Three ways pre-close automation can enhance lending efficiency

Leveraging automation can create efficiencies that benefit everyone involved in the mortgage lifecycle, when implemented thoughtfully and strategically. A simplified, intuitive user experience is critical to ensure all parties (whether it’s the lender, settlement agent or borrower) feel informed, productive and confident throughout the process. For instance, when it comes to ordering title, some lenders lack organized workflows to exchange documentation with settlement agents in a secure, accurate method. With Simplifile Collaboration and Encompass Partner Connect, lenders can initiate title requests directly from Encompass. Settlement agents can then securely upload and share key documents back with the lender in a single, streamlined environment - maximizing efficiency and productivity.

In the settlement and closing process, the extensive back-and-forth communications can easily lead to disorganization, especially when relying on separate manual processes, phone calls and email conversations to navigate each step. By centralizing communications in one place, all parties can access the most up-to-date, real-time information. Through the Simplifile messaging feature, you can discuss and share updates on loan information, documents, fees and other important details that are necessary to keep the loan moving forward, without having to spend time searching for it in multiple places.

Whether auditing for compliance or providing a client reassurance that documents were sent, it’s important to have a detailed report of every action taken during a transaction to protect your business. With the Simplifile Collaboration integration, all parties involved can see the most up-to-date data within a loan file, including access to a complete audit trail of every action taken on the loan by both the lender and the settlement agent. From reconciling fees to submitting orders to title, data and documents shared by settlement agents are visible in Encompass (eFolder) and safely backed by Simplifile’s fully encrypted, high-security standards.

Integrating pre-close automation allows lenders to enhance efficiency, communication, and security while also streamlining workflows for the next steps in the process - closing and post-close collaboration. Tools like Simplifile Collaboration and Encompass enable real-time collaboration among all parties and ensure a secure environment for sensitive documents. As the mortgage landscape evolves, embracing these technological advancements not only optimizes operations but also significantly improves the borrower experience. Prioritizing automation is essential for sustained growth and customer satisfaction.

Click here to learn more about the Simplifile Collaboration integration in Encompass® and contact your ICE Mortgage Technology representative to see it in action.