NMP - February 2018 - 65

APERLESS a special focus on THE PURSUIT OF PAPERLESS a special focus on THE PUR

majority of consumers will make in
their lifetime. I would go with a
vendor that has a sole purpose of
ensuring legal compliance.
Are there any pitfalls that lenders
should look out for when
selecting a vendor and
implementing a digital mortgage
process?
Yes. One key pitfall is what I
mentioned above: Go with a vendor
that can automate and support the
entire process. Also, make sure they
have been thoroughly vetted and
approved by MERS, Fannie and
Freddie and are currently on their
vendors list. And finally, to ensure
success, go with someone that
actually has some experience and
has been doing this for a while.
Trust me, I've seen many initial
failed "pilots" take place that have
consumed a lot of time and
resources, basically learning as they
go along. This is not the best path or
process you want to take.

But what good is verifying data if
the originator cannot ensure the
data that was last verified is in the
documents they are purchasing?
The only way to do that is to create
an intelligent document and then
eClose it to provide a tamper
evident seal to ensure that.
That is why most doc systems
can only support a "hybrid"
eClosing because they cannot
produce a SMARTDoc eNote or any
other intelligent document that can
be systematically verified and

boarded. That is also why they do
not have good solutions to auto tag
eSignatures and eNotary just like
the embedded data tags on those
documents. SMART Documents is
what allows lenders to create more
automated processes and auto
boarding and verification of the
data without having to OCR dumb
PDF's to extract the data to verify
data after the fact. That is what
intelligent processes and
documents is all about and where
the industry is moving.

Jet Direct Mortgage is expanding and
looking for Branch Managers and Regional
Sales Mangers in the following states:
CO, CT, FL, MD, MI, NJ, OH, and SC

65

NationalMortgageProfessional.com

Contact

Shachar Rand
516-993-3223
s.rand@jetdirectmortgage.com
COLORADO License/Registration # LMB 100014791 CONNECTICUT License/Registration # 20333
FLORIDA License/Registration # MLD357 MAINE "Mortgage" Lender License No. SLM9525
MARYLAND License/Registration # 17365 MICHIGAN License/Registration # FL0015703 NEW
JERSEY License/Registration # NMLS # 3542 NEW YORK License/Registration # B500903D/B/A Jet
Direct Mortgage OHIO License/Registration # MBMB.850088.000 PENNSYLVANIA Pennsylvania
Department of Banking NO. 47421 SOUTH CAROLINA License/Registration # MLS-3542

n National Mortgage Professional Magazine n FEBRUARY 2018

There still seems to still be quite a
bit confusion in the marketplace
as to what actually comprises a
digital mortgage. We've heard
about hybrid solutions making
some headway, but what about a
completely paperless,
comprehensive digital mortgage?
Can you break it down for us?
Yes, and some of it is in terms of
how we define a "Digital Mortgage"
versus an "eMortgage." We really
don't even talk about eMortgages
anymore, as the industry coined the
new term digital mortgages as if this
is something totally new and
different. When I talk about digital
mortgages it's more about providing
additional automated data validation
around systemically verifying the
compliance of the data before you
include it a document. eMortgages
are really about making the process
of generating, executing, storing and
delivering the documents in a totally
paperless and legal process. To
ensure compliance, you need a
solution that does both. That is the
entire reason and need for an
intelligent or SMART Document
process. To fully break that critical
component down, however, it would
take another article to describe the
importance of why.
But it is also a reason why many
doc companies still can't support a
full eClosing process because their
systems are based upon and can
only produce dumb PDF documents
as standard output. DocMagic's
docs, on the other hand, are native
XML so we can embed the original
source data to be electronically

boarded and re-verified for any
system to not only ensure the
integrity of the document but the
compliance of the data securely
embedded within it. This is a
revolutionary concept that many still
do not understand today but if you
look at where the Consumer
Financial Protection Bureau (CFPB),
Fannie Mae and Freddie Mac are
going, all the new CFPB and GSE's
documents are moving to support
MISMO 3.3 data format to verify the
data before documents are drawn.


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