A New Era Of Lending Emerges

According to recent data from TransUnion, the size of the personal lending market has more than doubled over the last five years. The reasons for this staggering growth can be attributed to a number of factors, but most notably, it has been a result of higher total employment coupled with rising household incomes. Megabanks, fintechs and alternative lenders have dominated this increase in personal lending, and as a competitive reaction, TransUnion predicts that we will likely see more personal lending activity from community banks and credit unions. The challenge for them, however, will be how they differentiate their lending experience.

Interest Rates & Speed No Longer Enough to Attract Borrowers

Historically, loan products have all looked the same, leaving community financial institutions with little to compete on. In fact, most institutions have focused on rate and speed of application process, which is necessary to staying competitive based on what consumers have indicated as primary drivers of choice, but these are not the only factors driving their decisions. We know that rate ranks among the most important, with minimum monthly payment following close behind. Application experience and fast lending decisions are also important, but they are not what drives a consumer to choose one institution over another.

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In a recent report, “Reinventing Consumer Loans: How Community Based FIs Can Win the Millennial Lending Market,” released by Cornerstone Advisors, Ron Shevlin, Director of Research, emphasizes the need for community financial institutions (FIs) to find new strategies to better compete with large banks in the lending markets. While many mid-size FIs believe they have superior rates and service, millennials, for instance, are often selecting the megabanks and large regional banks they already bank with for their borrowing needs.

If community-based FIs can no longer differentiate themselves based on price, and borrowers are finding less value in application ease or speed of approval, how should FIs attract borrowers? The answer, as Cornerstone discovered, is that community FIs can compete by offering loan features that improve the borrower’s experience during the life cycle of the loan.

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New Take-Back Concept The Key to Differentiate Loan Products

Cornerstone outlines three tactics in its report, which include providing flexible credit terms, bundling accounts and offering access to future funds – a new concept called a take-back loan. A take-back loan allows borrowers to pay ahead to reduce debt, but take that extra back if they need it, eliminating the fear of parting with ‘extra money’ while also enabling the borrower to make better financial decisions like paying down debt faster.

Access to a borrower’s own extra payments or take-backs is important, but actually seeing the impact of those changes is critical. Combining this concept with a sleek, mobile dashboard allows borrowers to manage debt by showing the loan’s status instantly. One step further – borrowers can also see the impact of payment changes before making them, giving them even more control and enabling them to make better financial decisions.

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For the FI, the take-back functionality coupled with a mobile user interface not only provides a competitive advantage during a time when lending becomes more competitive (rising rates), but it also reduces the risk of delinquency because the consumer is able to make better financial decisions – better for FIs, better for consumers, better for the economy.

Consumers Love This Concept

According to a recent consumer study conducted by Kasasa, nine out of ten consumers prefer a loan where you can take extra payments back over comparably prices loans. Moreover, 98 percent of consumers say they would refinance existing debt at the same rate to get the take-back functionality. Consumers also say they are willing to put more money into a loan and willing to pay more for the ability to take back extra payments if needed. Clearly, rate, minimum monthly payments and speed are not the only factors consumers are considering when shopping for loans.

Megabanks and alternative lenders do not offer take-back loans at all, giving traditional lenders a true competitive edge. Instead of talking to prospective borrowers about having the cheapest rates, now they can talk about something completely new and unique.

As the personal lending market continues to get more competitive, offering a lending experience that allows borrowers to take back extra payments and then see the impact – something megabanks and other lending competitors do not offer – is a game-changer that will only fuel greater growth.

About The Author

John Waupsh

John Waupsh is Chief Innovation Officer of Kasasa, an award-winning financial technology and marketing technology provider. For more information on Kasasa, visit, or visit them on Twitter @Kasasa, @KasasaNews, Facebook, or LinkedIn.

Vendor Gets $20 Million Capital Investment

SimpleNexus, a vendor known for bringing the home mortgage process to mobile devices through their digital mortgage platform, raised $20 million in growth capital from Insight Venture Partners to accelerate continued growth and expansion.

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SimpleNexus provides a private-label digital mortgage platform and mobile app that connects mortgage lenders with borrowers and real estate agents, allowing all parties to easily exchange data and documents through the lifecycle of a mortgage loan. The online application is custom branded to the lending institution and includes individual pages for each loan officer to share.

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“Our unprecedented growth clearly demonstrates the leading role SimpleNexus occupies in the digital mortgage movement and an industry wide embrace of our mobile-first technology that is making the mortgage process more efficient,” stated Matt Hansen, SimpleNexus founder & CEO. Matt added, “As we historically have been self-funded, we know that this new partnership with Insight Venture Partners will catalyze our growth, and provide our executive team with the additional resources to drive market expansion.”

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SimpleNexus now has 15 of the top 25 retail mortgage lenders in the US using its enterprise digital mortgage platform.  Over $100 billion in transactions have flowed through the platform, and over 450,000 borrowers have used the SimpleNexus app.

“In the mortgage industry – and across financial services more broadly – we continue to see acute needs for improving the customer experience, empowering agents on the front line, and streamlining processes to reduce costs on the back end,” said Paul Szurek, Vice President, Insight Venture Partners. “The impressive traction that SimpleNexus has gained in this marketplace is a testament to the immediate and lasting value their mobile tools deliver for loan originators and borrowers alike. We look forward to welcoming them to our portfolio and driving further growth for their best-in-class solutions.”

With SimpleNexus, a loan officer becomes a Mobile Originator™. Through its smartphone app, loan officers are able to view new loan applications instantly, pull and view credit reports, run live pricing scenarios via Optimal Blue, see a live CRM feed and send pre-approval letters—all of this from the palm of their hand, as the app connects real-time with their LOS.

“Rather than replace the role of the loan officer, our custom digital solutions improve the borrower experience by cultivating the human to human interaction, which remains a core focus of SimpleNexus as we develop technology to support loan officers,” said Joe Wilson, SimpleNexus Chief Marketing Officer.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at

The Impact Of Mobile Technology


William Mills Agency has released its 14th annual financial services industry research report, Bankers As Buyers 2017. Key trends in this year’s report include the continued evolution of payments technology, increased adoption of self-service and innovative branch automation technology, and further enhancements to mobile banking – all converging as part of an overlying strategy to improve the customer experience.

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Leading industry analysts, consultants, bankers and financial technology professionals share commentary as well as insights on trends for the year. The report also includes research and articles about what technology, solutions and services U.S. bankers will likely purchase in 2017. Some findings include:

>>Jimmy Sawyers, co-founder of Sawyers & Jacobs LLC predicts that social media will become commoditized in 2017 and that Twitter will peak, then slowly die in 2020;

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>>Ron Shevlin, director of research at Cornerstone Advisors, shared that they are expecting to see a renewed focus on CRM systems, which have been largely ignored by financial institutions over the last several years;

>>One-third of consumers surveyed recently by NTT Data expect mobile money to dominate payments within the decade; and

>>According to the Safe Systems’ 2017 Community Bank Information Technology Outlook Study, more than 80% of survey respondents have been affected by debit card fraud and email phishing attempts in the last 18 months, and due to these threats, more than 77% increased their IT security spending in the last 18 months.

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“While investments in financial technology and fintech companies remain strong, it’s clear that in 2017 the industry will encounter change in where financial institutions are spending their money,” said Scott Mills, APR, president of William Mills Agency. “What we are seeing is that the quality of the customer experience is top-of-mind for bankers and vendors alike. Having technology that enables employees to better serve customers and having the right people and business partners in place is key to a meaningful digital transformation.”


Integration Offers Borrowers A Digital Application Process

Black Knight Financial Services, Inc. is working with Lender Price to offer a consumer-facing interface that will deliver a digital loan application process. Through Black Knight’s integration with Lender Price’s advanced digital user interface and other capabilities, Black Knight’s LoanSphere Empower loan origination system (LOS) clients can now offer their customers the ability to apply for a loan online from virtually any mobile device.

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“Black Knight is a true partner in innovation that shares our ideals to provide lenders the technologies needed to meet the evolving needs of today’s home buying market, while staying both competitive and compliant,” said Dawar Alimi, Lender Price co-founder and CEO.

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“Black Knight looked at several options, and we believe Lender Price was the very best choice to support our clients’ needs and advance our solutions,” said Jerry Halbrook, president of Black Knight’s Origination Technologies and Enterprise Business Intelligence divisions.

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Lender Price’s digital loan application interface, which can be custom-branded and configured to each lender’s specific requirements, is integrated with Black Knight’s Empower LOS to support a dynamic, accessible loan origination process. The digital interface helps lenders:

>>Offer consumers the ability to complete a digital loan application using their mobile device, which is fully integrated with the Empower LOS platform.

>>Offer a voice-enabled loan application solution that can ask consumers questions in multiple languages.

>>Deliver real-time product eligibility, interest rates and fees.

>>Secure verification of credit, income and assets through a combination of Black Knight’s LoanSphere Exchange technology and proprietary integrations provided by Lender Price.

>>Verify property and tax details using Black Knight’s vast public records database or by leveraging Black Knight’s Data Hub, which gathers, aggregates and links Black Knight application and proprietary industry data to provide a holistic view of a client’s loans.

>>Obtain property valuations using a Black Knight automated valuation model (AVM), tested for accuracy and reliability.

>>Upload documents from any mobile device using optical character recognition (OCR) technology, and index those documents in the Empower LOS.

“The addition of a powerful, consumer-facing digital user interface is a tremendous breakthrough in advancing our digital strategies and creating more competitive advantages for our clients,” said Halbrook.  “Combining the comprehensive technology capabilities of Black Knight’s Empower system with Lender Price’s advanced digital capabilities will increase the speed to market for our clients that are aggressively expanding into the digital marketplace and transform the user experience for their consumers.”

The integration of Black Knight’s and Lender Price’s capabilities can also support lead generation with existing customers. Linking a client’s property and borrower information from Black Knight’s Data Hub with a Black Knight AVM and Lender Price’s Product, Pricing & Eligibility Engine can help clients identify high-quality refinance candidates from their loan portfolios. Details about current loan-to-value ratio, recommended products and interest rates can be provided to help the loan officer present the benefits of refinancing to the borrower at the point of sale.

Empower’s seamless integration with Black Knight’s LoanSphere MSP servicing platform will offer clients true end-to-end digital capabilities and loan support, from origination to servicing and default. The MSP system is used to service more than 30 million active loans for many of the nation’s largest financial institutions and is scalable to any size portfolio.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at

Here’s What You Need To Know About Mobile Tech …

The California Mortgage Bankers Association’s (California MBA) Mortgage Technology & Marketing Committee (MTAM) is hosting a free webinar on April 18th at 11 am (PDT) featuring a dynamic presentation by Sam Mallikarjunan, Marketing Fellow with HubSpot. The presentation is entitled “How to Win on Mobile…Or Be Ready to Lose Your Audience” and will cover the following topics:

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>> Why does mobile matter?

>> What’s included in a mobile strategy?

>> How do you measure the success of a mobile strategy?

“Companies who do not embrace a mobile-first world will not survive the coming years. The brand experience has been decentralized from the brick-and-mortar, telephone, and website,” said Mallikarjunan. “Consumers now expect a cohesive, value-added relationship in whatever channel and at whatever time is convenient for them. Consumers take the path of least resistance and most value, and will flow to whoever delivers.”

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“Lenders and companies in the real estate finance space need to understand that mobile web browsing has overtaken desktop,” said John Seroka, Principal with Seroka Brand Development, and the committee’s co-chairman. “This means that if we are going to meet the needs of consumers, we need to think deeply about the mobile experience throughout the entire buyer path from driving initial awareness through conversion and beyond.”

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The webinar is free and open to all mortgage industry professionals, and registration information is available at, or by clicking here. For more information, please call (916) 446-7100.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at

Partnership Provides Mobile Loyalty And Payments To Underbanked

Sionic Mobile and Customer Engagement Technologies (CET) have launched a partnership to provide mobile loyalty and instant universal rewards to the underbanked. PaySwag, amobile app by CET that works on improving the payment experience for the underbanked, is integrating Sionic Mobile’s ION Commerce EngineT (ICE) to enable the loading of cash into a mobile wallet, allowing app users to pay for purchases with their phones and instantly earn rewards via the Mobile Rewards Marketplacewhich includes more than 100,000 retail locations.  Additionally, the PaySwag-ICE integration will utilize credit and debit card processing through J.P. Morgan Chase.

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“We are pleased to partner with Sionic Mobile to provide the underbanked with a universal, user-friendly rewards program,” said Max Haynes, CEO of Customer Engagement Technologies. “The underbanked are also under-rewarded and until now there really haven’t been any mobile loyalty or incentive programs. The Mobile Rewards Marketplace is unique in that there are no cumbersome requirements and restrictions on when and how the rewards can be used, no expiration dates and most importantly, users can earn and spend rewards at any of the retail locations in the Marketplace, nationwide. Like Sionic Mobile, we designed PaySwag with the user experience first and foremost and integrating with the Marketplace boosts the value we are able to offer app users.”

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Customer Engagement Technologies’ mobile application simplifies the collections process for underbanked consumers, businesses and governments by allowing cash or card payments and offering reward, education and feedback engines. PaySwag is integrated with more than 17,000 retail locations accepting cash payments for debts such as auto payments, medical bills and government fines. By combining mobile access and alternative payment technology, the CET platform gives people the tools they need to make on-time payments and rewards them for doing so. Using mobile gamification to transform how the underbanked interact with lenders, municipalities and healthcare, PaySwag makes payments more accessible, rewarding, consistent and likely.

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“Our Mobile Rewards Marketplace is simple in design making it easy to navigate, but built on proven technology, delivering powerful results,” said Ron Herman, CEO of Sionic Mobile. “By providing instant rewards to app users, the Marketplace helps drive adoption and usage of apps like PaySwag, better engages current customers and helps attract new users. We are pleased to work with the Customer Engagement Technologies team to fill a void in the market by offering a feature-rich rewards program to a large and typically underserved market.”

The Mobile Rewards Marketplace is comprised of large chain retailers and small businesses alike. It uses a secure cloud-based service on mobile devices or a merchant’s existing POS system, eliminating the need for new equipment. The Marketplace works alongside existing, standalone rewards programs.  Marketplace merchants accept mobile payments that are safe, secure and processed by J.P. Morgan Chase.

Lenders Are Looking To Improve The Customer’s Experience Big Time

Everywhere you look you will see that lenders are trying new things to improve the customer’s experience. To this I say: It’s about time. To help in this cause, technologists are stepping up with some clever tools. For example, HomDNA’s mobile technology offering is now integrated with the LoanSphere Expedite platform from Black Knight Financial Services. HomDNA, which delivers mobile technology and workflow solutions that span the borrower-to-homeowner experience, has integrated with Expedite to help mortgage lenders optimize the lending experience, increase borrower loyalty and extend customer value.

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HomDNA is a mobile application offering many benefits to homeowners while generating data-driven insights for personalized, relevant consumer engagement. With a pipeline of homeowners who are typically first engaged during a home purchase or refinancing, HomDNA uniquely parses and correlates data from each homeowner’s appraisal, user behavior and interests to help identify and grow long-term, trusted and profitable relationships.

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Available to lending customers through Black Knight’s Expedite platform, HomDNA is a suite of services that enables data and documents to be electronically accessible to consumers during mortgage origination. The integration with Expedite offers several benefits to lenders:

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>> Creates a value-based connection after loan closing: Because HomDNA’s data, outreach and communications are based on individual preferences and user activities, reliable “indicators of interest” support relevant, segmented and welcome engagement with homeowners for years beyond closing. Expedite’s ability to enhance the borrower experience by consolidating various loan documents in a single dashboard view helps reinforce a positive relationship with the borrower.

“Proactively communicating and identifying homeowners likely to refinance or repurchase is imperative to stay top of mind and cultivate the most viable customer relationships,” said Brian Gehl, CEO and co-founder of HomDNA. “Because HomDNA offers value to the homeowner throughout the typical 10 to 13 years in a home, we’re in a unique position to provide relevancy and reliable data lenders and others can capitalize on.”

>> Enhances appraisal delivery: For many lenders, it is challenging and expensive to meet deadlines and track appraisal emails, attachments and physical mailings. In addition, many borrowers find appraisals confusing and difficult to understand. On behalf of the lender, HomDNA will manage the mobile appraisal delivery via Expedite, offering a value-add of an appraisal summary featuring the most pertinent information parsed from the full appraisal. Each appraisal communication is tracked, personalized and lender-branded, and contains the full appraisal along with a link to the summary.

“By giving mobile access to the information that borrowers want most from their appraisal, we simultaneously elevate the customer experience and turn a typically mundane communication into one that drives additional value and customer dialogue,” added Gehl.

“The integration of HomDNA with the Expedite platform provides mortgage lenders with a comprehensive solution to help improve the loan closing process and provide a better overall experience for the borrower,” said Andy Crisenbery, executive vice president, Lending Solutions, Black Knight’s Origination Technologies division.

“In today’s mortgage market, it takes a different type of customer engagement to keep borrowers loyal,” Gehl said. “By working closely with Black Knight, we can offer a comprehensive solution that will enable mortgage lenders to provide today’s borrowers with an enhanced experience that will help solidify relationships.”

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at

Lender Looks To Drive A Better Consumer Experience

Ohio-based mortgage banker, Concord Mortgage Group, a division of NOIC, Inc., in partnership with Blend, a Silicon Valley-based technology firm, has released the Ready App, offering borrowers an elegant online portal to submit their applications, documents, and follow-ups in a secure, compliant manner. Borrowers of all ages applaud Ready App, giving it an average customer satisfaction rating of 9.1 out of 10.

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“Our capability allows us to speed up the loan process and reduce borrowers’ anxiety by providing transparency and a smooth process to quickly achieve their dreams of owning a home,” says Philson Lescott, NOIC, Inc. COO and chief digital officer. Lescott is a former business-technology executive of Fannie Mae. “We are focused on enhancing the mortgage experience for our customers by utilizing the most talented people and the best technology in our business.”

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Ready App is designed to take the friction out of applying for a mortgage by delivering a delightful and transparent experience, on any device, through simple conversational prompts and seamless direct connection to over 10,000 high-fidelity asset, payroll, and tax data sources.

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“At Blend, we’re building technology that reinvents home lending from the ground up,” said Nima Ghamsari, CEO & co-founder of Blend. “Built on a platform that integrates with existing systems, we’re thrilled to work with pioneering mortgage providers like Concord to deliver a digital mortgage experience and enable fast, simple and satisfying lending experiences to both lenders and borrowers alike.”

Ready App was launched as a pilot in October 2016, with a full company deployment in December 2016.  Feedback from customers and loan officers has been overwhelmingly positive: “Very easy. Questions were simple. Able to automatically import financial data” and “It was self-explanatory and hassle-free.”

Concord Mortgage Group’s core values and culture are relentlessly focused on helping people realize their dreams of homeownership, and with Ready App, Concord is well positioned to deliver a superior digital mortgage experience guaranteed to satisfy its borrowers’ needs.

Using Mobile Technology To Improve Lending

Mobile technology can revolutionize the mortgage space when used well. For example, CoreLogic has launched the RealQuest App to provide real estate and mortgage professionals access to detailed property information, transaction history and neighborhood sales data while they’re in the field. Here’s how it works:

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The RealQuest App gives users access to the nation’s leading property information database and search engine, RealQuest, which covers 3,100+ counties and 99.9 percent of all U.S. property records. It is designed to provide mortgage and title companies, real estate professionals, appraisers, government agencies, investors, and telecommunication and utility companies with comprehensive property, ownership and mortgage data on their iOS devices.

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The RealQuest App allows users to:

>> Search by property address, owner name or map.

>> Identify all properties associated with an owner.

>> Check foreclosure status.

>> Validate property value.

>> Confirm property ownership.

>> Research property transaction history.

>> Compare nearby sales.

“Purchase originations are being forecasted to reach more than $1 trillion this year, with one in three new mortgages expected to be made to Millennials. Given the growth of Millennial household formation and their technology preferences, it’s critical for mortgage professionals, real estate agents, appraisers and investors to have cutting-edge, on-the-go technology that gives them a competitive edge,” said Shaleen Khatod, senior vice president of Data Solutions at CoreLogic. “With the RealQuest App, they can access national property, owner and mortgage data and insights that will help them seize more opportunities whenever and wherever they are.”

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The RealQuest App is an extension of the New RealQuest desktop version, which, in addition to the features available in the app, includes Building Permit Reports to validate home improvements and Homeowners Association Reports to provide detailed HOA information.

The app is available for download in the Apple App Store. To use it, mortgage and real estate professionals must be subscribed to the New RealQuest.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at

Pixelation Nation

Digital photography was invented 43 years ago. Today, we have grown so accustomed to taking photos with digital cameras – including our cell phones – that we no longer think twice about this technology. Sure, most of us grew up taking rolls of film to the store to be developed, but would you really trade the immediacy we have today for film? For most of us, the answer is “no way.”

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The all-digital mortgage is similar to digital photography. It has gone from being a novel concept – something for lenders to strive for – to being something we hear about all the time. The need for all-digital-everything in mortgages has been driven by a number of considerations, including consumer demand for more timely and efficient interactions, complex compliance requirements, and a need to expedite lending activities. Non-bank lenders add to this mix with non-traditional lending practices and different risk profiles, creating a hyper-competitive lending environment.

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In light of all of these factors, tack-on solutions or limited technology that only supports digital disclosures is just no longer going to cut it. As we adapt to the needs of today’s borrowers, we believe that embracing the all-digital mortgage experience is the best option for lenders to ensure that they have a lending platform that will support their future activities. Just as camera film has become all but obsolete, so too will be paper-based mortgage processes. Here’s how you can ensure you are at the forefront of this part of our digital revolution.

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As mentioned, digital disclosures have long been an accepted first step in the digital revolution. Electronic signatures on early and upfront disclosures carried low risk and were simply implemented, and the options and flavors of eSign are numerous. However, lenders are realizing – and consumers are demanding – that you can’t just offer digital disclosures and then revert to paper for closing to realize the benefits of the digital mortgage.

There are two reasons for this. First, because of increased regulations that require compliance checks and procedural validations, lenders today automatically face higher costs per loan. And while increased costs can be mitigated with procedure redesign and staff training, lenders can only retrain so much without having to rely on technology to go further. Second, many of today’s mortgage borrowers seek automated, efficient financial solutions that they can control at the time and place of their choosing. While digitizing disclosures is a great start, today’s borrowers demand more and will go where they can find that all-digital experience.

That brings us to eClosing. The digital camera revolution took nearly fifteen years after its invention before consumers had a viable product they could buy. Similarly, the industry “standard” over the past decade for eClosing required lenders and platforms to dig deep. Their options included:

>> Investing in product or platform development or in a deep technology integration that had little to no general application to the process

>> Engaging in relationship-building and process validation with MERS and with Fannie Mae

>> Building, buying, or partnering with a solution that generates a complex technical version of the note, and acquiring an electronic vault in which to keep the records.

In the cold calculus of cost/benefit, lenders often could not make the conversion-to-payoff based on the large investment required. Costs to implement and maintain could not justify the potential or perceived benefits in consumer efficiency and/or backend reductions in cost, time, or processes. Faced with these tack-on approaches, many lenders waited for better options to come along.

Fortunately, just as digital cameras now are ubiquitous, all-encompassing digital mortgage solutions have proliferated, as well. Digital experts in the financial services industry have begun banding together to create fully-integrated solutions for lenders of all sizes. Lenders can now adopt the complex underlying technology for eNotes without the heavy investment in research, development, or infrastructure. With the availability of these solutions, consumers will begin demanding all-digital mortgages exclusively. Paper-based mortgage processes, while already on the way out, will hopefully become completely obsolete.

That brings us to the key question for lenders: Where are you on your digital mortgage journey? The movers and shakers in the industry are already providing borrowers with an all-digital mortgage origination experience. Taking the next step today can help meet borrower demand tomorrow.

About The Author

Jim Rosen

Jim Rosen is Document Center Product Manager for Mortgage Cadence, an Accenture Company. As the Document Center Product Manager for Mortgage Cadence, Jim Rosen oversees a team of seasoned professionals, offering dynamic document preparation services to lenders on the Mortgage Cadence platforms and independent, directly integrated lenders across the lending spectrum. The Document Center solution supports automated, compliant document preparation for residential mortgage origination customers throughout the mortgage lifecycle. Additionally, the Document Center extends document preparation to include distribution, electronic signature and e-closing integrations that enhance and drive efficient processes for mortgage lenders. Jim holds a bachelor’s degree from the University of Colorado and has served in various capacities in the mortgage services industry for over 17 years with particular depth and experience around residential mortgage document preparation.