True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Closing

RON isn’t the miracle answer to all our questions

Focusing on a single tool won't bring the innovations this industry desires

Multitasking business man working at home

The push to further digitize the mortgage process gained added traction amid the COVID-19 pandemic, with lockdowns forcing the mortgage industry to adopt new technologies it has otherwise been slow to embrace.

Remote Online Notarizations form part of that digital transformation, naturally. However, the role RON will play in the end-to-end digital mortgage process is somewhat overblown. While the widespread adoption of this technology is moving forward quickly, the widespread use of RON is probably not going to happen anytime soon. Simply put: far too many potential homeowners still wish to have a higher level of participation in the closing process than RON offers.

That’s not to say that having RON available in a time of social distancing hasn’t proved useful, but its impact during the pandemic has been minimal. Right now, if RON is used in even 2% or 3% of all closings, that would be a larger market share than expected. We offer RON as a service and, for 10 months of 2020, WFG used RON on .882% of its closings. Less than 1% of our transactions request RON.

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