How eClosing Platforms are Transforming Lending in 2022

Today, eClosing platforms and mortgage technology are used to transform residential real estate transactions and make the homeownership journey easier and more accessible. With closing options that streamline traditional mortgage processes and increase accessibility, lenders should embrace digital mortgage platforms and the efficiencies they bring to the homebuying process.

This article highlights some of the most significant benefits of eClosing software and how lenders can improve the closing experience for their borrowers and for themselves.

The Roadmap to eClosings

Typically, the road to closing has required face-to-face transactions.

Electronic signatures have simplified much of the closing process. Lenders and loan processors are able to decrease the time needed for loan applications and approvals, benefiting both buyers and sellers.

Traditional closing processes, however, still typically require that closing documents be signed in person, and there are still legal requirements, in terms of documentation and filings, to be met.

The good news is that the logistics of long-distance transactions are much easier today than they were even a few years ago, and new solutions now promise to make homeownership easier, faster, and more affordable.

Nexus Closing: Sign-on Convenience, LOS Integration, and Collaborative Tools in a Single eClosing Platform

With single sign-on convenience for borrowers, full LOS integration, and enhanced title collaboration tools, Nexus Closing delivers a streamlined solution with flexible support for traditional, hybrid, and fully digital closings.

  • A single-platform experience ensures borrowers enjoy the ease of access without needing to create additional sign-on credentials. 
  • Automatic status updates and instant chat tools provide the transparency and guidance customers need to navigate the closing process with confidence. 
  • Our solution also allows for your level of customization supporting hybrid eClosing scenarios and remote online notarization (RON). 

With eNote, eVault, and eRegistry integration, you can ensure consistent management of digital assets throughout the mortgage process. Industry-leading partner integrations ensure all electronically notarized and signed documents are tamper-sealed, stored securely, and the eNote is seamlessly delivered to the MERS Registry.

Closing Options Supported by the SimpleNexus App

Hybrid eClosing: Allow for the majority of closing documents to be eSigned and wet-signed remaining documents in person with a notary.

Remote Online Notarization (RON) + Hybrid eClosing: Enable notary-required documents to be electronically signed by the borrower in a secured video call with a notary with remote online notarization.

Full eMortgage Closing: Provide streamlined convenience with integrated eSign and eNotarize tools that support traditional, hybrid, and fully digital closings.

Traditional Mortgage Closings: Offer a traditional closing experience where all documents are wet-signed at the closing table.

Closing Disclosures
SimpleNexus’ eClosing platform provides a powerful disclosure engine. Borrowers are already accustomed to responding to task notifications, reading disclosures, and signing from their preferred device.

For collaboration partners, SimpleNexus consolidates closing documents and enables alignment between settlement agents and partners in one place creating a frictionless closing experience.

Closing Portal
The closing portal allows for enhanced collaboration with settlement service providers and delivers borrowers with a single platform experience from start to finish.

Support for Traditional Closings
If you’re not ready to embrace digital closings, no problem. SimpleNexus continues to support your existing workflows within your mortgage technology stack.

Why SimpleNexus for eClosing and More?

SimpleNexus is a recognized technology leader in the mortgage industry, providing end-to-end solutions that enhance existing workflows with industry-leading integrations for lenders.

Operational efficiency increases across the breadth and depth of the homeownership journey and unites users with seamless, end-to-end support.

Not only is the process made easier for loan originators, but it is also user-friendly and effortless for borrowers.

One of the prime benefits of this comprehensive and integrated online tool is that a single access point is established to access the required information and documentation for loan applications and approvals.

Borrowers and originators alike can easily pull up and compare various properties, loan programs, rates and requirements, mortgage calculators, pre-qualification and pre-approval requirements, and numerous other categories.

With such information readily at hand, selecting a platform that meets prospective borrowers’ needs is simple.

More than Just an eClosing Platform

As a leader in eClose solutions and other mortgage technologies, innovation, and adaptable solutions to streamline mortgage lending are at the heart of what we do. With digital mortgage tools from SimpleNexus, you have the power to unite your stakeholders and improve collaboration for a seamless lending experience.

To schedule a demonstration of the powerful software solutions that promise to revolutionize home buying and selling, request a demonstration today. From initial loan application to closing, SimpleNexus has secure and robust solutions that will enable your business in today’s world.

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