Sam Budzyn Talks eClosing and RON at CMBA Mortgage Innovators Conference
Amrock’s Director of Special Projects, Samantha (Sam) Budzyn, took the stage recently at the 2019 Mortgage Innovators Conference, which took place August 11-13 in San Diego. Addressing a crowd of about 150 mortgage professionals, Sam shared insights on eClosing and remote online notarization (RON). The conference is hosted annually by the California Mortgage Bankers Association (CMBA).
Although the audience at the event was primarily California-based, Sam’s topic of discussion had a much broader appeal, and included a breakdown of the various types of eClosing with which all mortgage professionals should be familiar. She also pointed out some of the things that lenders who have not yet adopted eClosing can do to get in the game.
“What I wanted the audience to take away is that as a lender, you’re not too late, you can still disrupt this market,” says Sam. “The front end of digital mortgage has seen amazing innovations, but things haven’t been disrupted in years when it comes to closing.”
She notes, in particular, the opportunities for improving the experience of a lender’s client by providing consumer choice. Being able to close when and where the consumer needs or wants amplifies a great real estate experience for borrowers, and it simplifies the challenges of trying to schedule closings between multiple signers in a way that wasn’t available before eClosing.
And although hesitancy and skepticism toward eClosing are still common, Sam points to the dangers of sitting on the sidelines too long.
“Right now, the states are passing legislation faster than we’re moving in the industry, so we have to be ready with the right mindset,” she warns. “Let’s look at Blockbuster as an example of what can happen when you fail to innovate. It’s not that they didn’t survive because Redbox or Netflix were so amazing, it was because they failed to evolve.”
Sam says for the lenders who understand this urgency, seeking out good partners is key because the processes are not going to be perfect from day one; having the right feedback loop and figuring out how to optimize together is vital.
It’s why, says Sam, Amrock has been so focused on being such an impactful leader in the eClosing movement. She points out how the company supports eClosing in every market, how it has performed eClosings with multiple partners, and how the vast majority of the eClosing registrations in 2019 with Mortgage Electronic Registration Systems (MERS) have been Amrock closings.
And at a time when many lenders are still trying to figure out how to get started, and how to navigate the new world of digital documents, eVaults, eNotes and such, it’s critical to work with a stable partner who has experience with eClosing.
“You really want a partner that you can learn from and evolve with,” says Sam. “It’s going to be something that takes nurture and care, but with the right partners you can make it happen.”
To learn more about eClosing, read Sam’s article, “Evolving With Technology and Remote Online Notarization” in the fall issue of California Mortgage Finance News.