DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1505571
August 2023 » thefivestar.com 11 August 2023 M T E C H Scheduling platforms. With Connected Closings, Snapdocs customers reduce closing times by at least a day and a half, settlement companies return scan backs two times faster by eliminating manual tasks, and borrowers electronically sign documents before the clos- ing appointment more than 90% of the time. Snapdocs lender and settlement custom- ers using Connected Closings include The Federal Savings Bank and BCHH, a provider of real estate title and closing nationwide. "Lender and settlement workflows have historically been completely fragmented, resulting in errors and wasted time," Snapdocs Chairman and Founder Aaron King said. "This industry-first innovation is a win-win for both parties. Lenders feel more in control with vis- ibility and access to the real-time information around the signing. Meanwhile, settlement can increase revenue opportunities by providing a digital experience lenders actually want to use. This results in more efficient closings and better business results for everyone. There's nothing on the market like it." Connected Closings reduces unnec- essary, back-and-forth communication by offering seamless data exchange, automatic document sharing between all parties, and real-time updates of the signing appoint- ment, notary search, and closing documents. By unifying Snapdocs Digital Closing and Snapdocs Notary Scheduling workflows, Connected Closings ensures a perfect signing and closing experience every time. "At a time when real estate transaction volumes have slowed, the ability to digitally collaborate with lenders gives us a valuable edge," said Melanie Miller, Sr. Operations Manager of BCHH. "It removes manual tasks and reduces errors, while automatically send- ing signing updates to ensure that the lender, our scheduler, and the notary are perfectly in-sync. It makes our jobs much easier and helps us stand out to our lenders." For lenders, one of the largest hurdles for digital closing adoption is driving settlement adoption of new technology and workflows. Connected Closings provides an incentive for Title companies to become more engaged in digital closing due to its increased transpar- ency, improved communication, and stream- lined coordination. "We've been using Snapdocs eClose for just under two years, and the addition of Connected Closings has been a game chang- er by improving our communication and re- al-time visibility with our settlement partners and notaries," said Desiree Kirkland, SVP of Closing Operations for The Federal Savings Bank. "The implementation of Connected Closings has also been paramount in coor- dinating with settlement partners, saving us time, money, and resources, while delivering the ultimate borrower experience." ENCOMPASS LOS USERS CAN NOW ORIGINATE HELOCS AND HOME EQUITY LOANS IN DAYS F irstClose has announced that its home equity origination platform, First- Close Equity, is now integrated with Encompass by ICE Mortgage Technology to help ease the loan process. Through the new integration, Encompass users can seamlessly originate home equity lines of credit (HELOCs) and home equity loans (HELs) within their LOS and complete the application through the closing process in as few as 10 days versus the industry average of 45 to 60 days. Encompass will continue to be the system of record because all data is secured through the LOS and stored there. Each call to action initiates a data map and an audit trail to Encompass. FirstClose's one-of-a-kind home equity solution reduces operational touchpoints to elevate the overall customer experience for borrowers. The solution also enables lenders to automate data collection and verification and continue to order settlement services through FirstClose's existing order manage- ment module. "Home equity lending has become a go-to option for millions of homeowners and is expected to be a significant growth opportunity for the foreseeable future," said Tedd Smith, CEO at FirstClose. "Our integration with ICE Mortgage's platform will give Encompass users a simple, efficient way to either enter this market or to differentiate themselves by significantly improving the customer experience that they are offering." The end-to-end platform was built mod- ularly so lenders can implement one, two, or all modules based on the approach that's right for their organization. » Point of Sale (POS): A private-label bor- rower-facing point-of-sale solution with a unique borrower experience—single sign- on, workflow, and customized branding, including a domain that gives consumers instant online feedback on their home valuation, available home equity, and loan options, and delivers credit decisions in minutes. (Borrower eligibility is deter- mined by the credit score and CLTV.) » Borrower Portal: A borrower portal that lets consumers provide consents, upload