Innovating for the New Normal
These certainly are unprecedented times. As I enter my third week of working from home, my hair is a little longer, I’ve grown more accustomed to golf shirts to work and despite social distancing, I’ve had the great opportunity to talk to many of our lenders and partners about what they are experiencing in the market in near-real time.
Refi volumes are up, nearly doubling from February to March as interest rates reached historic lows. We’re actually seeing some lenders temporarily discontinue taking online applications so that they can focus on their pipeline before taking on any additional business.
We’re all prioritizing the health and safety of our employees, our clients and our community but we’re also focused on keeping business moving forward. Demand for virtual solutions has soared. Whether it's mobile solutions for loan officers who are now working remotely but need to stay tethered to their borrowers, or lenders contending with a new world of appraisal waiver offers and electronic verifications, technology is quickly becoming the critical element in ensuring lender and borrower success.
In addition to our own solutions, Ellie Mae partners have been speeding innovation to meet these demands. This week, I’d like to focus on eClosing because while so many lenders have digitized parts of the mortgage workflow, the eClosing process has lagged. We understand that many borrowers may not want to meet with a signing agent for closing and our partners are offering solutions to help lenders meet the need for fully digital closings.
Our eClosing partner integrations include:
Notarize: Notarize is the first platform that allows signers to electronically review, sign and notarize real estate documents from anywhere in the world. By integrating Notarize with Encompass, lenders can “click-to-close” loans online and automate the entire closing workflow.
Snapdocs: The Snapdocs integration creates an origination-to-closing table and back again connection, seamlessly unifying lenders, title, signing agents, and borrowers in a single workflow for every closing. The solution simplifies the closing process by offering a suite of closing tools, including borrower document preview, automated hybrid document sorting and annotating, RON, and more.
To get more detail on all the partner integrations being developed to support lenders during COVID-19, please visit the Ellie Mae Marketplace and for full updates on this innovation, visit: https://explore.elliemae.com/covid-19.