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SimpleNexus, a digital lending platform for loan officers, borrowers and real estate agents, introduced SimpleNexus eClosing, the company's latest offering that allowed lenders to conduct hybrid closings for purchase and refinance loans.
"Hybrid closings enable Mortgage 1 to offer unbeatable safety and convenience by keeping physical closing appointments to a minimum and making loan closings available in the same branded app our customers use to search for a home, fill out a loan application, upload documents and sign disclosures," said Mark Workens, CEO of Mortgage 1, a Michigan-based multi-state lender and early adopter of SimpleNexus eClosing.
"Borrowers want a hassle-free way to close a home loan that works in or out of quarantine, and lenders want to keep costs in check by closing loans as quickly as possible," said SimpleNexus senior product manager, Tyler Prows. "Our direct LOS integrations, push notifications and instant chat keep borrowers, settlement agents, closing teams and post-closers engaged at every step for optimal workflow efficiency."
A hybrid closing model allows borrowers to sign loan documents that do not require notarization, before meeting with a settlement agent or notary, to finalize the closing process. This eliminates hours of in-person interaction, especially during the COVID-19 pandemic. Full eClosing and eNotarizations are approved in 38 U.S. states, according to a press release.
Click here to read more about SimpleNexus' eClosing feature.