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Getting a loan is becoming an increasingly digital experience, with lenders and borrowers benefiting from time savings and fewer obstacles. HousingWire recently spoke with Costa Ligris, CEO and founder of Stavvi, to discuss how mortgage tech’s journey beyond eClosings is reaching all corners of the mortgage industry, from appraisals and reviews to internal workflows and processes.
HousingWire: We hear lenders talk a lot about eclosing, but what other aspects of the mortgage process have been improved by the digital revolution in the industry?
Costa LigrisDigital solutions that enable consumers to enter their income, bank account or assets directly from time, error and paperwork. Launched as a portal for consumers to provide their username and password, it is a data-rich tool that speeds up underwriting, allows for more informed lending decisions and enables innovation for new real estate and mortgage products.
Increasingly, the appraisal and property valuation space is innovating around solutions that include 3D scanning or lidar, video tour-based floor plans and better, more realistic analytics.
HW: Where do you think advances in mortgage technology have had the biggest impact on mortgage professionals?
KLOne of the significant benefits of digitization is that it allows mortgage professionals to outsource tasks to technology. Whether it’s providing clarity on where a transaction currently stands or ensuring a signer has completed all necessary signature packages, letting technology handle these tasks means your staff’s time is freed up to focus on other areas of their work. It can be more effective.
It also greatly reduces the time required to complete the transaction. Signatories no longer need to spend half a day sitting in a notary or lawyer’s office completing paperwork – it can be done from the comfort of their own home. That also means less travel time for the mortgage professionals you work with.
Another key benefit is the additional security that a mortgage provides. For example, in a traditional paper close, the signer only needs to provide their government-issued identification before completing the transaction. But in addition to providing a form of government-issued identification through Remote Online Notarization (RON), the signer must add an additional layer of verification by completing a Knowledge-Based Authentication (KBA) process or other secondary identification. The transaction.
Additionally, with RON, signing sessions are digitally recorded for at least ten years, increasing the depth of the audit trail.
HW: In what ways have digital innovations helped streamline workflows for lenders?
KLPaper by its very nature creates a very manual process – documents must be printed, shredded, marked for signature, signed, reviewed, and then mailed to physical parties. This process can be fully automated by giving it to technology, which saves time and money. The move to structured data and digital workflows now enables automated quality control review, prevents errors and reduces costs associated with loan origination.
Technology allows many people to work on different parts of the transaction in parallel. Instead of waiting on paper or “the process” with digital updates and tools, the closer, title agent and notary can all prepare a closing at the same time. This is also true for the mortgage application and process.
Working in parallel, knowing that all updates happen without overwriting each other means a more efficient process for all parties involved.
HW: How does the StaveV platform transform old, manual processes into customized, digital workflows?
KLSome lenders found that the operations (reading the paper processes) were manual but the order of operations and workflow was the way they wanted. Stavvy allows these lenders to use our platform to digitize tasks such as creating a closing meeting or ordering a title, while keeping their internal workflow the same.
At the same time, other lenders want to digitize their entire workflow, both functions and reorder the process for greater efficiency. Stavvy allows these lenders to build their best practices with parts of the closing process.
In both cases, the platform will be a centralized activity center, so everyone involved in the closing process is working with the same information and system, from document creation to loan issuance. As most of the closing process has been digitized, functions, such as loan QC, onboarding and servicing, can be digitized using the same data and workflows. The same idea allows remote signing technology to be accessible by a lender or servicer preparing a loan modification that requires eclosing.
We believe in empowering professionals who have served the industry and their communities. Stavvy was never designed to take stakeholders out of the transaction – instead, we support title agents, lenders and others with tools to make them more efficient as they go digital. They control their transactions and customer experiences – on their terms.
To learn more about how the Stavvy platform transforms processes into digital workflows, visit stavvy.com.
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