4 eClosing Must Haves for a Complete End-to-End Digital Mortgage Lending Process

Posted by Kristina Quinn

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.

Digital mortgage lending can be difficult to navigate and due to COVID-19, it has presented itself as a necessity rather than an innovative perk. One area of digital mortgage lending that is important to include in your process to provide a true digital experience is eClosing. This blog examines four areas that are must-haves within eClosing. 

 

  1. Mortgage LOS and eClosing system integration. Implementing innovative technology that works in silos is simply a waste of resources. The two systems should integrate to create efficiencies and great consumer experience.  
  2. Document preview. A document preview feature allows the borrower to review all needed items from the comfort and safety of their home.  
  3. eSign and eDeliveryAllowing the delivery of contracts and important items with the ability to safely and securely sign them is a key feature to a true eClosing process.  
  4. Remote online notarization. A true eClosing process gives notaries the ability to eSign and eNotarize documents remotely, no need to meet in-person with secure and convenient delivery.   

To learn more about key eClosing features, please read the entire blog post below.  

Mortgage lending is a complex process that involves a plethora of documents, tasks, and individuals. Originating a mortgage loan in-person is complicated and involves a lot of private consumer information and because of this, many lenders are hesitant to digitize the process.  

 

At the end of 2019, a digital mortgage lending experience was an impressive perk for a lender to offer their customers. But with the COVID-19 pandemic, digital lending of all types has proven to be a necessity for safely and efficiently originating a loan.  

 

A true end-to-end digital mortgage lending experience is incomplete without a secure, compliant and intuitive eClosing process that is paired with a powerful mortgage loan origination system. In this blog, we will examine four features of eClosing that complete a digital mortgage lending experience.  

1) Mortgage LOS & eClosing System Integration  

Implementing technology to streamline processes to create a true digital mortgage lending experience is only possible with the seamless integration of the mortgage LOS and eClosing system. The integration of the two products will eliminate manual work for the lender and create a superior mortgage lending experience for the borrower. 

 

2) Document Preview  

The ability to successfully originate a mortgage loan digitally requires the borrower and settlement agent to preview documents remotely. A built-in document preview feature is vital for an efficient eClosing process. It allows the borrower to calmly review all documents on their schedule and in the comfort and safety of their home. Online document review allows lenders to give customers the ability to sign ancillary documents in advance, which makes the closing process shorter.  

 

3) eSign and eDelivery  

Within the eClosing process of digital mortgage lending, eSign and eDelivery are vital to success. Once the borrower has reviewed all the needed documents, there must be a clean, easy, and intuitive process for eDelivery and eSigning. The borrower can receive and sign all necessary documents, providing lenders with a detailed audit trail of document events.  

 

4) Remote Online Notarization  

A complete end-to-end digital mortgage lending experience should provide all involved parties the ability to fulfill a remote online notarization. A safe and streamlined process will give notaries the ability to eSign and eNotarize documents remotely, no need to meet in-person with a secure and convenient process.   

 

LendingQB + Docutech’s SolexTM Integration  

LendingQB is a SaaS browser-based loan origination software designed to optimize the end-to-end process. MeridianLink and Docutech have partnered to integrate LendingQB with Solex 

 

Solex is a complete end-to-end integrated eClosing solution platform enabling each transaction to be as digital as possible. The integration of LendingQB and the Solex eClosing platform will allow lenders, borrowers, and settlement agents to streamline the closing process while ensuring safety and security. DocMagic and IDS will also release an eClosing integration as well.  

 

Click here to talk to our team about these digital mortgage lending products.  

 

Download LendingQB Datasheet 

LendingQB-Datasheet

 

Topics: Mortgage Loans, digital lending, lendingqb

Written by Kristina Quinn

Director of Product Marketing, MeridianLink

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