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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 36 April 2024 F E A T U R E S T O R Y » Electronic signing technology » eNote capabilities » Electronic vaulting » Electronic notarization technology for both Remote Online Notarization (RON) and In-Person Electronic No- tarization (IPEN) » Access to mortgage-trained electronic notaries » Digital default servicing capabilities Let's consider a few examples. If your eClosing platform isn't shared with title and settlement, you could face pushback from your purchase operations team when trying to go digital because title and settle- ment has its own way of doing things. When your electronic notariza- tion service doesn't also include IPEN capabilities, you may need to revert to paper with a homeowner who wants an in-person ceremony, or you may find that you cannot extend the same convenience and digital experience you delivered at closing when your client must sign servicing documents. The Downsides of a Disjointed eClosing Process are Tangible T he fact that there are not more solu- tions that serve all of these needs is unacceptable, counterproductive, and counterintuitive. The drawbacks of a disjointed tech stack can, well … stack up quickly: » Extra due diligence: Each time you onboard a new platform to your tech staff, you must engage in a lengthy process of comparing options, making sure the new option fits with your existing tech, vetting it through legal, negotiating the service contract, etc. » Longer implementation: All that due diligence takes time, resulting in additional time that lenders are not spending with their customers. » Increased robust training: Every new system has its own functionality, user interface, and idiosyncrasies. It takes a lot of time and effort to get everyone in your company fluent in the new tech. » Higher transactional costs: Assuming some of your platforms charge you on a per-transaction basis, you are losing a percentage of your profit with each addition to your tech stack. » Diminished innovation capacity: The burden (and frustration) of cobbling together multiple solutions might deter you from innovating your workflows over time. You might find it easier to stick with your flawed status quo tech stack, as opposed to risking any further headaches. » Unknown per loan cost: Most likely, some of your platforms bill different- ly, including monthly platform fees, cost-per-document, etc. This makes it difficult to establish a true per-loan cost. These costs and delays impact the en- tire mortgage ecosystem—and they are often passed down across all counterpar- ties and the homeowner. Moving Towards a Single Platform T he mortgage industry needs more from its eClosing tools and technolo- gy. Lenders should not have to cobble to- gether various point solutions and manual processes. More comprehensive, all-in-one software will help accelerate the process and alleviate the major pain points. Let us zoom out for a second. Sure, an all-in-one platform will make the transactional process easier for users, but the impact is much deeper. A more effi- cient eClosing workflow would help get more people into homes, and get them into those homes much faster. We all know how difficult it is to buy a home right now. Home sales in Sep- tember 2023 were at the lowest point they had been in 13 years. As members of the mortgage industry, we should be remov- ing every barrier to homeownership. If more robust, complete tech solutions can help minimize delays and closing costs, we should all be trying to embrace them. A closing process formerly marked by frustration, disjointedness, and leth- argy can soon be defined by efficiency, convenience, and security. Better tech- nology can help enable that transition, and now is the time to prioritize that sort of consumer-friendly tech. Lenders should not have to cobble together various point solutions and manual processes. More comprehensive, all-in-one software will help accelerate the process and alleviate the major pain points.