As the mortgage industry moves forward into its digital future, more and more companies are partnering up to help accelerate that transition.
Here’s a look at the latest round of companies working together to push the industry forward.
Lenders One Cooperative and DocMagic
Lenders One Cooperative, a national group of independent mortgage bankers, announced this week that it is partnering with DocMagic to roll out a complete eClosing solution for borrowers, lenders and investors.
The solution, which is called Lenders One eClosing by DocMagic, is available for Lenders One members.
According to the companies, the solution establishes a completely paperless workflow that reduces borrowers’ time at the closing table from 60 minutes down to 15 minutes.
The companies state that the solution includes the following features:
- Integrated with all of the major LOS platforms to generate e-enabled documents
- An embedded compliance engine that automatically audits documents and data against applicable industry laws and regulations to help ensure compliance throughout the loan lifecycle
- eNotary technology for in-person electronic notarization or remote online notarization where permissible
- The ability to deliver a MISMO SMARTDoc eNote with direct connectivity to the MERS eRegistry
- A secure, certified eVault which provides long-term storage and eDelivery to warehouse banks and investors and features a date-stamped and time-stamped audit trail to help show proof of compliance at all times
“Our eClosing technology puts Lenders One members at the forefront of the eMortgage evolution, a sought after capability made possible through our collaboration with DocMagic,” said Michael Kuentz, CEO of Lenders One.
“Importantly, the eClosing solution incorporates feedback received from our members and service providers, helping ensure we address their needs. Our comprehensive eClosing solution provides our members with options to choose full eClose or hybrid eSign/ink-sign workflows,” Kuentz added. “The technology adapts to the lender’s production environment and compresses the overall timeline to loan sale, generating material savings for lenders facing historically high loan production costs.”
Docutech and Floify
Docutech, a provider of document, eSign, eClose, and print fulfillment technology, announced this week that it reached an agreement to integrate with Floify, a mortgage automation and SaaS point-of-sale platform, to simplify the generation, delivery, and signature of loan disclosure forms.
According to the companies, loan data for all new applications entered on a lender’s website through the Floify platform will be used to automatically create loan disclosures through Docutech’s ConformX system. The disclosures will then be electronically delivered to the borrower or borrowers for their digital signature.
The companies say the partnership will have benefits for lenders and borrowers alike. For lenders, the integration will lead to shorter loan origination timeframes and improved data quality.
For borrowers, they will benefit from receiving their loan disclosures quicker and being able to electronically sign them for any web-enabled device.
“In today’s fast-moving mortgage market, loan originators increasingly desire a comprehensive digital automation solution like Floify to improve the lender-borrower experience,” Dave Sims, CEO at Floify, said. “Our partnership and integration with Docutech means our platform now supports disclosures from generation through eSignature, effectively making the mortgage origination process faster, easier and more convenient than ever before.”
Stearns Lending and ClosingCorp
Stearns Lending, one of the nation’s largest lenders, will now be using ClosingCorp’s SmartFees as its rates and fee data solution for its wholesale and retail lending channels, the companies announced recently.
Under the partnership, ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate industries, will provide more than 4,000 Stearns brokers with vendor-verified rate and fee data from thousands of service providers.
Uday Devalla, chief information officer of Stearns Lending, said that the partnership will allow Stearns to better serve its borrowers.
“The ClosingCorp service allows our brokers to generate actual rate and fee data from the providers we currently do business with,” Devalla said. “We expect our cycle time to be faster and interactions with our service providers to be much more efficient, which will ultimately enhance the overall borrower experience.”
Cloudvirga and Radian
Cloudvirga, a provider of digital mortgage point-of-sale software, is partnering with Radian Guaranty, a mortgage insurance provider, to deliver instant mortgage insurance rate quotes within Cloudvirga’s digital mortgage software.
According to the companies, the integration will help lenders streamline the ordering of MI certificates.
“Our focus is on helping lenders perfect the process of manufacturing loans, so they can turn applicants into homeowners faster and more cost-efficiently than ever before,” Kyle Kamrooz, co-founder of Cloudvirga, said. “We’re proud to partner with Radian to deliver the most precise loan calculations available in the market.