The term digital mortgage is used extensively in the industry to describe any number of new technologies transforming the loan process. These advancements are improving the borrower experience, making it easier to apply for a loan and complete required tasks during the approval process. Technology solutions are also addressing the way loan officers work, delivering new efficiencies, compliance, and profitability. But noticeably absent up until this point has been a reliable solution to manage the disclosure process.
It’s Time to Redefine
The inferred digital mortgage promise is the ability of technology to address each step in the loan lifecycle, including electronic disclosure functionality, and improve the experience for all stakeholders involved. It’s time we recognize that a true digital mortgage should deliver a complete end-to-end experience. If an offering falls short due to limited integration with a lender’s existing tech stack, so does the promise of it being a viable component of their digital mortgage strategy. A full solution must address the needs of the borrower, loan officer, and real estate partner throughout the lifecycle of the loan. One party’s overall experience should not come at the expense of others involved in the loan transaction. And major components within the loan transaction, such as digital disclosure management, should not be absent from a true digital mortgage solution.
A Complete Experience
SimpleNexus is delivering on the digital mortgage promise through a true end-to-end solution for loan officers and borrowers. With SimpleNexus, loan officers are able to take action on a loan any time, anywhere. Using the platform’s Mobile Originator tools, LOs can access their loan pipeline, order credit, view appraisals, send pre-approval letters, and sign disclosures from their mobile device — all while syncing in real-time with their LOS. And borrowers enjoy the benefits of the platform, from loan application through to closing disclosures. SimpleNexus helps lenders reduce costs, drive LO efficiency, and provide transparency to borrowers and real estate partners during the loan process. The platform also connects loan officers to their borrowers and Realtors to easily share loan progress updates, communicate, and exchange data in a single location throughout the entire loan life cycle.
A Better Disclosure Process
SimpleNexus has created a whole new disclosure solution to improve the borrower, loan officer, and underwriter experience at the critical loan estimate and closing disclosure stages. Disclosure management on SimpleNexus offers the following features:
Push Notifications: SimpleNexus send borrowers instant push notifications on their mobile device when they need to complete tasks related to the disclosure process.
Seamless E-consent and Mobile Signing: Borrowers can easily give e-consent as well as review and sign disclosure documents directly from their mobile app. For disclosure documents that may still require a wet signature, borrowers can print these portions directly from the app and then scan and upload the same document after hand signing to ensure timely delivery to the loan officer.
On-the-Go Execution for Loan Officers: SimpleNexus’ disclosure solution builds on the platform’s Mobile Originator tools. Loan officers can execute their portion of the disclosure signing anytime, anywhere from their smart device.
Disclosure Tracking: All disclosure tasks are seamlessly updated in the lender’s LOS system automatically to provide compliance peace of mind. The integrated tracking is made possible through a real-time, bi-directional integration between the SimpleNexus platform and the LOS.
The new SimpleNexus disclosure offering is one piece of the platform’s overall toolset. As a complete digital mortgage solution, SimpleNexus delivers a measurable return on investment by reducing close times, increasing efficiency, and delivering customer satisfaction.
Joe Wilson is the chief sales officer at SimpleNexus and a regular speaker within the mortgage industry. He has received several professional recognitions, including Ellie Mae’s Circle of Excellence award and HousingWire’s Rising Star award. SimpleNexus enables lenders to originate and process loans from anywhere. Loan officers can manage their loan pipeline, order credit, run pricing, and send pre-approvals— all on the go. The platform also connects loan officers to their borrowers and realtors to easily communicate and exchange data in a single location throughout the entire loan life cycle. SimpleNexus serves 200+ enterprise mortgage companies and more than 20,000 loan officers nationwide. Over 800,000 borrowers have used the app, resulting in $100B+ in transactions flowing through the platform.