Docutech completes more than 100K eClosings
Congrats to Docutech for crossing a major milestone. The First American companies affiliate Docutech reported that lenders have electronically closed more than 100,000 mortgage loans using its Solex eClosing platform.
It seems that lenders and thousands of their customers are rushing to take advantage of low interest rates and the automated loan processing and electronic closing solutions at their disposal.
“If there is a silver lining to the current environment, it is that the industry has rallied together to provide expanded digital mortgage experiences to consumers at a time when they need it most,” said NEXT alumna and past NEXT speaker Amy Brandt, president of Docutech.
Docutech’s Solex origination to closing, end-to-end integrated eClosing solution processes each mortgage transaction in compliance with state and county regulatory requirements, and investor requirements.
The platform also offers eEligibility evaluation, delivers electronically signed loan documents, eNotarization and eRecording; and is approved by Freddie Mac and Fannie Mae for eClosing, eNote, and eVault services.
As a pioneer in eSignature technologies, said Brandt, “Docutech is proud to be working in lock-step with innovative lenders, settlement providers, industry associations, and stakeholders to continue to move the industry towards greater adoption of digital mortgage technologies and eClosing in particular.”
First Home’s ‘virtual workers’ process 14K PPP loans daily, save 85K jobs
If there was a prize for CARES Act lessons learned, it would go to First Home Bank. After the first $349 billion round of the Coronavirus Aid, Relief & Economic Security (CARES) Act program for small businesses administration, or SBA Paycheck Protection Program (PPP), First Home realized something important: that lenders must be ready to deliver the funds as fast as possible. So when the US government allotted an additional $310 billion round of funding for small businesses, First Home Bank was prepared.
How’d they do it? First Home teamed up with Software-as-a-Service provider, Blue Prism, Lateetud and ABBYY to fully automate the PPP loan application and submission process by using the Digital Workers solution to process loan data within seconds allowing same-day approvals.
“The ability to respond and automate at this hyper-level” made a real difference, said Thomas Zernick, President, SBA Lending Division of at First Home Bank. “We are closing in on saving around 85,000 jobs and $770 million in loans secured. With Lateetud delivering Blue Prism’s Digital Workforce, 99% of loans are processed on the day of application.”
First Home also is using the technology “to automate upstream and downstream activities,” such as application validation and loan closures, respectively, he said. The software accelerates the end-to-end process from application submission, to bank review and approval, underwriting, SBA upload and payment remains strong.
The automation of SBA PPP loan approval processing enabled First Bank to use only 10 digital workers to process up to 14,000 loan-applications daily, which is thirty times faster than manually; Completes the entire automated end-to-end process, in less than two minutes; Loan production, in less than two days, according to Blue Prism.
Furthermore, the system offers due diligence and fraud detection, enterprise security and scalability, full audit trail, 100% compliance and accuracy, and the option to deploy data on the Azure, AWS, or the Google cloud platform.
The platform adheres to the latest SBA policy. In addition, Blue Prism said, it has extended the capability to other emerging applications including SBA PPP loan forgiveness, good standing checks, void checks for fraud, and mortgage forbearance.
PPP relief will support small businesses with fewer than 500 employees until the economy reopens, so this partnership will help expedite loan processing while daily demand for loans “is more than the SBA processes in an entire year,” the company said.
“As a next step we are working with Lateetud and Blue Prism on automating the loan forgiveness process,” said Zernick.
“We saw this challenge and it had all the right attributes for the type of Intelligent Automation (IA) solutions we create using Blue Prism, ABBYY and other AI technologies to help our banking customers,” said Pawan Jadhav, CEO of Lateetud, an Intelligent Process Automation company. “This is a time when organizations need AI enabling tools to quickly ramp up their automation efforts.”
Harris Poll: Only 3 lenders “essential” & corporate America’s a hero, not a villain
On May 20 to 22, 2020, The Harris Poll asked a representative sample of 2,032 Americans which companies are the most ‘essential’ to America. It released its findings in The Harris Poll Essential 100 ranking of corporate responsibility, which lists the companies Americans say “played a truly essential role” during the COVID-19 pandemic crisis.
The list includes only three lenders: U.S. Bank, Bank of America, and Capital One, which ranked as number 100. So, which companies ranked highest? The United States Postal Service was ranked the country’s most essential organization. Rounding out the survey’s top 10 essential companies are Clorox, Google, United Parcel Service, Walmart, Amazon, Purell, Microsoft, FedEx, and CVS.
Turns out that Americans aren’t so down on corporate America these days. The survey results suggest that “corporate America is seen as part of the solution today, rather than the problem, as was the case during the 2008 financial crisis,” according to the report.
When they needed it the most, Americans put their trust in the business community to help them through COVID-19, said John Gerzema, Chief Executive Officer of The Harris Poll. “We’ve seen widespread approval of the corporate response to the pandemic, whether pivoting to different goods and services, reinforcing supply chains, or seeking cures for the deadly virus.”
The Essential 100 poll rates companies based on their resolve, integrity, responsiveness and permanence. These four, equally weighted components of the ranking are based on responses to the following questions assessing public expectations of company performance.
Resolve: Do you think the company should be providing solutions during the COVID-19 pandemic?
Trustworthiness: Do you trust the company to respond appropriately and effectively to the COVID-19 pandemic?
Responsiveness: Do you think the company has had a good response or a poor response to the COVID-19 pandemic?
Permanence: How much would you miss the company if it closed for good?
The Harris Poll has been tracking the U.S. public opinion, motivations, and social sentiment since 1963. This year’s survey also shows that the reputation of companies during COVID-19 “has improved in every sector and that trust in business is at a high.”
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.