SimpleNexus helps lenders make the closing experience as digital as they want – HousingWire
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Borrowers and lenders can securely navigate the entire mortgage process with ease
As homebuyers complete more of the origination process digitally, from asset verification to disclosures, they expect a similarly modern closing ceremony. Nexus Closing from SimpleNexus enables lenders to deliver mortgages that are digital from application to closing.
“With Nexus Closing and the SimpleNexus platform, lenders can provide borrowers with a fully digital, single sign-on home buying experience for a memorably modern experience that increases repeat and referral business,” CEO Cathleen Schreiner Gates said.
Nexus Closing features single sign-on convenience for borrowers, full LOS integration to preserve lender workflows, enhanced title collaboration tools, and support for traditional, hybrid, and fully digital closings.
With one set of account credentials, customers can securely navigate the entire mortgage process, including the closing stage. Borrowers are also allowed early access to 80% of their final documents before the day of closing, reducing the time at final closing.
Due to several key components, Nexus Closing can offer a single-platform eClose solution with the flexibility to integrate into a lender’s existing workflow to streamline mortgage operations and deliver modern convenience to borrowers. For example, the platform offers Hybrid eClose, which allows lenders to send hybrid closing packages for the borrower to sign electronically. The security instruments, or any documents that require a notary, will still be signed in person by the settlement agent and the borrower.
Nexus Closing also features integrated remote online notarization (RON), so lenders can deliver fully digital closings by allowing notary required documents to be signed online using a video calling ceremony between a borrower and notary. In addition, the RON scheduling feature opens up the availability of times where all parties can meet to finalize any remaining paperwork as quickly as possible.
The eMortgage integrations within Nexus Closing include the generation of the eNote document, tamper sealing of the eNote during the closing, validation of the tamper seal, and delivery of the eNote into the eVault for registration to MERS eRegistry.
“Nexus Closing gives lenders the flexibility to make the closing experience as digital as they want. In addition to improving the consumer experience, Nexus Closing offers lenders substantial ROI with improved operational efficiency, increased data integrity, and faster delivery of loans to the secondary market,” said Andria Lightfoot, VP, Professional Services.
A core feature of Nexus Closing is the deep LOS integration that preserves existing workflows and delivers new efficiencies of digitizing the closing process. The platform can move closing documents bi-directionally between the LOS and title company, enabling lenders to reduce redundancies and process closing paperwork more quickly.
“For businesses and borrowers alike, time is money,” added Jay Arneja, Senior Product Manager.“By eliminating hours spent driving to closings, mobile notary agents can schedule more closings per day. And best of all, Nexus Closing cuts time spent printing, scanning, faxing and mailing documents back and forth while also saving on expenses related to paper, ink, shipping, and physical document storage.”
SimpleNexus is a mobile-native homeownership platform where borrowers can apply for a loan, sign disclosures, submit documentation, communicate with their lender, and close on their loan – all with the same login from their preferred device. In short, SimpleNexus has brought the intuitive purchase experience consumers have come to expect from their favorite commerce apps to mortgage lending.
Cathleen Schreiner Gates, CEO
For 35 years, Cathleen Schreiner Gates has accelerated growth at early stage and global software-as-a-service (SaaS) organizations.
Andria Lightfoot, Chief Customer Officer
providing strategy for enterprise software solutions, and implementing innovative change management solutions.
Jay Arneja, Principal Product Manager
Having held positions at MERS, and worked closely with Fannie and Freddie, Jay Arneja has more than 25 years of experience in wholesale /correspondent lending as well as expertise in building process/product and technology solutions for primary and secondary market mortgage operations.
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