Real estate finance industry organization MISO announced it had created guidance for implementing digital mortgage solutions in a new white paper.
The paper, “From paper to performance: How eNotes and eClosing Streamline Liquidity,” outlines how originators, warehouse lenders, investors, and technology providers can use eClosing to reduce fulfillment costs, speed time to liquidity, improve data integrity and reduce post-closing defects. Implementing eNotes, the organization said, can result in savings of between $200 and $300 per loan, while improving secondary market execution and reducing risks associated with paper-based processes.
“As lenders face ongoing margin pressure and rising borrower expectations, eClosing delivers meaningful operational and customer benefits,” Brian Vieaux, president of MISMO, said. “Organizations adopting these solutions are seeing faster funding timelines, improved data accuracy, and reduced reliance on manual, paper-based processes.”
Officials said the white paper is designed to be a roadmap that helps move professionals from what the technologies are to how they can implement them. Additionally, the white paper outlines the technologies’ capabilities and what decisions professionals need to make at each stage. The paper is an aid for executives, operations teams, title partners and technology providers, and aims to align professionals around a common blueprint form adoption.
The white paper was developed by MISMO eMortgage Community of Practice. Officials said they hope others, including originators, warehouse lenders, investors, and technology providers will read the paper to find other ways to enhance operational performance and improve the borrower experience through eClosing adoption.