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Hybrid E-Mortgage Notes Catching on with Lenders.(Fremont Bank)
SAN FRANCISCO -- While county recorders continue to stall greater electronic mortgage adoption, lenders are taking a hybrid approach to gain the same efficiencies until the counties catch up.
For one, Fremont Bank here portfolios a lot of their loans and has been focused on converting to SMART Docs for the past two years. They've successfully made the transition and are now in the process of getting approved by Fannie Mae for their first mortgages.
"We're doing a hybrid closing where any document that doesn't need to be recorded is electronically signed," said Tami Fuller, manager of system development and administration at Fremont Bank. "Unfortunately the counties in our area are not ready to take electronic deed of trusts. We do upfront disclosures as well, but we're focusing on closing.
"We generate docs from our system and Encomia converts them to the SMART Doc format through an integration from our LOS. We use our technology for the signing and their GUI for customer presentation and a tablet PC for the e-signing," she noted.
"I was tasked with this assignment two years ago and did a lot of research. I found that most vendors didn't build their technology for e-closings. They would start with the disclosures and try to bring in the e-closing," said Ms. Fuller.
"With the solution we chose, all we had to do was install a print driver and do some XML integration. We could have had it up and running within 60 to 90 days, but we had operation concerns trying to get our investors to approve us and were also in the process of switching our LOS," she pointed out.
However, for the most part, Fremont has found that investors are open to e-mortgages. "Our investors have been responsive," said Ms. Fuller. "We started with HELOCs because we portfolio them and we're now in the process of getting approved with Fannie Mae."
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Source: HighBeam Research, Hybrid E-Mortgage Notes Catching on with Lenders.(Fremont Bank)