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The Digital Reinvention
of the Mortgage
Take the home mortgage process online. With eMortgages,
you can increase efficiency and reduce time to close —
giving you a modern advantage in today’s increasingly
digital world.
Now, with remote work and social distancing becoming
more normalized, eMortgages offer an essential
alternative to in-person closing.
Why eMortgage?
Lenders use eMortgage to better serve their
customers. In today’s competitive mortgage market,
eClosings and eMortgages can enable lenders to
offer the digital convenience borrowers expect.
Click the icons on the right to explore the benefits
of eMortgage.
You can’t miss a signature when the
software won’t allow you to skip it.”
— Bill Banfield, Chief Risk Officer and Executive Vice President of Capital Markets, Rocket Mortgage, LLC
Why now?
ENote volumes are on the rise as the industry
moves toward fully digital mortgage solutions.
In 2020, 462,671 eNotes were registered on the
MERS® eRegistry. In 2021,there were already
498,925 eNotes registered by the end of October.
Click the icons on the right to learn more about
three key market trends that have helped
eMortgages grow.
The adoption of remote
online notarization
Fannie Mae accepts remote online notarization (RON)
deliveries from over 90% of states.
Fannie Mae accepts RON from this state
Fannie Mae does not currently accept RON from this state
Meet the experts
Learn how pioneers across the industry are making eMortgage work for them.
What’s next?
We expect eMortgage to continue to grow as:
∙ Borrowers look for lenders that offer the convenience of
a digital process.
∙ Lenders look to technology to streamline business processes
and stay competitive.
∙ Investors help drive implementation across the industry.
This is the future for closings. We believe,
in the next three to five years, this is the
direction which the industry will take.”
— Dana Diesch, VP of Sales/Marketing, Title One
Fannie Mae supports full eClosings, hybrid eClosings, and
full eClosings using RON. Visit our website to learn more.
Learn more
LENDER
Bill Banfield
CRO & EVP, Capital Markets
Rocket Mortgage, LLC
TITLE COMPANY
Dana Diesch
VP of Sales/Marketing
Title One
WAREHOUSE BANK
Eileen Albus
Director
Bank of America Merrill Lynch
REAL ESTATE BROKER
EJ Vick
Real Estate Broker & CDPE
John L. Scott Enumclaw
Business Partners
Homeowners & Renters
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A faster, more
transparent
mortgage process
Borrowers can more easily
review loan documents ahead
of closing to create a more
informative, efficient process.
Closings can
happen anywhere
“With remote online notarization
(RON), our client doesn’t have to
coordinate their work schedule,
their childcare schedule, or travel
to attend the closing.”
— Dana Diesch, Title One
Potential to
streamline processes
“As refinance volumes surged,
we conducted an audit and
found eMortgages were much
faster than traditional paper
mortgages. This freed up
warehouse capacity and allowed
us to originate more loans.”
— Bill Banfield, Rocket Mortgage, LLC
Greater certainty
of loan quality
EMortgage can reduce errors
caused by missing documents
or signatures.
Less paper-intensive
closings
This makes it easier for everyone
involved to create, sign, and
manage loan and mortgage
documents — reducing
turnaround time.
Alignment & clarity
Efforts by industry groups
and the GSEs have helped
bring clarity and alignment
to eMortgage processes.
Legal infrastructure
ENotes are accepted in all 50 states.
More than 25 states have adopted
industry-modeled RON standards,
and states are continuing to expand
RON legislation.
Forty-eight states now accept some
form of electronic notarization, and
over 87% of the population has access
to eRecording.
Online
application
41% OF CONSUMERS
would prefer to complete
their mortgage or rental
application online.
Process
streamlining
41% OF LENDERS
say that business streamlining
is a top priority to maintain or
improve competitiveness.
Consumer
technology
31% OF LENDERS
say that consumer-facing
technology is a top priority
to maintain or improve
competitiveness.
Bill Banfield
CRO & EVP, Capital Markets
Rocket Mortgage, LLC
MEETING DEMAND
WHY WE LOVE IT
COORDINATING THE CLOSING
“With the spread of COVID-19, clients requested online closings to ensure the
safety of everyone involved. Rocket Mortgage scaled RON closings to meet
demand and rolled out a “pre-sign” process — which allows clients to sign the
non-notarized documents from their computer prior to meeting with closing
agents. This reduces the number of documents left to sign at the closing table,
limiting the amount of time spent meeting in person and delivering a better
closing experience.”
MEETING DEMAND
Click anywhere to close
“Satisfaction surveys consistently show that clients love RON. It’s fast and makes
scheduling convenient.
Rocket Mortgage found that when every document is signed electronically, there
are virtually zero post-close quality control findings. You can’t miss a signature
when the software won’t allow you to skip it. With no paper documents to ship,
you save money on courier fees and don’t have to wait for the mail to arrive.”
WHY WE LOVE IT
“You can’t snap your fingers and turn on RON. There is a lot of technical
work to ensure a seamless user experience and reliable flow of documents
after the closing.”
COORDINATING THE CLOSING
Click the icons on the right to explore the benefits of eMortgage.
Visit our website to learn more.
Stakeholder readiness
The eMortgage space now has far more:
∙ Warehouse banks
∙ Investors
∙ Notaries/county recorders
∙ Sub-servicers
∙ Technology service providers
∙ Settlement service providers
Early adopters have paved the way for entry
for all industry stakeholder groups.
Click anywhere to close
“LET’S DO THIS RIGHT”
CLOSING FROM ANYWHERE
INDUSTRY ACCEPTANCE
Dana Diesch
VP of Sales/Marketing
Title One
“We’re not running up against any buyers, sellers, or borrowers who are
resistant to doing it — it’s more a matter of whether their transaction qualifies or
if the other title company approves receiving electronically signed documents.”
FINDING RESOURCES
“LET’S DO THIS RIGHT”
CLOSING FROM ANYWHERE
INDUSTRY ACCEPTANCE
“We want all of our customers — agents, consumers, loan officers, lenders — to
reach out to us and let us help guide them through the experience we’ve had so
they can get the answers they need. We also have resources like Fannie Mae and other technology solution providers, who can provide additional resources.”
FINDING RESOURCES
“With online notarization, you can close from anywhere, anytime, whatever
is convenient for you — and on any kind of device that has video capability.
Buyers, sellers, and borrowers alike are asking us about RON.”
“We’ve always strived to be technically advanced — whether with security, technology, or what’s next in the market. When remote online notarization came
to Minnesota, Title One immediately asked, what would it take to do this and do
it right?”
Click anywhere to close
CLIENT RELATIONSHIPS
SPEED & EFFICIENCIES
KEYS TO SUCCESS
Eileen Albus
Director
Bank of America Merrill Lynch
KEYS TO SUCCESS
SPEED & EFFICIENCIES
CLIENT RELATIONSHIPS
“We have good relationships with our clients. They were coming to us needing warehouse financing for eNotes, and we wanted to make sure we could be the first to deliver them.”
“What I see from our clients are the speed and efficiencies that make the eNote process better. It’s not just about what the consumer, lender, or warehouse bank experiences. The data efficiencies created by eNotes are going to translate to servicing and securitizations as well — covering the whole mortgage process.”
“There aren’t shortcuts in this process. All critical details and reporting have got to be there.
The key was to replicate the paper world as close as possible. It was the easiest way to explain it to the different groups within the bank. ENotes can be sold to investors or pooled and go into securities.”
Click anywhere to close
UPFRONT CLARITY
HAPPY HOMEBUYERS
BUT WHAT ABOUT FACE TIME?
EJ Vick
Real Estate Broker & CDPE
John L. Scott Enumclaw
BUT WHAT ABOUT FACE TIME?
HAPPY HOMEBUEYRS
UPFRONT CLARITY
“With eClosings, it’s easier for homebuyers to go over all the numbers and any discrepancies beforehand. That has been phenomenal … they can digest those things, call their lender, and those questions are often remedied before we ever get to the signing table. Getting that clarity upfront with eClosing has been
life changing.”
“I had a homebuyer not that long ago that used eClosing. When we were at the signing table, they were just so happy that they had already gotten to process everything in the documents and didn’t have that shock factor at the table. They specifically told me they loved it.”
“There’s always going to be some relationship that gets lost whenever you’re doing anything electronically, but in the case of eClosings, I think the benefits outweigh that. In this busy industry, it’s necessary to get things done. I think eClosings and eMortgage are great, and I’m very much a fan.”
Tap below to learn more about three key market trends
that have helped eMortgages grow.
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Learn more
Learn more
Bill Banfield
CRO & EVP, Capital Markets
Rocket Mortgage, LLC
MEETING DEMAND
“With the spread of COVID-19, clients requested
online closings to ensure the safety of everyone
involved. Rocket Mortgage scaled RON closings
to meet demand and rolled out a “pre-sign”
process — which allows clients to sign the non-
notarized documents from their computer prior
to meeting with closing agents. This reduces
the number of documents left to sign at the
closing table, limiting the amount of time
spent meeting in person and delivering a better
closing experience.”
WHY WE LOVE IT
“Satisfaction surveys consistently show that
clients love RON. It’s fast and makes scheduling
convenient.
Rocket Mortgage found that when every
document is signed electronically, there are
virtually zero post-close quality control findings.
You can’t miss a signature when the software
won’t allow you to skip it. With no paper
documents to ship, you save money on courier
fees and don’t have to wait for the mail
to arrive!”
Dana Diesch
VP of Sales/Marketing
Title One
MEETING DEMAND
“With the spread of COVID-19, clients requested
online closings to ensure the safety of everyone
involved. Rocket Mortgage scaled RON closings
to meet demand and rolled out a “pre-sign”
process — which allows clients to sign the non-
notarized documents from their computer prior
to meeting with closing agents. This reduces
the number of documents left to sign at the
closing table, limiting the amount of time
spent meeting in person and delivering a better
closing experience.”
WHY WE LOVE IT
“Satisfaction surveys consistently show that
clients love RON. It’s fast and makes scheduling
convenient.
Rocket Mortgage found that when every
document is signed electronically, there are
virtually zero post-close quality control findings.
You can’t miss a signature when the software
won’t allow you to skip it. With no paper
documents to ship, you save money on courier
fees and don’t have to wait for the mail
to arrive!”
COORDINATING THE CLOSING
“You can’t snap your fingers and turn on RON.
There is a lot of technical work to ensure a
seamless user experience and reliable flow of
documents after the closing.”
CLOSING FROM ANYWHERE
“With online notarization, you can close from
anywhere, anytime, whatever is convenient for
you — and on any kind of device that has video
capability. Buyers, sellers, and borrowers alike
are asking us about RON.”
Eileen Albus
Director
Bank of America Merill Lynch
COORDINATING THE CLOSING
“You can’t snap your fingers and turn on RON.
There is a lot of technical work to ensure a
seamless user experience and reliable flow of
documents after the closing.”
WHY WE LOVE IT
“Satisfaction surveys consistently show that
clients love RON. It’s fast and makes scheduling
convenient.
Rocket Mortgage found that when every
document is signed electronically, there are
virtually zero post-close quality control findings.
You can’t miss a signature when the software
won’t allow you to skip it. With no paper
documents to ship, you save money on courier
fees and don’t have to wait for the mail
to arrive!”
NEXT
PREV
MEETING DEMAND
“With the spread of COVID-19, clients requested
online closings to ensure the safety of everyone
involved. Rocket Mortgage scaled RON closings
to meet demand and rolled out a “pre-sign”
process — which allows clients to sign the non-
notarized documents from their computer prior
to meeting with closing agents. This reduces
the number of documents left to sign at the
closing table, limiting the amount of time
spent meeting in person and delivering a better
closing experience.”
EJ Vick
Real Estate Broker & CDPE
John L. Scott Enumclaw
KEYS TO SUCCESS
“There aren’t shortcuts in this process. All
critical details and reporting have got to
be there.
The key was to replicate the paper world as
close as possible. It was the easiest way to
explain it to the different groups within the
bank. ENotes can be sold to investors or pooled
and go into securities.”
SPEED & EFFICIENCIES
“What I see from our clients are the speed
and efficiencies that make the eNote process
better. It’s not just about what the consumer,
lender, or warehouse bank experiences. The
data efficiencies created by eNotes are going to
translate to servicing and securitizations as well
— covering the whole mortgage process.”
NEXT
PREV
CLIENT RELATIONSHIPS
“We have good relationships with our clients. They were coming to us needing warehouse financing for eNotes, and we wanted to make sure we could be the first to deliver them.”
NEXT
PREV
NEXT
PREV
— Reduce motion
+ Re-enable motion
SPEED
LESS PAPER
CLOSE
REMOTELY
LOAN QUALITY
SIMPLIFY
PROCESSES
SPEED
LESS PAPER
CLOSE
REMOTELY
LOAN QUALITY
SIMPLIFY
PROCESSES
SIMPLIFY
PROCESSES
LOAN QUALITY
CLOSE
REMOTELY
LESS PAPER
SPEED
STAKEHOLDERS
ALIGNMENT
LEGAL
LEGAL
ALIGNMENT
STAKEHOLDERS
LEGAL
ALIGNMENT
STAKEHOLDERS
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MERS® May 2021 eMortgage Insider Newsletter
“COVID-19: The Need for Consumer Outreach and Home Purchase/Financing Digitization”
National Housing Survey® Fannie Mae August 12, 2020
“Mortgage Lenders Cite Business Process Streamlining and Talent Management as Top Business Priorities” Q2 2021 Mortgage Lender Sentiment Survey® (MLSS) Fannie Mae July 12, 2021
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References
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