Financial institutions have made great strides recently, improving the mortgage experience through advancements like rapid pre-approvals, flexible application processes, and reduced manual workloads.
Still, lending continues to be a competitive industry, and mortgage closing is an area where lenders can differentiate themselves. By using remote closing technology that unifies and accelerates the mortgage closing process, financial institutions can increase efficiency on all fronts — leading to a better consumer and lender experience.
Here are seven ways remote closing technology enhances the mortgage experience.
Simplified mortgage process
Remote closing technology combines all of the necessary functionality — from remote online notarization and signing eNotes — into one cohesive portal. Applicants get a consistent digital experience across the purchase journey, allowing for document reviews to occur in a singular and familiar interface. Lenders can manage the entire workflow in one dedicated workspace.
Ability to close anytime, from anywhere
An all-digital closing experience gives applicants the ability to be served how they want to be served. They can review, sign, and print closing documents from their mobile device, tablet, or PC when it’s convenient for them.
Shortened loan lifecycles
In addition to reducing time from application to close, lenders have the opportunity to use eNotes to decrease the delivery time to the secondary market (including to the GSEs), and expedite capital replenishment for a healthier balance sheet.
Fewer manual steps
Remote closing software can cut many inefficient data-gathering steps out of the process, allowing applicants to complete steps more quickly and efficiently. Remote closing software can also sync closing details and automate the preparation of closing documents for eSigning, which translates to fewer manual steps for lending teams.
Reduction in errors
Seventy-nine percent of customers said they’d be willing to eSign their mortgage documents, according to a 2021 survey. Remote closing software increases the likelihood that applicants don’t miss any signatures and that all required documents are uploaded to the platform. Intuitive digital tools automatically flag issues as the applicant inputs information.
Tailored offerings for applicants
Custom capabilities within the portal allow lenders to leverage extra tools that go beyond the loan. Those “extras” include realtor connections, access to a homeowners insurance marketplace, and home appraisers.
An all-digital closing experience gives consumers the ability to choose the closing method that works best for them, whether it’s a completely remote closing or a hybrid approach.
Blend makes the remote closing process possible
Blend Close gives financial institutions the tools to take a customer-centric approach to closing. Not only does the end-to-end solution offer continuity for all stakeholders in the closing process, it also provides flexible signing options, real-time LO guidance, the ability to send documents to and communicate with settlement agents, and secure document management — all within a unified platform.
Blend’s innovative automation increases the productivity of the loan-cycle period and moves the process forward quickly and seamlessly — all the way to close.