SimpleNexus says it is now a Fannie Mae- and Freddie Mac-reviewed e-closing solution provider. The designation affirms that SimpleNexus’ Nexus Closing eMortgage solution meets both GSEs’ technical requirements for e-closing, e-note and e-vault functionality and has been tested for compatibility with the GSEs’ respective e-note delivery systems.
Electronic mortgages are faster, offer improved data quality and can be cheaper to execute than traditional mortgages, says SimpleNexus. Now, approved Fannie Mae and Freddie Mac sellers/servicers desiring to deliver e-mortgages to Fannie Mae and Freddie Mac can use Nexus Closing to create and submit e-mortgages to both GSEs. Lenders that work with a pre-tested e-mortgage vendor like SimpleNexus can expedite the GSE approval process to deliver e-mortgages.
“Nexus Closing gives lenders the flexibility to make the closing experience as digital as they want,” says 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 comes with integrated remote online notarization and e-signing, automatic generation of a tamper-sealed e-note document and delivery of the e-note into a secure e-vault for delivery to the MERS registry.
Image: “Mortgage Cloud” by Got Credit is licensed under CC BY 2.0