Your community bank can go paperless. As part of a strategic business process shift, more and more lenders are choosing to implement electronic processes beginning with disclosures and concluding with an electronically delivered promissory note or eNote. In today’s market, there are many technology partners that seamlessly integrate with current loan origination system and closing systems to create an electronic experience that promotes faster execution and more empowered borrowers.
Because customer retention is so critical for community banks, the proposition of “e” has become more enticing. Electronic closing processes offer customers more clarity in the process as documents can be pushed out to the consumer ahead of time and signed at their convenience. In addition, many of the new technology offerings available today incorporate educational guides and links to assist consumers in understanding a mortgage document’s full intent. Lenders who employ fully electronic closings have shared statements like, “our borrowers are better informed and enjoy the process so much more than before.”
While customer satisfaction is crucial, lenders are also keenly interested in reducing operational costs while not compromising quality. With the rising costs of origination, it’s no wonder that lenders are looking to automate more. Through eClosings, documents are executed faster, review times are shortened, there are less manual data errors, transfers of control can be immediate, and ultimately lenders can receive funds faster from Fannie Mae.