Published on November 30, 2022
Written by Lending Conference Speaker
Kathy Brandl and Hannah Heiman - Simplicity Credit Union (from the 2022 Lending Conference)
According to Simplicity, a closing doesn’t have to be 100% digital to be considered an e-Closing. A closing that is partially electronic and partially paper is called a hybrid e-Closing.
Here are some of the top factors driving adoption of digital mortgage technology in next 12-18 months:
Here is the “crawl-walk-run” evolution Simplicity Credit Union used to guide their transition.
Phase 1 – e-Sign Hybrid
Phase 2 – e-Notes Hybrid
Final Phase - Completely Electronic
Their team experienced the following benefits:
The transition for Simplicity Credit Union was extremely successful. In August 2022, Simplicity Credit Union processed 55 loans with 37 that included e-Notes. Only 8 closings required employees and customers to meet in-person at the office.