Obscure Choosing of Technology

After decades of doing business ‘the old-fashioned way’, new industry rules and technology-driven generations have compelled the majority of businesses to try to incorporate technology into their organizations. We know it's no secret that the mortgage industry lags somewhat behind other industries when it comes to technology. Incorporating technology can give you a competitive edge and certainly help you attract consumers. So how do you determine what type of technology your organization can benefit from and where in your business practices it can help you the most?

In this episode of Mark’s Minutes, Mark touches on why technology is a crucial part of business today, and why you should view it as an asset to your organization. As your company shops around for various technology solutions, Mark outlines what to look for, the best ways to choose technology that fits your business, and how much you should pay for it.

How to Deal With Closing

Everyone knows that buying a home sucks. The paperwork sucks. The confusion of the process sucks. The collective experience sucks. The overall issue isn’t the origination, underwriting or pre-closing, it’s the actual closing. Because everyone involved in the real estate transaction is contributes toward or is affected by the closing in some way, it’s safe to say that the industry has a closing process issue. It’s a problem so multifaceted, that no one really knows how to fully fix it, which is why it’s been dealt with the same way for the last 50 years. But what if we told you there was an simple way to get everyone on the same page for closings, to ensure that they happen the same way, every time, and to transform the consumer’s experience from dreadful to exciting?

In this episode of Mark’s Minutes, Mark breaks down how to deal with the closing issue. Who should oversee the closing, what stakeholders can do to ensure consistent standardized closings, and if there’s a better way to structure closings. He also discusses how a new solution to closing can offer a world-class experience for the consumer, by offering transparency, education and satisfaction.

Digital Mortgage

Between TRID, the CFPB and Millennial demands, businesses are feeling more pressure than ever to find a solution that delivers technology and ease to both business stakeholders and consumers. As they search for a solution, businesses have begun to see the value of eSigning and eClosing, and many have implemented these processes into their business practices. And with these tools, it’s interesting that as it would seem, all of these businesses claim to offer the first complete digital mortgage. However, they fail to mention that a complete digital mortgage does not extend through the closing. Without including the closing process, no one out there truly has a complete digital mortgage.

   

But it's only a matter of time before someone realizes this issue and looks at how to solve it. So what can you do to ensure that your business is the first one there? How can you expand your digital endeavors to incorporate the entire process, from origination through the closing?

In this episode of Mark’s Minutes, Mark explains how to take the technology you have in your business processes today and evolve into the industry’s truly first complete digital mortgage.

eSign is Not Your Savior

As the real estate industry looks past TRID, businesses are exploring ways to comply with the CFPB and give the consumer a better experience. Most are looking toward technology to provide benefits, and some specifically to the ideas of eSigning and eClosing.

As businesses do more research on these topic, many conclude that eSigning and eClosing are the same general solution. This couldn’t be more wrong. Yes eSigning digitalizes the signature, but eSigning is only a small part of an actual eClosing. The entire eClosing process can include everything from negotiating the contract with your realtor to an actual digital closing and then post-closing document storage. However, many businesses still expect to overhaul the consumer’s experience with simply eSigning. These individuals should be aware that in the scheme of the transaction, consumers may not gain the expected value from its implementation.

In this episode of Mark’s Minutes, Mark breaks down the difference between eSigning and eClosing and all the different processes that eClosing incorporates. He walks through the steps to evaluating where business problems lie, and how eSigning and eClosing can help those issues. Lastly, he explains the overarching benefits of implementing each of these solutions into your business, and how they can add value for the consumer, leading to a better experience for everyone in the transaction.