As lenders seek to cut costs, close loans faster, and provide a safe, seamless and seamless experience with borrowers, using a comprehensive e-closure platform is a top priority. Solex eClosing from First American Docutech is designed to accelerate the closing process with a simplified, end-to-end, modern digital experience, including lenders, settlement agents, notaries and borrowers.
“The combination of First American and Docutech is driving the digital transformation of real estate closing by managing collateral files from mortgage start to close,” said Amy Brandt, president of First American Docutech.
The Solex eClosing platform is approved by Freddie Mac and Fannie Mae for eClosing, eNote and eVault features. Solex provides lenders with efficiencies from sale to close, and includes smart e-subscription, embedded SMARTDoc e-notation, electronic notarization including Remote Online Notarization (RON), and proprietary electronic repository with direct integration with MERS eRegistry.
Through First American Docutech, lenders benefit from an intelligent eEligibility system that analyzes each closure package and helps determine the most appropriate electronic closure path. Lenders can also provide title and settlement with secure access to view and add title deeds to the final package.
This process is also convenient for the borrower as they can preview their documents in advance from any device and can electronically sign the corresponding documents, thereby shortening the actual closing ceremony. On the closing day, Solex provides options for personal electronic notarization, RON, and electronic recording.
For lenders using First American Docutech’s ConformX dynamic document creation engine, integrated with leading lending systems and borrower portal solutions, each relevant field is imported, set by default, or automatically populated with rule-based analytics. All expanding and closing documents are created using electronic signatures and touchpoints with their own tags, eliminating manual labor and missing signature and interaction points.
In addition, settlement agents can also easily upload relevant documents into the closing process for an automated and expedited electronic closing process. Soon, lenders in any document generation system will be able to use Solex eClosing for hybrid closure and then for full electronic closure of RON eNote.
Upon completion of the electronic closure, the eNote registers with the MERS eRegistry through Solex eVault, where all credit expiration events can be managed. Once registered with MERS, lenders can manage secured parties or temporary investors, transfer control to the ultimate investor, update the service person and location fields as needed, and then mark the eNote as repayable, projected, modified, or other loan duration. Developments.
“As part of the First American Family of Companies, our combined knowledge of title, settlement and paperwork technology provides a complete set of digital mortgage solutions that enable lenders and settlement providers to close loans faster,” continued Brandt. “We are focused on accelerating the closing process for all participants by creating, delivering, executing and improving documents, from application to closing.”
First American Docutech provides lenders with a complete and integrated digital mortgage solution that simplifies the complex closure process. Solex eClosing continues to lead the industry and has already helped lenders close over 500,000 digital mortgages.
Amy Brandt, President, First American Docutech
Amy Brandt is President of First American Docutech, part of the First American group of companies, which provides the leadership and vision for delivering end-to-end, integrated digital mortgage solutions that enable lenders to accelerate the process of closing real estate transactions.