Electronic Loan Documents Help You Stay Competitive
March 24, 2016
Are you using electronic loan documents in your loan manufacturing process? If not, you’re missing an opportunity to make the mortgage process more efficient for both you and your borrowers.
Not everyone is ready to go 100% electronic, but we can help you ease into the world of electronic loan documents. You have the option to choose what electronic loan documents you want to integrate into your closing process.
Find out how to bring additional efficiencies to your loan manufacturing process when you visit our new Electronic Loan Documents Web page. Your borrowers can get a greater understanding of the closing process too; with more time to review their paperwork and ask questions, they’ll be even more comfortable with closing.
Whether you’re interested in having both paper and electronic documents or having a fully electronic closing process, our flexible requirements make it easy to get started. Options include:
- Initial Disclosures – Use electronic documents for initial loan applications and loan disclosures you provide to your borrowers – and easily track and document disclosure timelines for regulatory compliance.
- eClosings – Bring additional efficiencies to the process by using electronic documents you and/or your third party services provide for loan closings. Your borrowers can electronically sign some or all of the closing documents (except for the Note, which requires Freddie Mac approval).
- eMortgages – If you obtain your separate, express written approval from Freddie Mac, you may be able to deliver electronically signed Notes for eMortgages. In addition to simplifying the closing process for your borrowers and your business, eMortgages offer the potential for increased liquidity due to shorter timeframes from origination to sale of the loan in the secondary market.
Benefits of Using Electronic Loan Documents
- Easy-to-implement options.
- Streamlined business processes and reduced administrative costs.
- Improved customer satisfaction.
- Reduced paper use.
- Additional electronic services that further simplify processes.
- Visit the Electronic Loan Documents Web page.
- Review our tips on Getting Ready to Use eDisclosures and eClosings.
- Read “Electronic Loan Documents Encourage Efficiency, Ease Anxiety,” our Executive Perspective from Sam Oliver, VP, Loan Advisor Suite®.
- Get answers to Frequently Asked Questions.
We’ll work with you to integrate electronic documents into your loan manufacturing processes. Contact your Freddie Mac representative to get started.