For an eClosing strategy to be successful, settlement agents and notaries need to be able to coordinate on the closing, and lenders need to know whether electronic documents and transactions are accepted and recorded with the county in which the closing takes place.
Settlement agents often have to learn multiple systems and different processes to work with each lender and closing type, which can be overcomplicated and overwhelming. Lenders have to evaluate investor and underwriter acceptance of eClosings and check whether electronic documents will be recorded at the county level.
Simplifile has worked to solve both of these issues with consistency and simplicity by serving as a bridge between a lender’s eClosing system and settlement agents, notaries and counties. This enables lenders to provide a standardized platform for document delivery and settlement agent coordination across all closing types – ink, hybrid and full eClosings – and eliminates the need to learn multiple systems and separate workflows, which leads to greater eClosing adoption.
By leveraging Simplifile’s open network of tens of thousands of settlement agents and notaries, lenders can reduce their integration overhead and shorten their eClosing implementation time. The settlement agents and notaries in Simplifile’s ever-expanding network that use Simplifile are trained and supported to ensure that every transaction is expertly completed.
E-eligibility is at the heart of Simplifile’s platform, which examines each transaction in real time to check its electronic eligibility at the county level and allows every closing to be as electronic as possible.
While other systems may focus on state-level acceptance to determine whether eNotarized documents are legal, Simplifile’s e-eligibility indicators provide the latest policies at the county level, a better indicator of whether an eNotarized document will be recorded properly.
Because Simplifile can work with all eClosing systems, lenders can choose the tech that best fits their needs. Simplifile streamlines the complexity of eClosings by providing a consistent platform and workflow that clearly identifies for the agent and notary what needs to be done and provides single sign-on access to the lender’s chosen closing platform. If the agent can access the Simplifile platform, both the agent and lender can be confident that the proper tasks are being completed.
Additionally, other digital mortgage systems tend to end at the closing table. Simplifile, however, allows lenders to take advantage of digital post-close efficiencies regardless of the type of signing and notarization. The platform automates the return of recorded documents, final recording fees and taxes and final title policies, eliminating paper and shipping as well as reducing wait time.
“Our settlement users appreciate the ability to allow every closing to be as ‘e’ as possible with a focus on a consistent, transparent workflow and stress-free closing coordination,” said Nancy Alley, VP of Strategic Planning. “And because lenders drive the platform decision, settlement agents appreciate that Simplifile brings them this bridge to the lender’s eClosing system at no charge.”
Fast Facts:
- Founded in 2000 in Provo, Utah
- Over 25,000 settlement agent companies use Simplifile
- Network of over 2,100 eRecording counties
Mission statement:
Simplifile, part of Intercontinental Exchange, helps navigate the mortgage transaction by offering collaboration tools and post-closing visibility for mortgage lenders and settlement agents working together on real estate documents. Simplifile is also the nation’s largest eRecording network and connects settlement agents and county recorders via its eRecording service. Through Simplifile, users can securely record, share and track documents, data and fees with ease.
