Mortgage E-Closing | TL;DR
I led the design and strategy for the delivery of an E-Closing application that connected lenders, title agents, and borrowers in a secure digital environment to sign mortgage loan documents electronically on the day of closing.
I co-created an MVP solution with the #4 lender in the nation, and our fully-baked solution landed the #1 lender in the nation as a customer.
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At scale, this platform was home to 3000+ title agent users and supported over $5 billion in closed loans annually.
The Challenge
Around 2016, residential mortgage lenders were becoming open to a more digital approach to signing their closing documents. Most solutions in the market at the time were expensive, complicated, and generally overwhelming.
The Theory
For mortgage lenders who want to gain the capital and operational efficiencies of digital loan closing, ClosingCenter could be a simple, open, and scalable E-Closing platform that delivers a better closing experience for borrowers while enabling access to the digital secondary market for lenders. Unlike the competition, ClosingCenter would be free-to-use for title agents and would not require training or long-term contracts for title agents.
The Results
ClosingCenter enabled simple E-Closings through "Guest Access" with no requirement for title agents to login or create an account by asking users to enter a combination of loan terms that only the intended user would have access to and then launching "closing room" to digitally sign the applicable loan documents. For advanced functionality, the application provided an optional login experience through "Member Access" that gave access to early-signings, eNotary, and collaboration features.
The launch and growth of ClosingCenter enabled the company to capture:
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The business of the #1 and #4 lenders in the United States
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Over 3000 individual title agent users
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The endorsement of 12 leading title agencies in the United States
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Over $5 billion in closed loans annually.