As lenders strive to reduce costs, close loans faster, and deliver a safe, seamless and convenient borrower experience, leveraging a comprehensive eClosing platform is a top priority.
Docutech, a First American company, provides lenders with a complete and integrated digital mortgage solution that streamlines the complex closing process. Their Solex eClosing Engage platform continues to lead the industry and has now helped lenders close more than 100,000 mortgages electronically.
Solex eClosing Engage is designed to “engage” all participants in the eClosing process – providing superior experiences for consumers, lenders and settlement agents.
Approved by Freddie Mac and Fannie Mae for eClosing, eNote and eVault functionality, the Solex eClosing platform provides lenders with eSigning efficiencies from initial document generation through post-closing, eVault integration with the MERS eRegistry, intelligent eEligibility and Remote Online Notary (RON) eClosing.
Closing documents are generated by ConformX, Docutech’s dynamic document engine, integrated with leading loan origination systems and borrower portal solutions.
Every relevant field is imported, defaulted or automatically populated through rules-based intelligence and all disclosures and closing documents are auto-tagged for eSignatures, eliminating manual labor and missed signature points.
While there are many benefits for lenders to implement eClosing, determining how “e” a closing package can be is complex and a potential barrier to scaling eClosing volumes. Through Docutech’s integration with Simplifile, lenders gain the benefit of an intelligent eEligibility engine that analyzes each closing package and helps determine the most appropriate eClosing path.
From the borrower perspective, reviewing and electronically signing documents has never been easier.
Borrowers can review their documents from any device in advance of the day of closing, and can eSign their ancillary docs, thereby shortening the actual closing ceremony. Lenders can also provide title and settlement with secure access to review and add title documents to the closing package. On the day of closing, Solex provides options for in-person eNotarization and eRecording as well as remote online notarization.
“One of the most important considerations for moving RON eClosings into mainstream operations is to understand the factors that determine a viable RON eClosing,” Brandt says.
“We refer to this as the three legs of RON eEligibility. First, marketability: will your investor purchase the eNote from the RON eClosing? Second, recordability: will the county recorder eRecord the eNotarized Deed of Trust from the RON eClosing? And third, insurability: will the title underwriter insure the loan if it’s executed with a RON eClosing? Solex eClosing Engage provides lenders with eEligibility insights to help address these questions on every loan.”
After the eClosing is completed, lenders can register the eNote on the MERS eRegistry through the Solex eVault. Once registered with MERS, lenders can manage secured parties or interim investors, transfer control to a final investor, update the servicer and location fields when needed, and later flag an eNote as being paid off, assumed, modified or other life-of-loan events.
Amy Brandt, President
Amy Brandt has over 20 years of leadership experience within the mortgage, software, tech, aerospace and financial services industries. Brandt drives the company’s strategic vision and leads its growth initiatives by adding new products, entering new market segments, and seeking strategic technology integrations. Among her industry honors are HousingWire’s 2019 Women of Influence Award and HousingWire’s 2018 Vanguard Award.