eMortgage SpotlightBetter Mortgage
Better Mortgage (Better) approaches home financing with a focus on innovation and streamlined processes. Jennifer Wolfe, Head of Origination, explains that by integrating eNotes, they've transformed their operations – bringing efficiency, improved security, and an elevated borrower experience to the forefront in a rapidly evolving industry.
The game changing benefits of eNotes adoption
For Better, adopting eNotes and eClosings has revolutionized their operations – increasing speed, enhancing security, and driving efficiency across the company. Compared to physical paperwork, eNotes reduce risk and eliminate delays caused by misplaced or lost documents allowing for faster funding times.
"With eNotes, we've reduced risk, created operational efficiency, and our loans get purchased faster, allowing us to get better pricing with our investors. To improve pricing is a big deal – every bit counts. – Jennifer Wolfe
For borrowers, the shift to eClosings has created a smoother, more convenient experience expected in today's digital world. Borrowers can review documents on their own time, enjoy shorter closing times, and feel confident in a more secure process. Wolfe emphasized, "We want things to be better, faster, and easier for our borrowers."
A phased approach to success
Better's journey to eNote adoption was carefully planned. Starting with just 10 loans, they gradually scaled their efforts, allowing the team to address any gaps or challenges incrementally, ensuring a smoother transition. Wolfe and team also walked their borrower-facing teams through the eClosing process as if they were borrowers themselves.
"We walked our team through the digital signing process to provide first-hand experience of what borrowers would see. This allowed our team to have early conversations with confidence and answer any questions about the eClosing process that we are so excited to offer them." – Jennifer Wolfe
Turning challenges into triumphs
The path to eNote adoption wasn't without its challenges. Early attempts faced setbacks, but the lessons learned helped create a blueprint for a more successful path forward. Establishing a cross-functional task force brought together business partners in sales, operations, capital markets, and servicing, ensuring multiple perspectives were considered. With persistence and teamwork, Better overcame initial challenges to set a foundation for long-term success.
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As more borrowers embrace technology, they are going to expect an end-to-end digital experience. I think that's going to push the industry to offer solutions that meet borrowers where they are.
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Opportunities unlocked
eNote adoption has unlocked new opportunities for Better to elevate its operations and borrower experience. By eliminating the risks of lost or delayed notes, they’ve enhanced the security of their processes. And with an eClosing, Better delivers greater speed and simplicity for its customers.
"As we continue to move towards the actual digitization of the entire signing process, that's when I think the borrowers are going to start saying, oh my gosh, this was so easy." – Jennifer Wolfe
Continued focus
Better aims to continue breaking down barriers by educating borrowers and partners about the benefits of digital transformation. They're committed to refining their processes, enhancing borrower experiences, and pushing for greater adoption of digital solutions across the industry.
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