The ability to continue closing loans while maintaining social distance is critical, and consumer demand for options that reduce the in-person aspects of the mortgage transaction is high. To help lenders meet that demand, SimpleNexus has developed SimpleNexus eClose, an integrated eClosing solution designed to make the process easier, more efficient, less expensive and more secure than traditional closings.
SimpleNexus eClose is a single platform for all closing participants: borrower, loan officer, loan officer assistant, real estate agent, processor, underwriter, settlement agent and closer. In developing the platform, the company focused on connecting stakeholders, uniting lender tech stack integrations and leveraging a mobile-first approach.
The platform will support everything lenders need in a digital closing solution, with enhancements coming later this year that include In-Person Electronic Notarization (IPEN), Remote Online Notarization (RON), Knowledge-Based Authentication (KBA), audit logging, hybrid closings, tamper-sealed documents and notary capture.
SimpleNexus eClose leverages industry-leading loan operating system integrations. It can pull all necessary information from the system of record, eliminating the need for duplicate, manual data entry. Bi-directional data sync means data is automatically pushed to the final repository in the LOS, saving time and ensuring information integrity.
Settlement agents can use the platform’s dedicated Closing Portal to access packages, prepare documents with signature points and collaborate with lenders throughout the closing and title process. Once a loan has closed, the settlement agent can use the portal to send the fully signed documents to the lender for review before automatically pushing them to their final repository.
SimpleNexus eClose’s single sign-on is a key advantage, as borrowers no longer need to create an additional account to complete their closing. Instead, SimpleNexus offers its eClose solution within a one-platform experience designed to help the borrower navigate each stage of the homeownership journey, from home search through closing. One password or biometric login gives them access to complete the entire process, guided and step-by-step.
Users of SimpleNexus eClose also benefit from its native mobile efficiencies. Using the lender-branded mobile app, borrowers receive push notifications to prompt completion of closing tasks. Push notifications via a native mobile app result in a 67% better response rate compared to email or phone call reminders of tasks to be completed, SimpleNexus has found.
Additionally, the app enables borrowers to respond to requests, upload documents and eSign forms from anywhere at any time. This increased efficiency leads to faster closing times for all involved.
And in terms of security for eClosings, mobile app logs are more secure than those from web browsers, biometric authentication available on smartphones is superior to passwords and mobile document uploads are never stored on the device itself.
SimpleNexus is dedicated to making the mortgage process easier to navigate and simplifying collaboration for every party involved. Its eClose solution builds on this focus to make closing tasks efficient for borrowers, lenders and all other stakeholders.
PRODUCT: SimpleNexus eClose
SNAPSHOT: SimpleNexus eClose is a comprehensive solution offering lenders new digital efficiencies during closing. Lenders can leverage SimpleNexus eClose for enhanced collaboration among all closing participants, decreased data errors via a deep LOS integration, and faster funding via mobile eSign and a dedicated native app with single sign-on convenience for borrowers.
