got that and more with DocMagic. Plus, the DocMagic implementation team was with us all the way. We never had to worry about a thing.”  


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The two companies approached the project as partners to ensure swift adoption and a quick understanding of the new workflow-driven eClosing process for both SNMC’s staff and customers. DocMagic worked hand-in-hand with the lender, leveraging its vast eMortgage expertise to help sculpt a unique strategy and a successful go-to-market launch. Unlike other document and eClosing solution providers, DocMagic takes an ultra hands-on approach to implementations, from developing the project roadmap, to training all parties—such as staff, title agents and notaries—to synchronized testing of each facet of the Total eClose platform.

“Our implementation teams function like expert consultants—we work very closely with each client, guiding them literally every step of the way,” said Dominic Iannitti, president and CEO of DocMagic. “There is a huge number of moving pieces in an eClosing solution. As a single source solution, we have intricate knowledge of every one of them, so there are none of the issues that plague other providers—not only immediately after the implementation, but over the long haul as well. In contrast, lenders who choose incomplete or cobbled-together eClosing technologies may have to hit the restart button within 12 to 18 months and search for a comprehensive solution.” 

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