The Digital Mortgage is here: Part III

If you haven’t read our last two posts on the digital mortgage, they can be found here and here. In those posts, we examine how the industry can alleviate some pressure with a digital mortgage workflow but also the hurdles to adopting and scaling solutions.

While a scalable, secure, and user-friendly solution is yet to be seen, lenders can set themselves up for successful adoption with some simple near-term steps.

Start Now to Ensure Success Later

Evaluating partners and solutions can be overwhelming. Whether you have yet to determine your criteria or you know specific integration requirements, there is benefit in beginning conversations now. Learn what vendors offer, their plans for staying nimble with new industry regulations, and how they’ve delivered on product execution in the past.

Hybrid-Closings offer immediate efficiencies and important insight on your business. Hybrid Closings mean that some of the documents in the pre-closing and closing package are e-signed. This will reduce hard and soft costs while surfacing key information on how your business navigates change. Use these learnings toward your long-term strategy and get the business or customer support you need for a successful transition.

Engage with vendors and other-related parties and sense their appetite for change. Conversations with title companies, notaries, and others should extend beyond just fee reconciliation and into document sharing and digital ownership. What does this look like across organizations? Take note and ensure that visibility, access is supported by your digital mortgage solution.

Identify your primary concerns and keep those central. For example, there are some less visible criteria – such as security and availability – to weigh against other needs.

There is an enormous amount of PII in our industry and recent security breaches to organizations thought safe (e.g. Equifax) reinforce the fact that maintaining top level security is critical to the health of your company. Before engaging a solution, ask hard questions about how they are supporting you in this mission.

Access and availability should be consistent. Consumers in the on-demand economy expect solutions to be ready when they are. The risk of your digital mortgage workflow provider being down means potential loss of transactions and revenue. Consider now how you will work with your provider to deliver an always-on business.

DocuSign is proud to be a partner to 12 of 15 top U.S. financial institutions, over 10,000 mortgage and bank clients, over 1,100 credit unions, and more than 100 title companies. As you explore digital mortgage options, our team is here to support and help you.