Simplifile processes 100MM mortgage documents and adds 2.4K new users in April
Fintech Simplifile, the electronic recording network operated by Intercontinental Exchange, Inc. (ICE) added more than 2,400 new users and has processed 100 million mortgage documents in April.
Simplifile, the nation’s largest e-recording network, connects settlement agents and county recorders, collaboration tools and loan closing data access to mortgage lenders and settlement agents. Operated by ICE Mortgage Services, the fintech enables users to securely e-record, share and track documents, data and fees.
“This milestone comes at an important time, not just for Simplifile, but for the mortgage industry as a whole,” as it applies technology and high-capacity infrastructure to make electronic mortgage processing more efficient, and transitions to respond to the COVID-19 pandemic, said Paul Clifford, President of Simplifile.
Simplifile’s eRecording platform allows title companies, banks, attorneys and financial document submitters to send electronic records directly to any of the nation’s 2,073 participating county recording offices, which represent more than 80% of the U.S. population, according to the company website.
An up-to-date list of participating counties is available at Simplifile’s e-recording network page on the company website. Simplifile also provides detailed information about which U.S. county recording offices are operating during the COVID-19 pandemic.
In minutes, the county recorder can review, stamp, record and return documents to the settlement agent electronically. The document submitting, recording, processing and returning is start-to-end digital enabling a remote “continuation of support and operations through the current crisis.”
Users can process all recording fees and associated payments through Simplifile’s secure service, eliminating payment errors and check-writing expenses. “We’re working to ensure our systems are stable, resilient and dependable enough to meet any of the industry’s eRecording needs,” Clifford said.
Fairway adds Tavant’s FinXperience Broker to digital lending capabilities
Artificial Intelligence mortgage fintech Tavant announced its long-time customer Fairway Independent Mortgage Corporation has added Tavant’s FinXperience Broker portal to DRIVER, Fairway’s digital lending mortgage service.
DRIVER is another AI powered component of Tavant’s VΞLOX platform deployed by Fairway. Currently it serves 3,000 mortgage brokers across 500 brokerage firms nationwide, the wholesale lender said.
FinXperience will provide real-time data exchange capabilities and data-driven processes to Fairway’s growing network of mortgage brokers, the company said. Improved loan fulfillment efficiencies, faster speed-to-market, enhanced communication capabilities, “and significantly lower” loan processing costs.
Tavant truly is an extension of the Fairway team, said Randy Allen, CIO at Fairway. “These latest enhancements provide mortgage brokers with the tools they need to effectively manage the entire loan pipeline. Together we continue to advance our digital lending capabilities.”
The FinXperience Broker portal connects loan originators with investors, enables lenders and wholesale brokers to work as a team, expedites loan processing and approval, provides regulatory compliance, said Liz Short, Product Owner of DRIVER at Fairway.
The partnership allows Fairway “to bring about changes quickly as we storm ahead in these challenging times,” Short said.
Besides DRIVER and FinXperience Fairway is using FinConnect, another component of Tavant VΞLOX that supports digital mortgage transactions. Designed for the financial services industry, FinConnect is an enterprise service hub and lending data services network that integrates with more than 130 financial ecosystem partners.
Fairway is one of the pioneers in the digital lending market whose success, at least in part, comes from its commitment to innovative lending technology, said Hassan Rashid, CRO, Tavant, VΞLOX is one example how Fairway is aligning with changing consumer and broker behavior and growing demand for efficient digital data flow.
Tavant is rapidly gaining market share, “its customer base originates one out of every four loans in the United States,” according to the company website.
Stewart partners with SIGNiX to expand remote eNotarization services
Stewart Information Services Corporation’s Stewart Title has entered into a partnership agreement with electronic signature and eNotary services provider SIGNiX to offer Stewart notaries and the Stewart Trusted Provider network direct access to Remote Online Notarization (RON).
SIGNiX offers digital, in-person and RON capabilities. Stewart notaries will be able to use digital signature products to its internal, allowing them to offer electronic and services directly, extending their ability to perform those services directly, in addition to using other approved third-party service providers.
By teaming up with Stewart at this critical time, SIGNiX can provide both independent and in-house notaries the tools they need to further expand their business in a secure, convenient and safe environment, said Jay Jumper, CEO of SIGNiX.
The partnership makes it easier for the Stewart network to support digital purchase, refinance, home equity loan closings and cash transactions.
“As more and more states pass RON legislation, it’s important we offer our associates and agents a suite of reliable and proven digital solutions,” said Scott Gillen, Senior Vice President – National Agents for Stewart. SIGNiX’s e-notary platform will allow our issuing offices to offer those capabilities “for agents or escrow officers looking to perform Remote Online Notarizations.”
Stewart also offers lenders, borrowers on a local level or other parties, policy support and title expertise through a nationwide network of direct operations and independent partners.
Amilda is an experienced financial journalist and branding content strategist with a keen interest in how entrepreneurs turn brilliant ideas into products and services that help advance business acumen and improve people’s lives in unprecedented ways. She has covered the mortgage market for over 15 years.