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the vast majority of lenders already
accept them, as do the vast majority of
investors, including the government-sponsored enterprises (GSEs). Thus,
those companies using hybrid closing
platforms can still sell the notes. They’re
not forced to forego business because
they are embracing new technology.
If all of the parts are in place, what is
the roadmap to attaining fully digital
mortgages? First and foremost, there’s
no reason every lender in the nation
shouldn’t be using a hybrid closing
All of that information can then be
incorporated into the online pack-
age for ease of recording and transfer.
The best part about hybrid closings
is that, unlike a truly digital closing,
of the cost of transforming from tradi-
tional platforms to a digital platform
out of the way without prohibiting
a lender from still doing a mortgage
the old-fashioned way. It doesn’t box
out sales. But it will add efficiency and
reduce costs immediately.
As lenders begin to climb aboard the
hybrid bandwagon, they also need to
bring their service providers with them.
If your title company, vendor manage-
ment company, appraisers or anyone
else can’t or won’t use the same tech-
nology, find a better partner. Lenders
don’t hesitate to change vendors if
they can’t get the job done or begin to
present risk, so how is this any differ-
ent? Call it what you will, but mortgage
lenders need to drive their vendor net-
works toward the digital transforma-
tion as well.
As the number of lenders using
hybrid platforms grows, investors and
the GSEs will take notice. In fact, some
of them already are. In time, the largest
players will evolve, which will drive
e-note and e-vault innovation and
adoption. Even the simple awareness
that most of the market has begun the
drive to a digital platform will eventually move investors in that direction.
Finally, in time, governments at all
levels will bow to pressure from the
industry and homebuyers — especially millennial voters — to enter the
21st century, even if they do it while
kicking and screaming. Again, most
already have. Today, only six states
remain that don’t allow some form of
e-notarization or e-recording.
The final holdouts on issues such as
in-person closings, wet signings with
notaries and so forth will eventually
realize that the security provided by
these ancient rituals can just as easily
be provided via digital platforms — if
not more easily and more effectively.
It’s just a matter of time.
So, there you have it. The digital mortgage is already here in some form. It’s
not just a talking point or a PowerPoint
presentation anymore. It’s not entirely
here yet, but complete adoption is only
being blocked by inertia and indefensible skepticism in the market, along
with a few legal and government
holdouts, and a lack of understanding
about how it all works.
The tech for digital mortgages is
already in place — and only getting
better. In fact, early adopters are already
enjoying a competitive advantage
simply by using technologies that will
soon be standard across the industry.
The hybrid-closing platform is the keystone to the process. If you still think
the e-mortgage is a waste of your time
and focus, it is time to rethink that
outdated position. ■
Ifyouthinkyouknowdigitalmortgages,you’reprobablywrong youknowdigital ,you’re wrong ■■■■■■■■■
Weve all seen the headlines: “Electronic mortgages are sweeping
the mortgage industry” They first appeared around 2002 and then
again around 2008 right before everyone started discussing nothing
except defaults foreclosures and mortgage regulations What did they
tell us about electronic closings and digital mortgages back then?
Usually it was “Were almost there”
It feels like weve been discussing the electronic mortgage or
e-mortgage forever — but only in theory In reality far too many
mortgage professionals continue to perceive the digital transforma-
tion based on outdated information The digitalmortgage is herenow
Its time to understand where we really are in the process ■■■■
■ ■ ■ ■ ■ ■ ■ ■ ■
By Mark McElroy
President and CEO
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