SimpleNexus, developer of the platform for loan officers, borrowers, real estate agents, and settlement agents, is now a Fannie Mae- and Freddie Mac-reviewed eClosing solution provider, the company announced in a press release. The designation affirms that SimpleNexus' Nexus Closing eMortgage solution meets both GSEs' technical requirements for eClosing, eNote and eVault functionality and has been tested for compatibility with the GSEs' respective eNote delivery systems, say company representatives.
SimpleNexus notes in its announcement that eMortages are faster, offer improved data quality, and can be cheaper to execute than traditional mortgages. Now, approved Fannie Mae and Freddie Mac seller/servicers desiring to deliver eMortgages to Fannie Mae and Freddie Mac can use Nexus Closing to create and submit eMortgages to both GSEs, they added. Lenders that work with a pre-tested eMortgage vendor such as SimpleNexus can expedite the GSE approval process to deliver eMortgages, according to SimpleNexus.
"Nexus Closing gives lenders the flexibility to make the closing experience as digital as they want," said SimpleNexus CEO Cathleen Schreiner Gates. "In addition to giving borrowers more time to review and understand closing documents, Nexus Closing offers lenders substantial ROI with improved operational efficiency, increased data integrity and faster delivery of loans to the secondary market."
Nexus Closing provides borrowers with this modern closing experience as part of an end-to-end, single-sign-on homebuying experience that increases repeat and referral business, the company reports. The solution comes with integrated remote online notarization (RON) and eSigning, automatic generation of a tamper-sealed eNote document and delivery of the eNote into a secure eVault for delivery to the MERS eRegistry.
According to Fannie Mae, eClosings and eMortgages can help improve data quality, increase operational efficiency, and create a better experience for the borrower.
Fannie Mae's complete eClosing Technology Service Provider List, is available at singlefamily.fanniemae.com.
Freddie Mac's Reviewed Vendor List for eMortgage is available at sf.freddiemac.com.