The 3 Keys to Making a Successful Move to eClose

The move to digital closings will continue as the mortgage industry shifts, and lenders gain many benefits by transitioning. A successful move to eclose involves three key components:

1. Embrace A Hybrid Closing Workflow Today

The proliferation of mobile shopping preferences has primed consumer attitudes towards a fully digital mortgage experience. With the absence of regulatory impediments, you can implement a hybrid closing workflow today. Still, you must create a business case internally with a straightforward approach to implementation. 

To start, identify and establish 1-2 eClose champions within operations and closing departments that can spearhead the change management required- you will need to build simple workflow diagrams as you might be handling paper and eSign documents simultaneously. Launching a hybrid workflow now will lay an essential foundation for the eventual addition of RON and full eClose. 

2. Create A Plan for RON Implementation
When you look at adding support for remote online notarization (RON), it’s important to consider the following with potential eClose vendors:

  • Does this vendor offer viable Hybrid, RON, eNote, and eVault solutions? How does this stack with your other digital efforts
  • Will the vendor allow you to scale the solution with continuous offerings and keeping up with both industry and consumer needs along with meeting compliance standards with industry objectives?
  • Are you able to align your vendor management requirements with your chosen provider- these should include at a minimum solution, security, scalability, and test test test the various integrations. Ask for written test grids from your vendor and add your scenarios to the grid. It is the best way to uncover if your needs are being met.

3. Set up an eVault and get started with eNotes 

Stay rigorously connected to your vendor during and post-implementation by: 

  • Provide requirements clearly and continuously- does your vendor have the medium to involve you in requirements gathering? After all, you are the boots on the ground.
  • Remember to test, test, test. Testing cannot be over-emphasized. Can you be a beta tester? Does your vendor have user groups where you can learn from and provide input?
  • What type of implementation and production support does the vendor provide – remember those champions we discussed in the beginning? They are the key to aligning internal, cross-functional teams and NEED production support from your vendor. These champions knew your paper process inside out; they help you move to an electronic process with your vendor’s support and help sustain the increased volumes you are going to see

Take the first step towards the move to eClose

Unfamiliar with the various types of hybrid closings? SimpleNexus and our team of mortgage experts will explain the differences and help you discover which type of closing makes the most sense for you!

About the Author

Jay Arneja

Jay Arneja has over 25 years of experience in the mortgage industry. She is focused on helping lenders get the most from their closing technology. She has helped countless mortgage companies optimize their deployment of technology, and as Senior Product Manager at SimpleNexus, she serves an integral role in keeping a fast-growing team of technologists grounded in what really matters to the mortgage industry and lenders. 

Jay has served as the MERS administrator at correspondent and wholesale organizations prior to joining MERS in 2007, helped high profile management teams during her term at Freddie Mac and ran the closing department of the highest producing branch of Green Point Mortgage prior to the purchase by Capital One. Jay specializes in product management and integrations within the primary and secondary mortgage markets. 

She has held positions at several financial technology organizations where she established and advanced departments, vendor relationships and has been recognized for aligning teams with corporate goals and optimizing organizational success.

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