SimpleNexus, today announced the release of the SimpleNexus Closing Portal, a new feature that enables lenders to securely collaborate with settlement service providers for streamlined closing package delivery and will pave the way for hybrid mortgage closings.
With SimpleNexus Disclosures, introduced last year, lenders can distribute individual closing packages to settlement partners for online retrieval. The new SimpleNexus Closing Portal gives settlement service providers access to all their SimpleNexus closing packages in a personal dashboard secured with multi-factor authentication. While both solutions offer push notifications and real-time tracking that integrates seamlessly with the lender’s loan origination system, only the SimpleNexus Closing Portal will enable mortgage closing teams to conduct hybrid closings that keep physical closing appointments to a minimum.
In a hybrid closing, borrowers electronically sign (eSign) home loan documents that do not require notarization before meeting with a settlement agent or notary to finalize the closing. As a result, the closing appointment involves signing only a handful of documents and takes only a few minutes instead of an hour or more.
“Consumer demand for options that minimize how much of the mortgage transaction is done face-to-face has never been greater. To help lenders meet that demand, we have advanced the initial release of our highly anticipated SimpleNexus Closing Portal,” said SimpleNexus Senior Product Manager Tyler Prows. “With today’s release, lenders can prepare to fulfill hybrid closings within the SimpleNexus experience borrowers and originators know and love.”
Additional features, including document markup and real-time chat between mortgage closing teams and settlement service providers, will be made available in a future release of the SimpleNexus Closing Portal.
Since the February 2019 introduction of SimpleNexus Disclosures, more and more lenders have come to rely on SimpleNexus to deliver digital mortgage disclosures that borrowers and loan originators can eSign via mobile app or web dashboard. In April 2020 alone, SimpleNexus delivered more than 114,000 digital disclosures packages, and that figure continues to grow as borrowers and lenders embrace mobile mortgage solutions.