Until 2020, offering an eClose solution wasn’t high on the priority list for many financial institutions. Some lenders focused their attention on front-end processes or increasing lead conversions, while others had concerns about digital mortgage closings that outweighed the potential benefits of making the transition.
The events of last year shifted many lending teams’ priorities, however, and now eClose solutions are top of many people’s minds. But the reality is that eClose solutions are as diverse as the many different forms of eClose available. Choosing the right one can feel overwhelming.
The right eClosing platform, at minimum, enables faster funding, increases efficiency, and reduces closing expenses. But the traditional closing process is continually changing; lenders need a solution that can not only meet the needs of the moment but also continue to evolve as consumer expectations rise and remote online notarization becomes more accepted. That’s where an end-to-end digital mortgage solution shines.
Blend’s end-to-end digital mortgage solution
From application to close, Blend provides consumers and lending teams with a consistent, excellent digital experience. Our Mortgage Suite replaces siloed point solutions, increasing lending teams’ productivity and decreasing loan cycle times. Blend Close, an integrated offering built into our end-to-end suite, gives lenders new levels of simplicity, efficiency, and ROI — all while ensuring a seamless customer experience with the best possible closing option for each individual loan.
And it’s not just good news for borrowers and closing teams. Instead of working across disjointed channels and systems, settlement agents can work smoothly within one dedicated interface. Blend Workspace for Settlement Agents streamlines sending and receiving documents, managing closing ceremonies, and reviewing instructions.
A flexible eClosing platform that doesn’t force lenders to change their process
When a process has been around as long as closings have, it’s understandable for loan teams to be set in their ways. New digital solutions can be intimidating or difficult to fully adopt.
But the reality is that a superior eClosing platform provides flexibility for all types of closings: traditional wet-sign, hybrid, and remote online. It feels familiar for those who want to stick with what they know while providing future-looking benefits for those ready to try something new.
To further increase buy-in, we have designed Blend Close to improve processes even if the involved parties choose to have a traditional wet-sign closing. Borrowers can preview documents before their closing appointments and find the answers to their questions through the educational resources in Blend’s informative interface.
Our platform also supports both hybrid and remote online eClosing. In the fully digital experience, all documents are eSigned, electronically notarized by a notary via webcam, and recorded. Borrowers using the hybrid approach will wet-sign key documents like the security instrument and promissory note in person but eSign all of the other documents.
When looking for the right eClosing platform, consider the needs of your organization and its customers. Blend Close provides:
- All of the required functionality for Remote Online Notarization, eSign, generation and signing of eNote, and integration to an eVault
- Automatic closing option recommendations for the best possible experience while giving borrowers the ability to choose the option they want
- Continual improvements, implemented on the back end and pushed directly through to lenders, that keep pace with changing needs
A transparent, seamless experience that leads to better customer satisfaction
Throughout the mortgage process, Blend makes it easy for borrowers to see their progress and ensure they’re keeping up with the required tasks. In our Loan Hub, applicants can complete conditions by connecting financial accounts, mobile document upload, and eSign tools while having visibility into their loan status.
Blend Close also helps educate borrowers ahead of closing through our integrated interface that previews closing documents along with contextual help. While there are many factors that influence net promoter scores (NPS), studies show that ratings benefit when the borrower is more informed and prepared. According to MortgageSAT’s National Benchmark data, when a borrower finds inaccuracies on their closing documents, there is a drop in NPS of 81 points.
Help your borrowers feel more prepared with a seamless process throughout their mortgage journey. With an integrated eClosing platform, Blend’s Digital Lending Platform provides a consistent, best-in-class experience that can boost satisfaction and create new efficiencies.