As the adoption and implementation of the TILA-RESPA Integrated Disclosure rule came into play at the end of 2015, 2016 became the year of regulatory adoption and implementation. While the mortgage industry has, for the most part, adjusted to the regulatory and compliance hurdles surrounding TRID, it is unrealistic to assume that there won’t be any further challenges in 2017.
Lenders are constantly finding new methods to minimize regulatory risk and stay compliant by enhancing processes and improving workflows to better serve the consumer. It is inevitable that rates will rise and originators will continue to face increased regulatory scrutiny.
However, in order to remain competitive, lenders will need to make the closing process quicker and more seamless, as well as expand offerings to attract and cater to the new type of consumer, the Millennial.
An important strategy in pursuing this venture is to leverage technology and “customer delighters” to enhance the closing process and ultimately the consumer experience. Mortgage Connect, one of the nation’s leading mortgage closing specialists, is focusing on helping lenders do just that.
It’s no secret that this emerging consumer segment is demanding more innovation in technology and accessibility, and is not as tolerant of the current paper-intensive mortgage process. While much has been said about this group of 18-34 year-olds, one fact remains consistent: at a projected 75.3 million, they represent a large portion of future homebuyers in the coming years.
With that in mind, one of Mortgage Connect’s highly anticipated 2017 initiatives is the launch of an end-to-end eClosing solution that paves the way for an enhanced consumer closing experience.
The web-based eClosing solution will provide complete e-signing and e-notarization capabilities to give consumers the ability to execute closing documents virtually, at any time and place. The eClosing platform also offers a streamlined closing solution that reduces costs, improves risk management and increases consistency and accuracy in the closing process.
“Our innovative closing model is centered around providing enhanced business process, communication and leading-edge technology to help our clients provide an exceptional closing experience for their consumers and help them keep that customer for life,” said Cristy Ward, Mortgage Connect’s chief strategy officer.
Mortgage Connect is dedicated to redefining the way real estate transactions are executed. The company’s focus is centered on delivering the ultimate closing experience. To achieve that, the company consistently invests in training, infrastructure, compliance and technology while developing innovative service offerings to address changing market demands.
Today, the mortgage industry is ripe for innovation and poised for tremendous growth. There is a strong demand to create products, processes and technologies to help attract future homebuyers, as well as improve the consumer experience in the mortgage loan transaction life cycle.
Lenders and third-party vendors need to be prepared to offer new products and create or adopt new technologies to drive efficiencies to workflows to stay competitive and provide faster results for their consumers.
“In order to be successful, we must recognize that future homebuyers want more online and mobile access to view information and status instantly regarding their transaction, as well as the ability to submit information seamlessly without delay,” Ward said.
“At Mortgage Connect, we feel there is an immense amount of opportunity to create products and processes that complement our lenders’ strategic initiatives and streamline and simplify the closing process to attract the first-time homebuyers of the future,” Ward added.
As Mortgage Connect looks to the future, its biggest opportunity will be to continue to partner with lenders as they focus on revolutionizing the consumer closing experience.
“Mortgage Connect is not a one-size-fits-all company; we specialize in providing a unified and cohesive experience for each type of consumer, whether it be a private wealth client, or first-time homebuyer,” Ward said. “Our ultimate goal is, and will continue to be, to innovate the business process while elevating the consumer experience for each type of consumer segment.”