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Push Button, Sell Mortgage

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28 June 2021
Craig Focardi

A Primer on Digital Mortgage Post Closing Technologies

Abstract

In retail lending the business and technology focus is usually on the retail consumer’s needs and customer journey. For example, Celent research report, Loan eClosing Technologies for a Socially Distanced World: A Primer, Celent analyzed how eClosing and eSignature (the digital signing of loan contracts, mortgages, and related documents) technology brings efficiency to the mortgage closing process. However, retail customers are only one half of the digital mortgage transformation journey. The lender has not one, but two mortgage customers:

• the retail consumer that borrows money to purchase a property or refinance an existing mortgage.

• the mortgage investor that purchases the loans originated by the lender.

The loan investor makes possible the loans that the consumer receives. Loans must not only meet the consumer’s needs, they must meet the investor’s loan purchase requirements. There are therefore a number of post-closing processes for lenders to deliver digital data and documents to loan investors and related parties that lenders, investors, and othe parties in the lending ecosystem can also automate with eClosing and related digital post-closing technologies.

This Celent report analyzes the business and technology trends, process, technology and vendors in processes that occur after the mortgage eClosing process: digital loan document storage (eVault), digital recording of the mortgage document (eRecording), digital registration of the promissory note (eNote) with a registrar (eRecording), and digital automation of the mortgage closing settlement processes (eSettlement). This report also assesses the demand drivers for these technologies, how lenders should evaluate IT to decide when to invest; the categories of technology, the vendor landscape, and the IT investment benefits that drive return on investment (ROI).

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