“To Measure is to Know” – Lord Kelvin
One of the hurdles that advocates of digital lending have faced in convincing their companies to undertake a major digital transformation has been the ability to show hard ROI. Everyone believes in the potential of digital – faster, cheaper, more efficient – but there’s been a lack of hard numbers to prove it – until now. Recently two different surveys, commissioned by Notarize and ICE respectively, drilled down into the benefits of eClosing solutions and put hard numbers against them. Notarize’s study found that lenders can save up to $444 per loan and title agents up to $100 per loan when using an eClosing solution. ICE’s study found that lenders can save 70 minutes per loan and shave 2 days off the loan cycle using the company’s hybrid eClosing system.
The bottom line is that with an eClosing solution in place lenders can close loans faster with fewer errors and save more money than with an in-person or legacy paper process. These studies are an important step for our industry, and something we look forward to helping our clients understand. – Armando
Wolters Kluwer Acquires IDS
Wolters Kluwer recently announced the acquisition of IDS. IDS will become part of Wolter Kluwer’s Governance, Risk, and Compliance Group, a leading provider of compliance software for U.S. banks, lenders, credit unions, insurers, and securities firms. The acquisition further builds out Wolters Kluwer’s presence in the eClosing space. At the end of 2020, the company also acquired eOriginal.
MISMO Looking to Create Standards for eVaults
MISMO has issued a call for participants for its new development workgroup (DWG) focused on creating eVault standards that improve the current process, enhance digital mortgage scalability and help ensure the seamless transfer of eNotes to facilitate their sale to investors. The new eVault Standards DWG will work with industry participants, government agencies, and other stakeholders to create a single set of standards to streamline eVault operations.
Your MERS Annual Report is Coming
It’s never too early to start planning for your MERS Annual Report. Although it is not due until December 31, MERS servicers can submit the Annual Report beginning in June. Falcon Capital Advisors is one of a handful of approved Annual Report third-party review firms. We can schedule our review of your organization’s MERS policies and procedures to occur any time in the year and then work with you during the submission window to submit your Annual Report to MERS. Contact us at [email protected] to get started.
Servicers Going Digital with eModification
In a recent interview with DS News, Tim Anderson, the President of Evolve Mortgage Services‘ eMortgage Division discusses the benefits of eModification for servicers. Anderson said, “With an eModification, the entire loan modification process – including notarizing the new loan – can all be done online. An eModification enables servicers to process loan modifications more quickly and easily than they would under traditional, antiquated, paper-based processes.”
Snapdocs First to Achieve MISMO Certification for eClosing System
Snapdocs’ eClosing platform, procedures, and policies have been certified as compliant with MISMO’s requirements. Snapdocs is the first, and at the moment only, eClosing provider to achieve this certification from MISMO.
New Hampshire Completes First RON eClosing
Summit Title just completed the first RON eClosing in the state of New Hampshire. As consumers are increasingly demanding fully remote access to facilitate loans and mortgages, states are establishing or expanding RON measures, New Hampshire passed RON into law last year. Summit used Stavvy’s digital closing and RON tools.