eMortgage is quickly becoming the industry standard as investors, originators, and borrowers become more comfortable with, and expect, a convenient, end-to-end digital experience for mortgage transactions. Mr. Cooper has emerged as a trailblazer in the eMortgage landscape by formulating and executing a plan to meet this demand head-on. By accepting the eMortgage challenge right from the start, Mr. Cooper has claimed a top spot in the eMortgage space, and is using that advantage to grow their business at scale.
What is an eMortgage?
It may sound complicated, but an eMortgage is simply a mortgage document that is digitally originated, transferred, and stored. An eMortgage contains and integrates with other digital components, pulling it all together into an efficient, streamlined experience. An eNote is the digital promissory note that is part of an eMortgage. An eMortgage can be paired with an eClose, where documents are signed digitally and/or remotely. When the entire mortgage process takes place digitally, from application to registering the eNote, a touchless mortgage emerges that comes with an impressive list of benefits:
- Lower costs
- Eliminates errors
- Quicker turn times
- Easier to track over time
- Increased ROI
Be an early adopter
Embracing eMortgage capabilities from the beginning has let Mr. Cooper hit the ground running in the digital mortgage race. Bryan Budd, SVP, Operations & Co-issue of Mr. Cooper told us, “As early adopters of eNotes and RONs on the MERS® eRegistry, at Mr. Cooper, we have been able to engage eNote originators as experts in the eMortgage space.” He had some good advice for those considering throwing their hat into the eMortgage ring; the most important thing you can do is get started right now. Waiting until your entire organization is ready will make the conversion too overwhelming, but rolling out a small test group to start is a smart, manageable first step. Bryan suggested, “Get started as soon as possible and pilot with a handful of partners to work out the bugs so you can build efficiencies before expanding.” He emphasized the importance of letting innovation transform your business, while keeping an eye on scalability as you move forward.
Growing at scale
Once you’ve got a successful workflow going with your pilot group(s), you’re ready to push your eMortgage capabilities out further, recognizing problems and making improvements as you go.
Bryan said, “As we moved into the eMortgage space, we were methodical in the development of our processes. Our focus has been to integrate the processes, optimizing efficiency for setup, reporting and scale, and making it as easy as possible for our clients.” Bryan paints a compelling picture of how a small test group soon becomes a standard for your organization that draws top-tier clients in, as they look for ways to simplify, automate, and digitize their own operations.
Stand out in the market
Your efforts to scale your eMortgage business will pay off in spades as you’re able to make this technology available to all of your customers. Whether you’re an originator or correspondent investor, eMortgage capabilities give you a competitive edge because you’re able to offer the latest technology that drives increased efficiency, ease of collaboration, higher quality loans, and less errors and conditions. Bryan pointed out that, “Our offering in eMortgage covers Correspondent, Co-Issue, and Subservicing, providing multiple options for our clients, including delivery via FNMA, FHLMC and GNMA. From a sales perspective, the ability to provide the full range of eMortgages can be leveraged as an enhancement to all of our business channels as well.” This innovative edge can make all the difference in a very competitive market, where clients are actively looking for leaders in the digital space.
When asked to describe Mr. Cooper’s eMortgage journey in one word, Bryan answered, “Trailblazing!”
Join us for a special webinar on September 14th to hear more about Mr. Cooper’s eMortgage Journey.