eOriginal, the most trusted leader in digital lending technology, today announced the launch of two Rapid Deployment Solutions (RDS) that enable mortgage originators to be live with eClosings in as little as two weeks, including eNote creation, eNote signing, eVault, MERS eRegistry and RON.
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“We work with over 550 industry leaders who are transforming digital lending, including the mortgage industry,” says Brian Madocks, CEO, eOriginal. “We’re on a mission to simplify digital adoption by enabling clients with proven technology and best practices already pre-configured. “Clients can start their journey with the essential building blocks to go digital and have the ability to fully integrate and innovate over time with our open platform.”
Two converging dynamics have accelerated requirements for digital mortgage adoption nationwide, including the surge in refinancing applications and the need for social distancing. Refinance applications are up 479% from this time a year ago, according to the Mortgage Bankers Association, and 95 percent of the population is under instruction to stay at home. Lenders need an action plan for digital closings that will support both short-term requirements for remote closings, yet is sustainable to support Hybrid, Digital and RON closing scenarios over the long term. Over 40 states have legalized RON closings on a permanent or temporary basis. GSEs Fannie Mae and Freddie Mac accept digital loans today, and Ginnie Mae has announced their plans.
“The mortgage industry is a vital component of the U.S. economy and it is important we continue to allow lenders and borrowers to close loans,” Madocks said. “We understand the need for speed, and to ensure that all regulatory and legal requirements are met. We have deep industry experience and are prepared to assist lenders to move from paper to digital with certainty. The key elements are in place, so now is the time to act.”
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