With 2023 underway, savvy lenders are looking for mortgage tech that will help them navigate the economic headwinds this year is slated to bring. Efficiency, cost savings, and better collaboration are top of mind for many lenders. But which part of the mortgage journey can they digitize?
The closing process is fertile ground for reimagination and digital transformation. Lenders who are frustrated with the pitfalls of traditional closings, such as the additional costs associated with manual review and paper-based processes, should consider hybrid and full eClose solutions. Digital closings are a clear choice for operational efficiencies with benefits such as the ability to handle more closing packages over shorter time frames, reduced risk, and optimized communication.
Digital closings are great for the borrower, too. Borrowers enjoy a less stressful, more straightforward process, resulting in greater trust in their lenders. When borrowers are happy, lenders see more referrals. Plus, a seamless digital closing experience helps lenders shine bright among their competitors.
What else can digital closings do for lenders in 2023? Dive into the details below.
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