eLynx, a portfolio company of American Capital, has announced the release of a report containing a list of best practices to increase eMortgage adoption gleaned from a number of studies the company has conducted with major lenders for whom eLynx has delivered over 2.6 billion pages of electronic documentation since 1994.
While lenders are well aware of the financial and time savings offered by delivering disclosures and closing document packages electronically, many struggle to get acceptance, both from consumers and from internal staff. The eLynx report provides a list of best practices that were instrumental in helping one top 10 lender achieve 80 percent adoption.
“Our studies indicate that lenders can influence adoption, both inside and outside of their organization,” said Sharon Matthews, eLynx president and chief executive officer. “Lenders that earn high adoption get all of the benefits of electronic lending, but we found that they also increased borrower pull-through, increasing the number of deals that made it all the way from application to close by 350 percent.”
The best practices for high adoption of electronic documents relate to the way the lender rolls out the program, supports it and manages it. Slight modifications to the way call center employees interact with borrowers were also important to adoption.
A copy of the report is available at no cost from eLynx by e-mailing firstname.lastname@example.org.
For more information, visit www.elynx.com.