We’re thrilled to announce the launch of our eClosing solution in partnership with industry-leading digital closing platform Snapdocs. Offered as a part of Maxwell Point of Sale, our eClosing solution streamlines the closing process to help lenders impress their borrowers, reduce delays and errors, and handle more closing volume. This technology furthers our commitment to drive efficiency for local lenders across the country and empower lending teams to offer a best-in-class borrower experience throughout the lending process.
Most lenders today have invested in point-of-sale technology to streamline their operations and meet their borrowers’ expectations. Still, real estate closing continues to serve as a bottleneck within the lending process, introducing delays, errors, and frustrations. Closing has historically been fragmented and paper-heavy, often with over 15 stakeholders who have their own technology, document types, and state and county regulations. It’s no wonder, then, that even lenders who have added efficiency-boosting technology into their processes continue to struggle with gains in the clear-to-close process.
Today’s eClosing solutions solve these problems by eliminating operational efficiencies and simplifying real estate closing. In fact, National Mortgage News reports that lenders can save over $444 on their loan costs when using full eClosing, while reducing the closing time by 157 minutes. Plus, eClosing technology is highly attractive to modern borrowers, with 83% using eClosing when available, according to Ellie Mae’s Borrower Insight survey.
Technology to support a human-first lending process
Maxwell’s eClosing functionality meets loan officer and borrower needs by providing a simple, intuitive experience that accelerates key steps and encourages a human-led process by removing rote work.
Specifically, our eClosing technology:
- Supports a variety of closing options including wet sign and hybrid closings
- Frees LOs from creating task lists, communicating deadlines, sending reminders, and coaching borrowers to prepare for closing
- Keeps the borrower in the point of sale from start to finish
- Exceeds borrower expectations with the ability to preview and sign documents before closing day
- Empowers LOs with automatic preparation of all lender and title documents
Plus, with more than 40,000 settlement agents and 140,000 notaries on the Snapdocs platform, loan officers can access the coverage they need throughout the process.
As loan costs rise, competition increases, and borrower expectations change, the use of eClosing technology is only becoming more vital to lender success. In today’s margin compressed environment, local lending teams need every advantage at every step of the process to support profitability. Closing is a vital aspect of that process, where lenders can not only unearth time and cost savings, but take an opportunity to wow their borrowers one last time on the path to homeownership.