Delivering Digital Success in the eMortgage Age

It’s a brave new digital world for the mortgage industry. Before 2020, the industry was slowly evolving toward digitization, as states gradually adopted eMortgage (aka eClosing) legislation. Enter the sudden need to safely retrieve, upload and sign mortgage documents in a world of social distancing, and the industry had to shift into the fast lane of data files and digital signatures – and do it quickly!

What did Amrock and Freddie Mac (the Federal Home Loan Mortgage Corporation) have to say about the industry’s rapid pivot to embrace digital mortgage closings? Challenge accepted.

Amrock Answered the Call for Digital Closings

In 2019, eMortgage origination volume for Freddie Mac increased by more than 1,000% compared to the previous year, and companies that have realized their benefits are quickly embracing eMortgages. The events of 2020 no doubt supercharged the speed of industry adoption. But because they typically provide a smoother, more efficient closing process, eMortgages are likely here to stay.

“While we knew we could handle a small volume of digital closings in the early stages of piloting eMortgages by guiding and handholding loans through the closing transaction, our team also understood that we needed to redefine our approach as we moved closings online at scale,” said Amrock CEO Brian Hughes. As a result, Amrock made digital closings part of our default workflow, continuously scaling and adapting our processes to remain a leader in the industry.

An eMortgage Message for Lenders

Amrock continuously listens to clients and consumers to ensure that we’re not only providing the mortgage and real estate products and services they need, but also the types they want. A 2020 research collaboration between Freddie Mac and Forbes Insights revealed that 91% of lenders surveyed believe technology played a key role in enabling their firms to meet the needs of customers and partners during this crisis. Additionally, 85% say the experience they gained during this crisis is leading them to prioritize investment in technology and innovation.

Through our own research, Amrock found that homebuyers who have never participated in the traditional mortgage closing process tend to prefer and expect a digital closing. To stay competitive, lenders need to provide digital options such as remote online notarizations or hybrid closings.

“Transitioning from a traditional closing process to a digital one didn’t happen overnight,” said Julie Bryson, solution architect for Amrock. “We collaborated closely with our lender clients and have helped educate their team members and clients through training and communication efforts to make sure everyone was on the same page about the benefits of eMortgages and digital closings.”

Learn More About Amrock’s Digital Mortgage Momentum

Get the details on how digital products and services create a better mortgage closing experience through this case study, published by Freddie Mac.