Mortgage lenders can use eClosings to overcome rising costs, increasing competition, and other challenges. Learn how to get value from digital closings.
Why Digital Closings Should Be a Lender’s Top Priority and How to Get ROI on Day One
Lenders in today’s mortgage market face a number of challenges, including increased competition and rising costs, that make it difficult for them to survive and remain profitable. Additionally, the influx of new technology from fintech companies has led to an increased interest in digitizing the mortgage process, both from consumers and lenders.
As interest in digital mortgages increases, lenders have been primarily focused on digitizing the mortgage application. Making the application simple and easy to complete for consumers increases the top of a lender’s sales funnel. When it comes to the other half of the mortgage process though, lenders have been more hesitant to dive into adopting digital closings. Some of the most frequently cited obstacles preventing lenders from adopting digital closings are the different local laws and investor requirements around the process, and the time and cost of changing processes and technologies to support eClosings.
Many of the business challenges lenders are facing today can be solved with digital closings. This white paper explains why now is the time for lenders to adopt digital closings, specifically focusing on hybrid closings as a scalable way for lenders to not only take a step towards fully digital eClosings, but to also get ROI from day one.