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Patrick Hartford, CMT Director, eMortgage

Electronic Signatures Originations / Disclosures and Electronic Closings. Patrick Hartford, CMT Director, eMortgage. Agenda. Electronic Disclosures and Applications Reasons Results Surprises Electronic Closings Our Unique Situation Reasons Plans. Originations and Disclosures Reasons.

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Patrick Hartford, CMT Director, eMortgage

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  1. Electronic Signatures Originations / Disclosures and Electronic Closings Patrick Hartford, CMT Director, eMortgage

  2. Agenda • Electronic Disclosures and Applications • Reasons • Results • Surprises • Electronic Closings • Our Unique Situation • Reasons • Plans

  3. Originations and DisclosuresReasons • Back Office • Decrease conversion time by 1-3 days • Increase application & closing conversions • Eliminate partial signings and other QA headaches • Streamline loan processing • Client Benefits • The “WOW” factor • Shorten loan processing time • Convenience

  4. Originations and DisclosuresActual Results • Back Office • Packages that are eSigned are typically signed same day • eSigned loan applications have a 10-15% higher closing rate • No missed signatures, initials, or documents • Form 4506 is not accepted by the IRS • Borrowers Certification and Authorization form is not accepted by many third parties • 90%+ of our applications are eSigned • Client Reaction • Very strong support from customers— “Like a video game!”

  5. Originations and DisclosuresSurprises • Costs • Storage requirements can increase quickly • Data backup strategies are costly • Training • On-going training of sales force is a must • Technical support to assist clients • Secondary Market • Some investors still will not accept eSigned applications.

  6. Originations and DisclosuresAn easy and quick win • First step for lenders to get eSign going • Almost paperless • Reduces shipping costs • Immediate turn around time • Customer convenience

  7. Electronic ClosingsOur unique situation • Online Lender • No brick and mortar branches • Reliant on title company • Uses remote notaries • Capital Markets team • Technology-driven environment

  8. Electronic ClosingsReasons • Improved liquidity • Cost savings over the long term on paper and shipping • QA / Post Closing audit efficiencies • No lost notes! • More secure

  9. Electronic ClosingsOur Plan • Produce eNotes via our LOS • Deliver to our title company for in-person closings • Enable our remote notary network • Signing tablets or click sign • Borrowers leave with a USB Drive • Security instrument is electronically recorded when possible

  10. Summary • Improved liquidity • Greater efficiencies • Better visibility into workflow • Improved customer satisfaction • More secure • Return time from the county recorder much faster

  11. Questions? Thank you. Patrick Hartford, CMT patrickhartford@quickenloans.com http://www.quickenloans.com

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