Making Digital Closing a Reality: The 5 Things You Need to Know
The promise of digital closing has not been fulfilled yet.
While many lenders have digitally enhanced some parts of the mortgage process, the process itself often remains largely disconnected and painfully manual. Average production expenses are at a record high and customer satisfaction is significantly lower than in most other industries.
But help is here. Even though a mortgage is one of the largest, most complex, and longest-lasting consumer financial instruments, it doesn’t have to be mired in manual and time-consuming steps. Successful lending firms are converting the mortgage process. This means they are taking a digital approach to handling the exchange of hundreds of pages of documents with borrowers; collaborating with dozens of external participants; signing a variety of agreements and consents; adhering to county, state, and federal regulations for the transaction; and all the while, keeping sensitive financial documents moving and all participants on task.
Despite challenges, lenders that can make this digital transformation are showing significant success. In this on-demand webinar, Mortgage Cadence and DocuSign share some of the common challenges that lenders face when going digital and how to take a pragmatic approach towards overcoming them. Start your journey to building a better mortgage today.