As lenders aim to close loans faster, reduce costs and deliver a seamless borrower experience, implementing a comprehensive eClose platform is an increasing priority. Docutech is the industry leader in dynamic document services, eSign and eClose technology — providing a streamlined mortgage process.
Docutech introduced Solex eClosing in late 2017, a solution that enables loans to be as “e” as they can be. Since inception, Solex has helped leading lenders close over 19,000 mortgages electronically, providing the competitive advantage of a complete digital mortgage offering.
The solution is approved by Freddie Mac and Fannie Mae for eClosing, eNote and eVault functionality and has eSigning efficiencies from initial document generation through post-closing.
“Solex is unique because it is a complete end-to-end integrated eClosing solution platform for lenders, borrowers and title/settlement closing agents,” said Docutech President and CEO Amy Brandt.
Solex is integrated with ConformX, Docutech’s dynamic document engine. When disclosures and closing documents are generated, they are automatically tagged for eSigning, eliminating manual labor and any missed signature points.
Through integration with Simplifile, lenders can utilize Docutech and Simplifile’s intelligent eEligibility engine to analyze each closing package according to state, county and investor variations. Hybrid options include eSigning of ancillary documents, plus options for SMART Doc eNotes, eNotarization and eRecording.
Accessed through Solex, the Simplifile closing agent portal enables title and settlement agencies to seamlessly add their documents to the lender’s closing package.
In addition, eNotaries can electronically notarize (in permissible states) the applicable closing documents and closing agents can easily facilitate electronic recording of closing documents.
After eClosing, lenders can register their eNotes on the MERS eRegistry through the Solex eVault, either manually or automatically. Once registered with MERS, lenders can transfer control to an investor, update servicer and location when needed, and flag an eNote as being paid off, assumed, modified or other life-of-loan events.
“Lenders are racing to be the fastest to close home loans,” said Brandt. “As a complete end-to-end integrated eClosing solutions platform, Solex enables each transaction to be as ‘e’ as it can be.”
While a more digitally focused closing process certainly promotes an improved, more informed and convenient experience for the borrower, the benefits for lenders are significant. A hybrid eClosing improves loan quality, data accuracy and compliance while also accelerating the overall loan process. Greater efficiency from an operational standpoint is achieved by eliminating reliance on outdated processes, providing significant cost savings.
As an example, a lender originating 12,000 mortgages per year with an average loan value of $250,000 can save approximately $155 per loan, which adds up to a whopping $1.8 million in savings annually when moving from paper closing processes to hybrid eClosing. Hard cost savings for a full eNote eClosing are even more significant compared to manual paper processes.
Lenders can review their own potential cost savings by accessing Docutech’s eClose ROI calculator.
“At Docutech, it is our mission to provide innovative dynamic document services and technologies that streamline and simplify financial transactions for consumers and lenders,” Brandt said. “We achieve that through our Solex eClose platform.”
Amy Brandt, President and CEO
Amy Brandt is the president and chief executive officer of Docutech. As a highly accomplished entrepreneur and senior executive, Brandt brings over 20 years of success within the mortgage, software, tech, aerospace and financial services industries to her role at Docutech. Brandt drives the company’s strategic vision and leads its growth initiatives by adding new products, entering new market segments and seeking strategic acquisitions. She has also been a recent recipient of both HousingWire’s 2018 Vanguard Award and the 2019 PROGRESS in Lending’s Most Powerful Women in FinTech award.