The COVID-19 pandemic has accelerated the mortgage industry’s need to adopt digital solutions. As business procedures have adjusted to new needs for social distancing, consumer expectations reflect an increased desire to close their loans electronically and reduce – or entirely remove – the need to review and sign paper documents.
Expedite Close, from Black Knight, supports the full eClosing process, including integrations with remote online notarizations (RON). Expedite Close is a fulfillment-based, easy-to-use eClosing solution that delivers comprehensive capabilities and fast implementation.
The application is web-based and supports all forms of closings, including completely digital with RON, hybrid and wet-sign closings. With Expedite Close, lenders can immediately start using a complete digital option on day one.
Expedite Close handles much of the complexities and decisioning involved with eClosings for lenders. The solution leverages intelligent analytics to systematically select the best way to close a loan for each transaction based on client-configurable rules.
Client-defined rules, built-in logic and transaction data are used to identify factors to help determine if the closing should be fully digital, paper or a hybrid of both approaches. These deciding factors include jurisdiction requirements, consumer preferences, settlement-agent processes and investor requirements.
The flexibility of Expedite Close enables lenders to work toward completely digital closings at their own pace.
Expedite Close enables all participants in a real estate transaction to securely collaborate online, augmenting the processes, document providers or systems they currently have in place. The solution integrates with loan origination systems, title and escrow software solutions, and document providers to allow participants to continue conducting business the way they do today without needing to change their current practices or systems.
Using a comprehensive “fulfillment” approach, Expedite Close accounts for each individual participant’s role during closing. Data is normalized across the participants in the closing process, and the secure, online portal manages workflows to enable all participants to interact seamlessly in the same digital “workspace.”
“Our clients appreciate that Expedite Close is easy to learn, cost-effective, offers end-to-end capabilities and has a fast implementation time,” said John Ralston, director of eLending Strategy at Black Knight Origination Technologies. “They also appreciate that they are leveraging a secure, online portal that manages workflows, includes easy document upload capabilities and enables all participants to seamlessly interact with each other.”
Expedite Close’s advanced analytics, which drive rules to enable automated fulfillment, help simplify workflows and reduce costs. Because it’s LOS-agnostic, the solution also frees closing participants from constrained workflows and pre-determined vendor support.
“Since Expedite Close is built on proven banking-grade software, fulfillment services and infrastructure, users can trust that Expedite Close supports secure services every step of the way,” Ralston said.