Building a successful eClose strategy can put you as a lender on the path to gaining more operational effectiveness and efficiencies. Ensure a better borrower experience and stay ahead of your competitors in the lending space. Hybrid eClose mortgages help lenders improve their customers’ experience and maximize the margins on each transaction by allowing borrowers to eSign non-notarized closing documentation.
In an interview with Stephanie Durflinger, the senior vice president of product strategy at ICE Mortgage Technology, about the ICE experience; she made it known that her major takeaways on the results of ICE’s hybrid eClose Return On Investment (ROI) Study were that eClose solutions can help lenders save up to 70 minutes per loan transaction and bring down the amount of time it takes to close a deal to about 2.3 days.
This means lenders can now do more than before. Lenders can close transactions quickly, have lesser time on the warehouse line, guarantee borrowers’ satisfaction and the happiness of title agents, and close as many deals as possible. This, in turn, adds huge value to the lender’s business.
In addition to time savings, deploying eClose, starting with hybrid eClose, resulted in significant cost savings, according to the study. MarketWise LLC analysts predict at least $500 in savings per loan once a full eClose process is adopted as lenders expand hybrid eClose acceptance and deploy Encompass eNotes and eNotary, according to the survey. Durflinger emphasized the significance of these cost savings, pointing out that the cost of loan origination continues to rise, which is an impactful solution. To read more, click here.
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