Digital Transformation is a hot term and is used by many, but what does this really mean? If your like the majority of lenders, your Early Disclosures are signed electronically. Beyond that, a much smaller percentage utilize a POS and even fewer close their loans electronically. And of the lenders closing electronically even fewer have an eVault and produce eNotes. Why is their so much talk focused on: “get Digital or get left behind”? The questions surface: How do I do this, who should I trust and where do I start? These questions typically are unanswered and as a result leave you paralyzed; causing many to say we’ll look at it next year. Over the last six quarters the priniciples at Elite have witnessed a 100% increase in lenders entering into Digital Transformation, the process takes time and is not a one size fits all. Starting this process begins with a in depth view of you current processes(as is) and environment and then visualizing and vocalizing what you want your new processes and environment to become(to be); this process becomes your “Gap Analysis” and your rudder moving forward.
So, Now you’re set, you’re signing your Early Disclosures electronically(have been for a while) and you’ve made the decision to select a POS and then an eClosing platform,yikes!! You then ask the questions: who, when and how long will it take?. To get accurate answers it requires more questions be answered, does my LOS integrate with the POS I think I want, Are the Docs I use e ready and is my document preparation provider flexible and willing to work with me through this process?, what about the eClosing platform I like, do the POS and eClosing platform need to talk to each other and after I eClose a loan do the documents end up back in my eFolders?
It’s a challenge to go through this process even if you had staff that had been through it several times, theirs a lot of moving pieces and it’s not a one size fits all. Imagine the challenge if you have limited staff and have no expertise with any of the new technology beyond your LOS? Yikes yikes!!!
The following questions are common from lenders beginning the Digital Transformation adventure:
- Does the LOS I’m using affect my decisions on Doc prep, POS, eClosing platform and eNote.evault?
- Do I have to have a POS?
- Do I have to eClose to stay relevant?
- What are the benefits of a POS and eClosing loans?
- If I can’t produce a full eMortgage does it help to do Hybrid closings?
- What should I do first?
- Who are the best in class technology providers?
- What should I do first?
- Is it important the vendors I choose are integrated together?
- I want to do eNotes, what about my investors?
- Do Freddie and Fannie approve of these tools?
- What happens if my LO’s don’t embrace the new technology I just implemented?
- Will this cost me more money or make me money?
- Who should I trust, they all say theirs is the best?
- How does improved technology give me a competitive advantadge?
- How long does this Digital Transformation take?
As your trusted advisor Elite Digital will help you in this challenge, provide answers to your questions and will provide you a roadmap to follow in this journey.