Lender Benefits From Embracing ICE eClose Solution
Googain, Inc. is a premier lender in the Bay Area, where they’ve been doing business for over 20 years. Their investment into ICE Mortgage Technology’s eClose and the borrower experience have made the last few years record years.
During the pandemic, it became clear to Googain that they needed a way for borrowers to complete the entire lending process digitally. Meeting customer needs and gaining their trust would depend on providing an eClose solution.
Beginning with a hybrid approach, Googain started building out their eClose process with functionality already available in Encompass. Their focus was on providing a smooth borrower experience and achieving a zero error standard.
With eClose, Googain saw an immediate lift in borrower satisfaction that has continued to grow, even as pandemic restrictions eased. As a bonus, staff frustration has been dramatically reduced and efficiency has gone through the roof. Today, about 70% of Googain’s loans are eClose.
In the early days of eClose, Shawn Song, President of Googain, Inc, recognized that this technology would completely change mortgage lending. The Googain team jumped into eClose with both feet, and the results have been astounding. Googain boasts a 70% eClose rate, and that number is climbing.
On the borrower side, eClose is helping Googian to meet customers wherever they are to give them the digital experience they’re expecting. This makes Googain a stand-out choice in a competitive market. Googain has already experienced the freeing ability to close a loan in significantly less time, which benefits both lenders and borrowers.
As Googain looks to the future, Shawn says that the most exciting tech advancements are yet to come. They’re eagerly expanding their eClose capabilities with remote online notary (RON) and in-person electronic notarization (IPEN), and pushing operations into new territory as more states adopt eMortgage. They’re prepared for the time, which Shawn expects to be in the very near future, when the loan manufacturing process will look very different.
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